Thanks to the so-called president, Trump, the world has relegated the US to the "kiddie table" for the next 3.5 years. Trump's narcissism convinces him other people have to pay attention to him. They don't. It's no different than the overwhelming majority of businesses in the US who'd never enter into a deal with Trump Inc.
13
Americans have promoted and defended Capitalism over any other system for the entirety of our short history. Sounds like the long Teeth of Capitalism is about to bite us in our Fat Patoosh. This exercise in blind Nationalism is about to teach our Nation the value of that Cheap Immigrant Labor and the double edged sword of Capitalism. And we are about to be schooled by those who have adopted it and how.
12
Capitalism is fine so long as it remains subservient to society. The problem is capitalism has been allowed to prey on society instead of being on a leash subservient to it, and it has been the conservative ideologues who have taken the lead in unleashing capitalism to prey on society.
12
Trumps business record involves developing some kitschy real estate in New York and building some golf courses, yet on his own, he thinks he understands how the US economy is best served on a global level. Sad! Lol.
8
This article understates the embarrassment Trump is causing America. I've stated this before, but if even Japan, infamous for its insularity, can realize that it can no longer close itself off, what more us, the leader of the free world? Once again, I've not looked into the TPP so I can't comment on it, but if the TPP was really that bad for us, then re-negotiate it until it works better for us instead of pulling out. Didn't Trump brand himself as the great negotiator and deal-maker? Well, now's the perfect opportunity for him to show it! Put your money where your mouth is! But no, he wimped out on the TPP, he wimped out on the Paris Agreement, and what we're going to end up with is that everyone else is just going to go ahead without us and/or China gleefully taking our place. We can't take our status as leader of the free world for granted, in this day and age, we have to work as hard to keep that title as we did to earn it.
9
Trumpo is willingly dropping the USA's leadership role in a critical moment for globalization. A suicidal move if you ask me.
This will have far reaching consequences for USA's prestige and geopolitical weight. When there is a void in a system the natural response is to fill it up somehow. Now it won't be differente: China, Russia, Japon UE, etc. will step to the plate to fill the void.
But once that Trumpo is gone and USA is back from its little isolacionist trip and pretends to get back its traditional leadership role, you will discover that not all the failures can be reversed and not all the mistakes can be amended. USA will pay a very high price for its little "leave of abscence".
This will have far reaching consequences for USA's prestige and geopolitical weight. When there is a void in a system the natural response is to fill it up somehow. Now it won't be differente: China, Russia, Japon UE, etc. will step to the plate to fill the void.
But once that Trumpo is gone and USA is back from its little isolacionist trip and pretends to get back its traditional leadership role, you will discover that not all the failures can be reversed and not all the mistakes can be amended. USA will pay a very high price for its little "leave of abscence".
11
All Trump knows is that the "world is laughing at us," so we're going to cut off trade with the world to teach it a lesson. To hell with Economics 101! Who needs it? Economics has been very, very unfair to the U.S., especially Michigan!
2
Yes, in some respects, economics has been unfair to Michigan, but we have not helped ourselves. Our Republican-led Legislature thinks tax cuts are THE solution to EVERYTHING, even when they are not. They are bought and paid for by the DeVos family, and that is who they please and listen to, not the voters. We have a Repub governor, who doesn't have the nerve to do what is right and curb the Legislatures worst ideas. Michigan used to be a great place to live and work, but not now. We've gone from being in the forefront of the states, and are headed down the same irrelevant path as Trump.
1
Long live Japan and the EU! More power to ya.
4
When you get a third-rate president, you get with it, a third - class nation.
That's what we are quickly becoming.
Anyone who cannot see this has a third grade mind.
That's what we are quickly becoming.
Anyone who cannot see this has a third grade mind.
14
What exactly do they teach economics students about economics at Wharton?
6
Uncle Sam drops to the ground in a childish rant, and the adult world moves on. What's not to like? Both the US and the UK will soon see that Putin's swan song of nationalism is for total losers.
