2018-07-06 16:12:50 UTC
This morning, I woke up to no less than four push notifications with the cheery
news that the long-anticipated trade war with China began just after the stroke
If you havent been following the lead-up to this global economic pissing
contest, heres a very brief primer: Donald Trump has long charged the Chinese
government with unfair trade practices, and campaigned on promises to target the
US trade deficit with China.
Making good on his threats, the US government has now imposed trade tariffs on
$34 billion worth of Chinese goods, including auto parts and medical tools. In
retaliation, the Chinese government announced it had imposed tariffs on an equal
amount of US products.
And it may not stop here: According to the New York Times, Trump yesterday
threatened to follow up with increasing levies on up to $450 billion worth of
What will the impact be? How will this end? No one really knows, though many
experts believe that the escalating trade war will weaken both the U.S. and
global economy. As Edward Alden, a senior fellow at the Council on Foreign
Relations, put it to the Times, a lot depends on what Donald Trump decides to
do, which is reassuring!! At the moment, I dont see how this ends, he said.
This is very much in the presidents hands because hes got advisers that seem
divided, some substantively, some tactically. I just dont think weve had any
clear signs of the resolution he wants.
Like many of you, I have some questions. Are there any adults in the room? Am I
actually rooting for China in this trade war? (Maybe?) Are we lurching toward a
global economic recession? Will this lead the Trump family to stop making their
wares in Chinese factories?