You might wonder how this is “winning” come July 1.
That’s the day a litany of tariffs imposed on U.S. exports by 28 member states of the European Union take effect.
It’s also the day Canada’s recently announced tariffs on U.S. steel and aluminum will kick in.
Mexico imposed tariffs on a host of products, ranging from steel to whiskey and pork, last week.
Far be it from us to pretend we’re financial advisers, but you might want to review your retirement portfolio soon.
But more importantly, the greater loss in this trade war is the implicit trust we once shared with our key allies.
As Germany’s foreign minister put it following the recent G-7 summit in Quebec:
“In a matter of seconds, you (President Trump) can destroy trust with 280 Twitter characters. To build that up again will take much longer.”
Conducting foreign policy via Twitter is every kind of wrong to begin with. But when the message our president is sending disparages arguably our closest ally, we’re tempted to admit our hearts filled with dread.
Or that a week later we’re still in disbelief that a conservative Republican leader apologizes for our greatest adversary, while ridiculing our most reliable overseas friends.
And that once again, Trump justifies his critics’ opinions, including this newspaper’s, that his hysterics make him unsuitable for the office he holds.
Concern, disbelief and hysterics about Trump aside though, the truth about global trade puts all this in an almost surreal context.
For one thing, there’s no trade “deficit” with Canada. Truth is, the U.S. runs a massive surplus runs with our northern neighbors.
And not all trade deficits are simple black and white addition and subtraction.
There are countless examples of foreign companies investing in the United States. because of their success with American consumers.
“Made in the USA” has a different ring to it when you discover that the most American-made vehicle is the Toyota Camry. Auto parts are made around the world.
Not to mention many other kinds of parts and finished products we shop for daily.
It also needs to be explained that part of our trade deficit is because the U.S. dollar is the global currency. Furthermore, no one need explain another reason for our deficit is, we buy more and save less than consumers throughout the world.
Let the record show, too, that the trade deficit has increased since Trump took office.
It takes a lot to turn a normally staid, even yawner of a G-7 summit among our best friends into a debacle.
But leave it to our president to cause the further loss of our friends’ respect.
Morgantown Area News
'Tuesday, November 12, 2024'