7
In simple economic terms, Mr. Goodwin delivers the shattering news that according to the Trump Administration "...the United States is best served by striking bilateral trade arrangements, which are confined to TWO [emphasis added] participants".
That bombshell pretty much sums up the level of analysis of this article. Sad.
That bombshell pretty much sums up the level of analysis of this article. Sad.
What is all this foreign stuff that we supposedly need?
Our biggest expenses now are health care and taking care of our old people. Our infrastructure is a mess. How does free trade help that? Moreover, we should not become dependent on Chinese manufacturers to make our iPhones --and for that matter, since China is using North Korea to wage a proxy war with the US, we better not rely on Samsung phones either. The US also needs solutions for its poor education system, five-generation welfare-dependent sub-class, and opioid crisis. Free trade helps none of those. Moreover, we are being played by China--they are blackmailing us with their bad boy in North Korea --China is the only country that can take out Kim and his nukes without igniting WWIII. So, start with tariffs on China imports: 100 percent tarriif effective now, and double it every month until Kim and his nukes are gone.
Our biggest expenses now are health care and taking care of our old people. Our infrastructure is a mess. How does free trade help that? Moreover, we should not become dependent on Chinese manufacturers to make our iPhones --and for that matter, since China is using North Korea to wage a proxy war with the US, we better not rely on Samsung phones either. The US also needs solutions for its poor education system, five-generation welfare-dependent sub-class, and opioid crisis. Free trade helps none of those. Moreover, we are being played by China--they are blackmailing us with their bad boy in North Korea --China is the only country that can take out Kim and his nukes without igniting WWIII. So, start with tariffs on China imports: 100 percent tarriif effective now, and double it every month until Kim and his nukes are gone.
1
Reading your article it sounds as if the United States is on the verge of an economic collapse due to a few more cars being exported from Japan and few Machines being imported from Germany's Siemens and American Controlled GE-Alsthom of France.
Truly,the press has gone overboard in ALARMIST ARTICLES.
The truth is that neither Europe,Japan or China can match the SUN RISE Industries of the United States.
A few miles diameter of Cuppertino(Silicon Valley) is pulsating with enough amp here of innovation and breakthroughs that is envy of the world and earning rockstar money,not to mention the perky little Pfizer's much loved,Viagra.
President Trump is merely reiterating Free Trade in which America is not merely a dumping ground for Exports from Europe & Japan.
Such Plainspeak by the President is a signal for fecund press reporting as End of the World Stories.
Truly,the press has gone overboard in ALARMIST ARTICLES.
The truth is that neither Europe,Japan or China can match the SUN RISE Industries of the United States.
A few miles diameter of Cuppertino(Silicon Valley) is pulsating with enough amp here of innovation and breakthroughs that is envy of the world and earning rockstar money,not to mention the perky little Pfizer's much loved,Viagra.
President Trump is merely reiterating Free Trade in which America is not merely a dumping ground for Exports from Europe & Japan.
Such Plainspeak by the President is a signal for fecund press reporting as End of the World Stories.
I think you should look past our borders a little. And you should especially look at where America is manufacturing all this innovation stuff you think makes us great--not here.
Not only will other countries fight Trump's attempts at isolationism, our own Silicon Valley will fight him as well. They want profits, not high paying jobs for you. Why do you think they all support the H1B Visa Program? It's not only that we don't have enough educated Americans to do the jobs they need done here in this country, they also know the foreign labor they can get is cheaper.
That's what makes me laugh the most, that Trumpians think they're going to get high paying jobs out of this trade war Trump wants to start. You're not.
Not only will other countries fight Trump's attempts at isolationism, our own Silicon Valley will fight him as well. They want profits, not high paying jobs for you. Why do you think they all support the H1B Visa Program? It's not only that we don't have enough educated Americans to do the jobs they need done here in this country, they also know the foreign labor they can get is cheaper.
