Axios: Trump overrules cabinet, plots global trade war
With the political world distracted by President Trump's media wars, one of the most consequential and contentious internal debates of his presidency unfolded during a tense meeting Monday in the Roosevelt Room of the White House, administration sources tell Axios.
* The outcome, with a potentially profound effect on U.S. economic and foreign policy, will be decided in coming days.
* With more than 20 top officials present, including Trump and Vice President Pence, the president and a small band of America First advisers made it clear they're hell-bent on imposing tariffs — potentially in the 20% range — on steel, and likely other imports.
* The penalties could eventually extend to other imports. Among those that may be considered: aluminum, semiconductors, paper, and appliances like washing machines.
One official estimated the sentiment in the room as 22 against and 3 in favor — but since one of the three is named Donald Trump, it was case closed.
No decision has been made, but the President is leaning towards imposing tariffs, despite opposition from nearly all his Cabinet.
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WNU Editor: Continuous trade deficits are never economically sustainable for the country that has them. I am just surprised that the U.S. has taken this long to respond to it.
More News On Concerns That President Trump About To Start A Global Trade War
Trump plots trade wars against Cabinet's advice: report -- The Hill
Trump Planning Steel Tariffs and Maybe a Trade War, to the Horror of Most of His Cabinet -- NYMag
Trump reportedly 'hell-bent' on imposing steel tariff despite objections from most advisors -- CNBC
Trump could start a trade war this week -- CNN
White House Readies Steel Verdict as Trade-War Worry Mounts -- Bloomberg
Trump’s trade plan sets up global clash over 'America First' strategy -- Politico
Trump wants to start a trade war with the biggest countries in the world -- Business Insider
Trump "Overrules" Cabinet, Prepares To Unleash Global Trade War -- Zero Hedge
1 comment:
"I am just surprised that the U.S. has taken this long to respond to it."
There is a lag effect in many things.
There is especially a lag effect, when a country is a reserve currency economy. Reserve currency protects bad politicians until the reserve currency status goes away.
Soros wants and some wrote (maybe Soros) in 'Foreign Affairs" that the world should have a basket of currencies that would serve as a reserve currency.
I was against it at the time, but maybe he has a point.
Then again maybe the world reserve currencies enable UN Class and Euro class bureaucrats to enact bad policies for a long time before pitchfork time.
Besides the Wall, this is another reason why trump was elected.
I lived in a country with strict currency controls. I am now dealing with another. Due to such experiences, I think Leftist Anon, Young Fascist from Italy and Lapides are full of it.
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