By attempting to reorient world trade away from China and to the United States, the U.S. is therefore attempting to lock other countries into subordination to its own very low growth instead of the much more rapidly growing economy of China.
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The longer Donald Trump persists in his trade war, the greater the chances are of an outright slump developing. That is what the financial markets are telling us, also the implicit message from the Federal Reserve.
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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