That's what makes me laugh the most, that Trumpians think they're going to get high paying jobs out of this trade war Trump wants to start. You're not.
After one look at Americans traveling about the world, no one would buy US food products nor medical protocols. American fat is the greatest advertised warning label against American food. Canada ....they may try to be neighborly at the peril of their peoples health.
2
Trump is savaging America's reputation and business prospects, and isolating us politically and economically in the extreme.
Obama pulled the US - and much of the world - out of a terrible recession, with obstruction and resistance all the way from Congress. The recession was caused by the reckless policies of his GOP predecessor...
Exactly how is ANY GOTP policy good for business? Reducing taxes and some regulations only does s little at this point. Giving the Middle and Working Classes a future and confidence in our country, causes the titanic engine of American Consumer Spending to kick in... and that's only done by Democrats...
Any more of Trump's type of "Making America Great," and it will take Years for business to recover!
Obama pulled the US - and much of the world - out of a terrible recession, with obstruction and resistance all the way from Congress. The recession was caused by the reckless policies of his GOP predecessor...
Exactly how is ANY GOTP policy good for business? Reducing taxes and some regulations only does s little at this point. Giving the Middle and Working Classes a future and confidence in our country, causes the titanic engine of American Consumer Spending to kick in... and that's only done by Democrats...
Any more of Trump's type of "Making America Great," and it will take Years for business to recover!
4
As we can clearly see, Trump and his base are not big on history, or the lessons learned therein.
His approach is this - keep stoking the non stop riot he has unleashed, where once we had reason, respect, and law in the U.S. Rouse the rabble, and keep the heat on via random but predictable Twitter outbursts.
His false cries of "Fire !" serve him well, obviously, but the trade "Deals" he is shredding in the name of " Obama did it so its got to go" will only further punish U.S. companies, and it's workers.
Giving away our leadership role in the world will enrich other countries with money that should be ours. We have already seen this transfer begin with the rapidly growing renewable energy sector gaining traction elsewhere as we stupidly say "No" to a burgeoning market.
Watching Trump trying to run the U.S. like one of his businesses makes me me weary. It's no secret or fake news that his empires tend to end up in bankruptcy court, hurting only the investors and never himself. This time, we are the investors, and we will surely be stuck with the tab while he moves on to talk show host, or the next Great Con from Don, shilling whatever new product he thinks his gullible base will gobble up.
His approach is this - keep stoking the non stop riot he has unleashed, where once we had reason, respect, and law in the U.S. Rouse the rabble, and keep the heat on via random but predictable Twitter outbursts.
His false cries of "Fire !" serve him well, obviously, but the trade "Deals" he is shredding in the name of " Obama did it so its got to go" will only further punish U.S. companies, and it's workers.
Giving away our leadership role in the world will enrich other countries with money that should be ours. We have already seen this transfer begin with the rapidly growing renewable energy sector gaining traction elsewhere as we stupidly say "No" to a burgeoning market.
Watching Trump trying to run the U.S. like one of his businesses makes me me weary. It's no secret or fake news that his empires tend to end up in bankruptcy court, hurting only the investors and never himself. This time, we are the investors, and we will surely be stuck with the tab while he moves on to talk show host, or the next Great Con from Don, shilling whatever new product he thinks his gullible base will gobble up.
4
Here we go. The GOP leads us into another depression. Will this one include the total collapse of the American Dollar?
Stop them in the 2018 election.
Stop them in the 2018 election.
3
Trump is an existential threat to the United States and its role in the world. Far from making "America Great" he is overseeing its relentless diminishment both at home and as a world power. No matter how the next four years go the US will never be the same nation that it was prior to this last election.
3
In a global economy, our mercurial POTUS with his, self-professed, superior business acumen, spouts off with a bunch of 'America First' nonsense and the rest of the internationally connected economies respond...by leaving America's economy behind and alone...making it that much easier for China's economy to expand and take over primacy of place.
