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


MM217
 
The Yeshivah That Never Gives Up
Rabbi Moshe Grylak Nurturing every spark until it’s a full-fledged flame
He Loved to Do Good
Yonoson Rosenblum What it means to take responsibility for a fellow Jew
Out of Character
Eytan Kobre This gaping gap in my would-be wordsmithery niggles
Got Grit?
Alexandra Fleksher How can we help our kids get grittier?
10 Questions for Yoni Fishkin
Rachel Bachrach 15,000 minyanim, more than 6,500 locations, 70 countries
Lucky Day
Jacob L. Freedman Zaki got an addictive thrill from risking it all
Ghost of a Chance
Rabbi Ron Yitzchok Eisenman He knew and she knew. And that was all that mattered
Giving All I Have
Riki Goldstein The song of unswerving faith
Rabbi Shloime Taussig: I’m never in the studio without…
Riki Goldstein “I make sure to do this before every job”
Last-Minute Decisions
Riki Goldstein How do entertainers know they made the right choice?
Preparation Makes Perfect
Faigy Peritzman The more we prepare, the more we can receive kedushah
Not Wanted
Sarah Chana Radcliffe Lectures usually don’t inspire — they backfire
Constant Creation
Rabbi Menachem Nissel The keys to life are safely in Hashem’s Hands
The Gardener: Part IV
D. Himy with Zivia Reischer “When there’s a pause in conversation, you can join in”