Democracy Now! (3/6/18)
Trade wars are good, and easy to win.” That’s the message President Trump tweeted on Friday, sending shockwaves across the globe and sparking fear of impending economic volatility. On Thursday, world stock markets tumbled after Trump announced he plans to impose new tariffs on imports of foreign steel and aluminum. The new tariffs—25 percent on steel and 10 percent on aluminum—will benefit U.S. producers of the metals, while raising prices for companies that manufacture everything from cars to airplanes to high-rise apartments. Prominent Republicans and business leaders have denounced Trump’s plan, saying the tariffs will hurt the manufacturing industry and U.S. competitiveness. Trump’s announcement has also prompted concerns that other countries will impose retaliatory tariffs while challenging U.S. protectionism at the World Trade Organization.
For more, we host a debate. Lori Wallach is the director of Public Citizen’s Global Trade Watch and author of “The Rise and Fall of Fast Track Trade Authority.” Economist Michael Hudson is the author of “America’s Protectionist Takeoff 1815-1914.”