The ignorance and misperceptions of this administration and its support base is, simply, staggering...almost as if they were agents of the Chinese.
The ignorance and misperceptions of this administration and its support base is, simply, staggering...almost as if they were agents of the Chinese.
3
Republicans should be ashamed of themselves. Their basic ideology is in favor of free trade. Yet their thirst for power is so great they won't take on President of their party who is leading US down the road to world marginalization.
3
And the world moves on and fills in the gap created by Trump's bad and outdated and unworkable Bannon ideas for trade and how things should be. President Bannon is back in office. But surprises abound as he calls for a tax hike on the rich so there can be tax relief on the middle class. The devil is in the details. Watch for more countries to work their trade deals out without us. Wonder how long it will take before the U.S. is no more significant than, say, Outer Mongolia in the busy world?
2
It always amuses when the naysayers rail against global trade. Since the earliest days of the explorers who wandered to the Far East in search of spices, artfully designed textiles and valued natural resources, the countries of the world have always made trades with each other.
I would love to know just how many Americans would live without all of the imported goods they buy from foreign countries including designer clothing, shoes and exotic foods. This only proves the hypocrisy of anti global trade.
The real issue isn't global trade. It's "balanced" global trade. When a country relies too heavily on another country for goods that cannot be produced or found in natural resources in their own country, the objective should be balanced trade. Is that what the US does?
Now, with a CEO of The United States of Trump making secret deals with Putin, Lavrov and Big Oil Tillerson behind closed doors, with no American taxpayers being allowed to know how Trump plans to use our tax dollars or how much of those tax dollars will benefit him and his gaggle of grifters, the US, under Trump policies is experiencing the same brand of isolationism Woodrow Wilson espoused, only for different reasons.
The rest of the countries of the world are not going to wait until the Emperor Trump and his Big Business Republicans decide on global trade. They move on with or without US coordination or input.
I would love to know just how many Americans would live without all of the imported goods they buy from foreign countries including designer clothing, shoes and exotic foods. This only proves the hypocrisy of anti global trade.
The real issue isn't global trade. It's "balanced" global trade. When a country relies too heavily on another country for goods that cannot be produced or found in natural resources in their own country, the objective should be balanced trade. Is that what the US does?
Now, with a CEO of The United States of Trump making secret deals with Putin, Lavrov and Big Oil Tillerson behind closed doors, with no American taxpayers being allowed to know how Trump plans to use our tax dollars or how much of those tax dollars will benefit him and his gaggle of grifters, the US, under Trump policies is experiencing the same brand of isolationism Woodrow Wilson espoused, only for different reasons.
The rest of the countries of the world are not going to wait until the Emperor Trump and his Big Business Republicans decide on global trade. They move on with or without US coordination or input.
10
Trump's preference for bilateral agreements plays to what he imagines to be his strength: his ability to dominate in 1:1 exchanges. Again (and again and again), Trump misjudges his ability to name the rules by which others play. As Trudeau, Macron, Merkel, May, Abe and others forge multilateral agreements leaving the U.S. on the sidelines, American corporations had better make their voices heard in Washington by Mr. President-Slow-Learner before all these locomotives of trade leave the station and gather speed.
5
I am, in principle, in favor of global trade accords, as I favor more "connectedness " among countries around the world.
But, the very word "trade" implies revenue, profit, cash. The acquisition of wealth, closely tied with power, has taken an enormous human and environmental toll over the centuries.
While the world gleefully skirts around the U.S., forming its own trade accords, showing they don't need the U.S. (which they don't) and giving Trump a sort of economic comeuppance in response to his nose-thumbing at the world, four things have not been noted in the formation of these accords.
The protection of workers, the protection of small suppliers from market takeovers by robust multinationals, the protection of consumers against toxic, chemically altered or GMO goods and the protection of the environment.
It's imperative that each accord include these protections, including ceasing trade relations with non-compliers, to prevent human abuse, to allow revenue to flow to all levels, not just the top 1%, to protect consumer health and to preserve the environment.
