SANDY MCGREGOR: Decoding Trump’s trade war
From Trump’s viewpoint, America’s trade deficit is a vulnerability that gives other nations the power to tell America what to do
There’ve been many confusing articles about the impact of the US-China trade war. One way to gain perspective is to consider what happened after the depression of the 1930s, when world trade imploded for more than a decade.
A major contributor to this calamity was America’s Smoot-Hawley Tariff Act, which imposed draconian duties on imports into the US. Economists implored President Herbert Hoover not to sign it — he ignored them...