Trump has launched trade war, on both enemies and allies
United States President Donald Trump has launched his promised trade war, on both enemies and allies, marking an end to the almost 35 year NAFTA neoliberal consensus.
Trump placed a 25% tariff on all Mexican and Canadian goods, a 10% tariff on Chinese imports, and announced that tariffs on the European Union and Taiwan would be unveiled this month.
Retaliatory tariffs have already been announced, seeming to mark the beginning of a new economic order.
But the tariffs are going to make us very rich and very strong, and we're going to treat other countries very fairly.
But if you think about it, other countries charge us tariffs. We don't charge them tariffs, and it's about time that that changes.
US President, Donald J Trump
Trump has said there is no concession which these countries could make to change his decision.
In 1980, around 80% of all goods bought in the United States were made in the United States, but off shoring and free trade have slashed that number to just 11% today.
The annual US trade deficit has neared $1 trillion in recent years, and the national debt is almost $37 trillion
Tariffs in general are an attack on the international working class, generally speaking.
I mean, it'll affect us domestically; any sort of good that we get from the rest of the world, which is almost entirely our marketplace; we don't have a lot of domestic manufacturing anymore because of decades of outsourcing.
Michael Katsky, Party for Socialism and Liberation
Economic protectionism is said to need years and even decades to work, and Western liberal democracy is notorious for being unable to stick with long-term planning. It is widely predicted that the only certainty is higher prices for American consumers and small businesses in the short term.
We really need an economy that is putting people over profits and I think, no matter what Trump and Musk have planned with their sort of proposal to move away from the Clinton free market idea, NAFTA, is not really going to put people's best interests at the forefront.
It's still going to be profit driven, which means, you know, further exploitation of the domestic working class and also the international working class.
Michael Katsky, Party for Socialism and Liberation
Trump's tariffs on almost one and a half trillion dollars of goods so far could provoke higher prices, and the historic change comes as the nation's inflation rate nears 12% as calculated according to government methods in 1990.
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