But, the very word "trade" implies revenue, profit, cash. The acquisition of wealth, closely tied with power, has taken an enormous human and environmental toll over the centuries.
While the world gleefully skirts around the U.S., forming its own trade accords, showing they don't need the U.S. (which they don't) and giving Trump a sort of economic comeuppance in response to his nose-thumbing at the world, four things have not been noted in the formation of these accords.
The protection of workers, the protection of small suppliers from market takeovers by robust multinationals, the protection of consumers against toxic, chemically altered or GMO goods and the protection of the environment.
It's imperative that each accord include these protections, including ceasing trade relations with non-compliers, to prevent human abuse, to allow revenue to flow to all levels, not just the top 1%, to protect consumer health and to preserve the environment.
9
But it's not up to us to ensure that these protections are kept because we're not even at the table. We have abrogated any power to protect anyone anywhere, including in the US.
3
You're right, LT, I was speaking about the responsibilities of all the players who still remain at the table, each with different ideas of human and environmental protection. I live in France, so European decisions concern me.
For what it's worth, the U.S. (not the individuals, the multinationals) are doing very well on the global front. Fast fashion blooms, and Americans buy it, while kids manufacture it.
The situation in the Democratic Republic of the Congo, whose wealth in natural resources is more than the GDP of the US and Europe combined, yet whose people live on a dollar a day, is a story of genocide by neighboring countries, who then make deals with multinationals to sell Congo's resources to them. Corruption has reigned. The US and all Western nations, and some Asian, benefit well from this bloodbath.
The U.S. is excitedly exporting light oil from Texas to the world. The construction workers who build docks and pipelines will have work for a couple of years, but it's the petroleum company owners and stockholders who will do very well. No concern for global warming.
US jobs are disappearing, partly because of exporting jobs to other countries, but in large part because technology is replacing old fashioned labor.
Training programs, or at least discussion of them, for preparing workers for a high-tech, robotic future and those jobs, and training in the clean energy sector, would be welcome.
Americans can call Congress and get out the vote for 2018!
For what it's worth, the U.S. (not the individuals, the multinationals) are doing very well on the global front. Fast fashion blooms, and Americans buy it, while kids manufacture it.
The situation in the Democratic Republic of the Congo, whose wealth in natural resources is more than the GDP of the US and Europe combined, yet whose people live on a dollar a day, is a story of genocide by neighboring countries, who then make deals with multinationals to sell Congo's resources to them. Corruption has reigned. The US and all Western nations, and some Asian, benefit well from this bloodbath.
The U.S. is excitedly exporting light oil from Texas to the world. The construction workers who build docks and pipelines will have work for a couple of years, but it's the petroleum company owners and stockholders who will do very well. No concern for global warming.
US jobs are disappearing, partly because of exporting jobs to other countries, but in large part because technology is replacing old fashioned labor.
Training programs, or at least discussion of them, for preparing workers for a high-tech, robotic future and those jobs, and training in the clean energy sector, would be welcome.
Americans can call Congress and get out the vote for 2018!
Trump made the story choice by pulling out of the Trans-Pacific Partnership and the Paris Climate Accord. The US had an opportunity to take a leading role in confronting the challenges of climate change by staying in theacvord. Contrary to his assertions, the goals are self determined and not mandatory. As for TPP, that was an opportunity to counter China as an economic powerhouse in the Pacific basin. He has ceded the leadership role to China, Japan and he the EU. IN the diplomatic realm, it is Germany which is now perceived as the leader of the free world/West as a counter to Russia. It will be a long time before (if ever) the US can regain it position. So much for making America great again.
6
Sun Tzu wrote in The Art of War: "Do not repeat the tactics which have gained you one victory, but let your methods be regulated by the infinite variety of circumstances.”
An observer hopes that the government of the United States is not following a poured-in-concrete plan. Today's economic and ethical battlefield is changing face by the minute, not by the century.
