This is how wars begin. Trade wars, at least.
The European Union, wonderful countries who treat the U.S. very badly on trade, are complaining about the tariffs on Steel & Aluminum. If they drop their horrific barriers & tariffs on U.S. products going in, we will likewise drop ours. Big Deficit. If not, we Tax Cars etc. FAIR!
— Donald J. Trump (@realDonaldTrump) March 10, 2018
With the sophistication of a schoolyard taunt, President Trump threatened our closest allies, the European Union, with a retaliatory move if they choose to retaliate against the tariffs on steel and aluminum that he woke up and decided to unilaterally impose last week.
The reaction from all of our country’s trading partners to Trump’s protectionist impulses has been aghast at his risky undermining of the established order, with European economies just recovering from the last major U.S.-initiated economic disaster that was the 2008 financial collapse caused by a regulatorily-lax Republican administration.
With Congress now chomping at the diamond-encrusted bit to roll back the Dodd-Frank regulations enacted in the wake of the “Great Recession” at the urging of the Wall Street oligarchs not content with the massive reduction in their tax liabilities, Trump’s opening shots in this trade war has the potential to usher in yet another Republican-enabled financial debacle for the country at the same time that Congress is doing everything they can to eliminate the social safety net when people will need it most.
One retaliatory move begets another and soon the carcasses of failing industries on both sides of the Atlantic begin to pile up.
NOT SMART EITHER!