Do you remember that time when Donald Trump tweeted that “trade wars are good and easy to win?” I can’t think of a better example of this president’s ignorance. He started a trade war with China back in May when trade talks broke down. Here is what has happened since then.
- Trade talks broke down once again last week and Trump threatened to add 10% tariffs on another $300 billion in imports beginning September 1st.
- The Chinese central bank allowed the yuan to weaken due to concern about “trade protectionism and new tariffs on China.”
- The Chinese government suspended purchases of U.S. agricultural products and doesn’t rule out more tariffs.
- The Trump administration designated China as a currency manipulator.
So now it looks like the president is going to add a currency war to the trade war. Who knows where this all will end? What is clear is that Americans are paying the price for his ignorance.
On another foreign policy front, the situation isn’t much better.