An observer hopes the world is maturing, becoming more constructive, more inclusive, and kinder. On this planet, at this time, "protectionism" is "isolationism." Threat does not mean opportunity, as so many have misunderstood the Mandarin Chinese co-dependent morphemes. Threat implies the presence of forces for change, whether the outcome is beneficial or disastrous.
Only one powerful world leader is now turned inward, guiding his country on the paths of economic bully and pariah.
An observer hopes that the government of the United States is not following a poured-in-concrete plan. Today's economic and ethical battlefield is changing face by the minute, not by the century.
An observer hopes the world is maturing, becoming more constructive, more inclusive, and kinder. On this planet, at this time, "protectionism" is "isolationism." Threat does not mean opportunity, as so many have misunderstood the Mandarin Chinese co-dependent morphemes. Threat implies the presence of forces for change, whether the outcome is beneficial or disastrous.
Only one powerful world leader is now turned inward, guiding his country on the paths of economic bully and pariah.
6
The truths that are not being told are that 1) the world will not wait for the Trump administration to get their act together and move from rhetoric to reality (where are the new and great initiatives for America First?), 2) wait with abated breath for maybe new bi-lateral initiatives to be proposed and negotiated, as the US pulls unilaterally out of multinational agreements discussed and negotiated for years (TIPP, climate accord), 3) stop trade and exchanges, because the US declares them unfair, and 4) not take advantage of the global vacuums (China to the forefront) created by the Trump's administrations fumbling, stumbling, looking inward, and playing to the right-wing nationalist crowd back home. The only truth that comes from all of this is that the US is taking itself out of the game.
11
I find it fascinating that there was no mention of whether or not the people of Japan or the EU support this trade agreement. They don't seem to be a consideration, at all.
We got the opinion of Abe, and the European trade commissioner. And a "trade expert". The London School of Economics. And the president of the European Council. So the elites are all on board. As is, apparently, "the rest of the planet", which is an incredible statement in the context of the anti-globalization sentiment sweeping the globe.
No mention, whatsoever, of whether the Japanese people or Europeans actually support it.
Last year public support for TTIP was heading towards single digits in Germany while the Obama administration was negotiating it. Has that changed? Are they more receptive to a trade deal with Japan than they are with America?
We got the opinion of Abe, and the European trade commissioner. And a "trade expert". The London School of Economics. And the president of the European Council. So the elites are all on board. As is, apparently, "the rest of the planet", which is an incredible statement in the context of the anti-globalization sentiment sweeping the globe.
No mention, whatsoever, of whether the Japanese people or Europeans actually support it.
Last year public support for TTIP was heading towards single digits in Germany while the Obama administration was negotiating it. Has that changed? Are they more receptive to a trade deal with Japan than they are with America?
4
@TB
What's fascinating is that you don't understand what representative democracy is. Do a majority of the French support Macron?, a majority of Germans support Merkel? Anti globalization isn't sweeping the world despite the noise made by some. In fact globalized capitalism can be restrained but it cannot be escaped. You need to give up the idea long believed by the left and now by some on the right apparently that there is some alternative waiting in the wings. There isn't.
What's fascinating is that you don't understand what representative democracy is. Do a majority of the French support Macron?, a majority of Germans support Merkel? Anti globalization isn't sweeping the world despite the noise made by some. In fact globalized capitalism can be restrained but it cannot be escaped. You need to give up the idea long believed by the left and now by some on the right apparently that there is some alternative waiting in the wings. There isn't.
7
@John
I'm pro-globalization. Staunchly.
What's fascinating is that you don't know what violent unrest is, in response to arrogant neoliberal academics and their failed policies, which is exactly where we're heading. Perhaps you've heard about Brexit? Or the election of Trump? Or Le Pen? Even the Davos crowd, the IMF, and the World Bank acknowledge the damage done by the fundamentally flawed version of "globalized capitalism". And their fear about what happens next is palpable.
