The simultaneous economic sanctions on Iran and Canada will make everything you buy cost more—if we’re lucky. Administration actions in the past couple of years have been almost deliberately designed to raise prices.
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Observations and reporting on South Asia tensions
Supposedly, this is all going to revive domestic manufacturing. But the evidence for that is slim, and it wouldn’t happen overnight—especially not without other policies. At a basic level, tariffs make stuff more expensive.
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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