Editor: Draco Copper | Tactical Investor
As Trump heads for Europe, trade strains start to show
The global economy is starting to show signs of strain from the “America First” push of U.S President Donald Trump who will hear renewed pleas to step back from a broader trade war when he visits Europe in the coming week.
At the same time, central bankers on both sides of the Atlantic are sounding nervous about the risk of an escalation of the tensions.
Trump has vowed to stick to his promises of protection for U.S. industries against what he says is unfair competition from China, the European Union and beyond, even if many analysts say his punitive tariffs are likely to backfire on the U.S. economy.
Ripping up the play-book for global trade of recent decades, he hit metal imports with tariffs in June and has threatened to curb car imports from Europe with a 20 percent duty.
On Friday, Washington implemented tariffs of 25 percent on $34 billion of Chinese imports, part of a total $500 billion of goods from China that could be targeted for U.S. duties. Beijing swiftly retaliated in kind. Full Story
What do Trump’s tariffs mean for global institutions?
In addition to the European Union and China, countries as far afield as Canada and India have also slapped tariffs on American goods in retaliation for the Trump administration’s levies on imported steel and aluminium. Washington has responded by threatening even more levies on foreign goods entering the United States. But the fight between Washington and a growing list of countries is not just about trade.
At last month’s G7 summit in Canada, Trump was at odds with most of his country’s closest allies. Many of the same tensions seem likely to cloud next week’s NATO summit in Brussels. In all these debates, Trump talks about “winning” and what he calls “better deals”.
But it often seems like his real target is the web of international institutions and alliances that have evolved in the decades since the end of World War II – often at the behest of the US itself.
So, can the global system of rules-based institutions survive Trump’s efforts to undermine them?Full Story
Now on a lighter note
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