An alternative does exist and is actually genuine capitalism, not the crony capitalism that has destroyed this country, from the bottom up, in the Jack Ma model of globalization. Yes, the visionary is not Milton Friedman, but a Chinese entrepreneur. That will probably have to wait until the violent unrest subsides, however.
Speaking of social unrest, you may want to get used to it. You can say goodbye to Aetna. And GE. And UBS. As Slate says about Aetna leaving:
"Translation: The people we need don’t want to live here. In Hartford, as Freddie DeBoer wrote, workers “don’t so much commute as escape.”"
Hey, it's just "global capitalism" at work.
I'm pro-globalization. Staunchly.
What's fascinating is that you don't know what violent unrest is, in response to arrogant neoliberal academics and their failed policies, which is exactly where we're heading. Perhaps you've heard about Brexit? Or the election of Trump? Or Le Pen? Even the Davos crowd, the IMF, and the World Bank acknowledge the damage done by the fundamentally flawed version of "globalized capitalism". And their fear about what happens next is palpable.
An alternative does exist and is actually genuine capitalism, not the crony capitalism that has destroyed this country, from the bottom up, in the Jack Ma model of globalization. Yes, the visionary is not Milton Friedman, but a Chinese entrepreneur. That will probably have to wait until the violent unrest subsides, however.
Speaking of social unrest, you may want to get used to it. You can say goodbye to Aetna. And GE. And UBS. As Slate says about Aetna leaving:
"Translation: The people we need don’t want to live here. In Hartford, as Freddie DeBoer wrote, workers “don’t so much commute as escape.”"
Hey, it's just "global capitalism" at work.
I am a french americanophile and am saddened by the news I read from your country. You look divided as a nation and are perceived as a threat. It's sad. 2000 years ago the romans starter erecting walls around their empire to protect them from barbarians only to discover it was accelerating their fall
19
This is what happens, apparently, when voters with no understanding of either confuse knowledge of business with knowledge of economics.
16
The Japanese and South Koreans are playing the role of the canaries in a coal mine. The possible outcome will satisfy some quarters and enrage others.
After WWII and the Korean war, the two countries became de facto protectorates under the umbrella of the US military might in Asia.
Both countries prospered economically under such cozy arrangement. Then, came President Donald Trump and announced the end of the free lunch era.
The geopolitical and economic result is not too difficult to anticipate. Sooner than later both countries will be joining China's economic integration project in Asia.
Another outcome of the Trump era America First is South Korea ending the existing military accord and American troops returning home after 67 years in the Korean Peninsula.
After WWII and the Korean war, the two countries became de facto protectorates under the umbrella of the US military might in Asia.
Both countries prospered economically under such cozy arrangement. Then, came President Donald Trump and announced the end of the free lunch era.
The geopolitical and economic result is not too difficult to anticipate. Sooner than later both countries will be joining China's economic integration project in Asia.
Another outcome of the Trump era America First is South Korea ending the existing military accord and American troops returning home after 67 years in the Korean Peninsula.
3
North Korea will just go away because S Korea makes trade deals? That's been the secret all along? Hmmmm
3
The manufacturing and business communities remain very silent in these trade debates. Why?
It seemingly turns out that the NAFTA and TPP deals should have been strengthened and fortified rather than blown up. the nation, its businesses, and its workers will be feeling the consequences long after these pacts and the current president are gone. Not so great again for America!
It seemingly turns out that the NAFTA and TPP deals should have been strengthened and fortified rather than blown up. the nation, its businesses, and its workers will be feeling the consequences long after these pacts and the current president are gone. Not so great again for America!
12
EU leaders mentioned about Human Rights and Democracy,too.
But Present Japanese Government is negative to them.
"Anti-Conspiracy Law" that Abe government forced has serious risk that increase Human Rights Violation or unjust arrest and political oppression.
and They made light of even deliberation at The Diet.
But Present Japanese Government is negative to them.
