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Trump doesn’t seem to know why he launched a giant trade war (www.vox.com)

submitted 1 day ago by SLVRDRGN@lemmy.world to c/world@lemmy.world

141 comments fedilink hide all child comments

Donald Trump just imposed a 25 percent tariff on virtually all goods produced by America’s two largest trading partners — Canada and Mexico. He simultaneously established a 20 percent across-the-board tariff on Chinese goods.

As a result, America’s average tariff level is now higher than at any time since the 1940s.

Meanwhile, China and Canada immediately retaliated against Trump’s duties, with the former imposing a 15 percent tariff on American agricultural products and the latter putting a 25 percent tariff on $30 billion of US goods. Mexico has vowed to mount retaliatory tariffs of its own.

This trade war could have far-reaching consequences. Trump’s tariffs have already triggered a stock market sell-off and cooling of manufacturing activity. And economists have estimated that the trade policy will cost the typical US household more than $1,200 a year, as the prices of myriad goods rise.

All this raises the question: Why has the US president chosen to upend trade relations on the North American continent? The stakes of this question are high, since it could determine how long Trump’s massive tariffs remain in effect. Unfortunately, the president himself does not seem to know the answer.

In recent weeks, Trump has provided five different — and contradictory — justifications for his tariffs on Mexico and Canada...

...more in the article.

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[–] AynRandLibertarian@lemmy.world 11 points 11 hours ago (1 children)

Market manipulation. If you can tank the stock market at a time YOU know well in advance, then you stand to profit "tremendously".

He or people in his stead might have purchased put options ahead of the anouncement of tariffs. -> profits When he then says "it was just a prank brooo!" he can make money by buying the now devalued assets and sell them as soon as they recover. rinse repeat.

I smell market manipulation maybe I am mistaken this smell and it is really the smell of mental instability....

[–] drzoidberg@lemmy.world 2 points 10 hours ago (1 children)

This only works so well. Especially when he's proven that he flip flops as often as he does, no one will reinvest, because who knows when the next time he does something stupid to tank the market again. The smarter ones will actually catch onto the grift, and see it for what it is, and just pull out altogether so when the recession/depression hits full on, they at least have something instead of nothing.

[–] AynRandLibertarian@lemmy.world 2 points 6 hours ago

Idk if anyone will still have anything left after there is an all out market crash, who knows really? it could be going global... our world is more interconnected than it seems. especially economically...