It\u2019s hard to say if the president truly knows what he\u2019s doing. But there is a precedent for the US causing short-term chaos and reaping long-term gain<\/p>\n
It\u2019s less than a week since Donald Trump\u2019s sensational announcement that he was unilaterally ending the world\u2019s trading system with the imposition of a 10% minimum tariff for trading with the US \u2013 and a very much higher rate for those countries unfortunate enough to have the US as a major export partner. Long-term allies such as Japan<\/a> and South Korea<\/a> have been hammered with tariffs of around 25%, while export-dependent poorer countries such as Vietnam, which sells about a third of its exports to the US, have been hit with tariffs in excess of 45%<\/a>. A further round of global debt crises is possible as heavily indebted countries face the sudden loss of export earnings.<\/p>\n Global stock markets have tumbled<\/a> as panicked investors dump shares, and political condemnation has been near-universal. China has already retaliated with 34% tariffs<\/a>, threatening an escalating trade war. Right now, it looks and feels like disastrous overreach by a uniquely erratic administration at the behest of a president with a terrifyingly limited grasp of how the modern economy works.<\/p>\n Continue reading…<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" It\u2019s hard to say if the president truly knows what he\u2019s doing. But there is a precedent for the US causing short-term chaos and reaping long-term gain It\u2019s less than a week since Donald Trump\u2019s sensational announcement that he was unilaterally ending the world\u2019s trading system with the imposition of a 10% minimum tariff for … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-38146","post","type-post","status-publish","format-standard","hentry","category-blog"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/38146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/comments?post=38146"}],"version-history":[{"count":0,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/38146\/revisions"}],"wp:attachment":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/media?parent=38146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/categories?post=38146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/tags?post=38146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}