Join The Conversation With Mishpacha's Weekly Newsletter



Beating the Trade War Drums

Omri Nahmias

Trump takes on world over deficits and trade

Wednesday, June 13, 2018

 Mishpacha image

PHOTO: AFP IMAGEBANK

C

all it the Tweet shot across the bow

 President Trump’s missive upon departure from the G7 summit in Canada, and his refusal to sign the final summit communique, could set off an all-out trade war. At the very least, the president is showing that he’s willing to alienate America’s closest trading partners.

By June 15, Trump is expected to publish a list of Chinese technological products worth $50 billion on which America will slap a 25% tariff. That comes after US Commerce Secretary Wilbur Ross announced last week that the administration would levy 25% tariffs on steel imports from Europe, Canada, and Mexico, and 10% tariffs on aluminum imports. Trump justified the move by insisting the tariffs are necessary for national security. According to the administration, low steel prices threaten the native steel industry. What’s more, a weak domestic steel industry means the US must import most of its steel, posing a potential threat to the production of weapons. Steelworkers, like many other blue-collar workers, are considered Trump’s voter base.

Not surprisingly, Europe, Canada, and Mexico are furious. Europe announced that by June 20, it would publicize its own list of retaliatory measures, worth some $3.3 billion. At the same time, those nations lodged a complaint with the World Trade Organization.

But this is a battle Trump doesn’t intend to lose. Steelworkers, along with coal miners and farmers, voted Trump into power. So if that means insulting Canadian leader Justin Trudeau or accusing America’s close allies of treating the country like their “piggy bank” — so be it.

Trump’s conduct is also the latest reminder that his tactics are unorthodox, but effective. Even as the press pilloried his controversial statements and conduct, he was carried to office in 2016. So too today, when it seems clear that America is on a collision course with its allies over trade.

 

EU countries that export the most goods to the US (in euros):

Germany — €112 billion

Britain — €52 billion

Italy — €40 billion

France — €34 billion

Ireland — €32 billion

 

EU countries that import the most goods from the US (in euros):

Britain — €53 billion

Germany — €45 billion

Holland — €35 billion

France — €28 billion

Belgium — €25 billion

 

Goods that the US and the EU trade most:

Cars and motorcycles

Aircraft and equipment

Medications

Motors

Medical apparatus

Fuel

(Originally featured  in Mishpacha, Issue 714). Statistics courtesy of the European Union, as of 2017)

 

 

Related Stories

Small Victories, Glacial Change

Omri Nahmias

Haley’s strong support at UN stops anti-Israel blame game

On Site: Support Beams

Malky Lowinger

Who knew the construction industry is a magnet for chassidic entrepreneurs building each other up?

Chinuch UK versus the Deep State

Gedalia Guttentag

With chinuch under threat, will UK communities unite?

Share this page with a friend. Fill in the information below, and we'll email your friend a link to this page on your behalf.

Your name
Your email address
You friend's name
Your friend's email address
Please type the characters you see in the image into the box provided.
CAPTCHA
Message


 
Out with the Girls
Yonoson Rosenblum Another progressive revolution that eats its own
And I Will Glorify Him
Eytan Kobre Herman Wouk “made G-d a bestseller”
What You've Learned
Alexandra Fleksher Allow me to let you in on what school is all about
Going Broke
Mishpacha Readers Reader feedback for “The Kids Are Going to Camp..."
Top 5 Ways Jews Try to Lose Weight
Rabbi Dovid Bashevkin Gaining weight and talking about losing weight
He Soaked Up Our Pain
Rabbi Yaakov Klein A tribute to Reb Shlomo Cheshin ztz”l
Leaving on a High Note
Rabbi Ron Yitzchok Eisenman And then it happened. I knew it would
Family Matters
Baruch S. Fertel, MD, MPA, FACEP Not the answers they teach in medical school
Play the Night Away
Riki Goldstein May we all share simchahs, no strings attached!
Fast Thinking
Faigy Peritzman How we react when we're exempt from a mitzvah
Baalat Teshuvah
Rachel Karasenti Don’t ask, “So how did you become frum?”
Confessions of a PhD Graduate
Sarah Chana Radcliffe When it comes to parenting, we’re always learning
Dear Favorite Little Sis
Anonymous I ended up wanting to be like you
Who's Making My Phone Calls?
Sara Eisemann Should I be upfront that I’m calling for myself?