A trade war with China poses a serious threat to the US itself, which is bound to suffer severe losses due to trade diversion; and broader damage, as tit-for-tat tariffs reduce overall exports, undermine total global trade, and world economic growth.
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US Steel uses new profits from tariffs to attack union rights and conditions. USW Local 1899 charges that the future of the union is at stake in contract negotiations.
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The fallout from the trade wars could be horrific if Trump refuses to back down, while the countries he’s attacking ratchet up their own responses, whether in terms of tariffs or simply a refusal to buy American goods.
The U.S. media got the historic election of Andrés Manuel López Obrador all wrong. The winner by a landslide was Andrés Manuel López Obrador, a socialist reformer and unabashed champion of the working class. It’s a hugely significant turn of events.
Would the US be better off helping stabilize the Chinese economy, rather than gearing up for a trade war?
Free-market orthodoxy has failed. It’s time to consider our public interest. Europeans, Canadians and Mexicans buy more American goods and services than anyone else in the world. So why would the Trump administration be willing to start trade wars?
The US trade deficit is the result of a conscious globalization strategy by large multinational corporations. This strategy has greatly paid off for them. They have been able to use their mobility to secure lower wages, reduced regulations and lower taxes.
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