"Anti-Conspiracy Law" that Abe government forced has serious risk that increase Human Rights Violation or unjust arrest and political oppression.
and They made light of even deliberation at The Diet.
1
More public discussion re deals like TPP are needed.
I've listened to Barak , Bernie, Hillary, and old Don boy take myriad positions on it.
Enquiring minds want know. Was it worth doing or not?
I've listened to Barak , Bernie, Hillary, and old Don boy take myriad positions on it.
Enquiring minds want know. Was it worth doing or not?
4
The information I have indicates that TPP and TTIP were both good trade agreements except for conditions which allowed American corporations to sue foreign governments. As some people put it the Americans could sue if regulations prevented them from ripping off the populations of Europe and Asia.
4
It was about extending US influence into the Pacific at the expense of China's. We unilaterally gave that up and didn't get one concession out of China in return. Poor negotiating skills.
10
Apart from the bit about corporations being able to sue governments behind closed doors, it was designed to integrate Pacific Rim nations trade wise. China was not included. Now, funnily enough China is positioning themselves as the beacon of global capitalism, yes, we're talking Communist China here.
4
And so, Putin's plan to weaken and neuter the United States marches forward. For a relatively small amount of money and poorly hidden hacking, he sabotaged our elections and managed to help elect an ignorant, egotistical bully to the most powerful position in the world. (We don't yet know how much was spent to bend American traitors to facilitate this intervention.)
His presidential puppet is an unhinged toddler who has long spouted right wing protectionist nonsense to desperate but ill informed voters, and now he takes whacks at the liberal world order built up since WWII. Our economy is likely to suffer from reduced trading opportunities around the world, and our competitors's economies will reap the benefits instead.
Rather than a congress working to limit the damage, we have congressional pigs at the trough hell bent on tax cuts for the rich and a hollowed out healthcare system. And the tie-breaking SCOTUS vote is now the hand-picked Neil Gorsuch.
Putin is certainly not done interfering in our country, but his current investment is already likely to pay off in spades.
His presidential puppet is an unhinged toddler who has long spouted right wing protectionist nonsense to desperate but ill informed voters, and now he takes whacks at the liberal world order built up since WWII. Our economy is likely to suffer from reduced trading opportunities around the world, and our competitors's economies will reap the benefits instead.
Rather than a congress working to limit the damage, we have congressional pigs at the trough hell bent on tax cuts for the rich and a hollowed out healthcare system. And the tie-breaking SCOTUS vote is now the hand-picked Neil Gorsuch.
Putin is certainly not done interfering in our country, but his current investment is already likely to pay off in spades.
40
Left wing conspiracy are much better than right wing conspiracy theories. Keep up the good work.
What conspiracy? Have you not noticed what Congress is attempting to do with health care and taxes for the 1% (because they're suffering so...)? Are you not aware that all our intelligence agencies (and there are more than the 3 or 4 that Trump thinks there are) agree that the Russians interfered with our election? Are you aware that hackers have been trying to hack into some of our nuclear power plants? Do you think they're some 400-lb guy sitting on his bed? Those are actual facts, not conspiracy theories.
1
Putin managed to pull off what an inveterate cadre of Russian spies were unable to do. He got his Trojan horse inside the Oval Office. And the poorly educated can all beat their chests and be proud.
1
Good for the EU and Japan. We allowed Trump to become President and should be punished by being left out.
25
The only possibility you have now is to dramatically improve the quality of your goods and services by giving your employees a more effective professional training rather than the current on-the-job method which gets people on the job faster, but does not give them the flexibility they need, nor the competence to produce long-lasting goods.
9
There are basically two type of trade agreements.
Trade agreements between similarly developed countries/areas such as the U.S., Europe, and Japan are built on comparative advantages and generally benefit both/all parties. The U.S. does pretty well with such trade.
Trade agreements between developed countries and non-developed countries, especially China, are built simply on lower wages, higher pollution, and fewer workers rights. These definitely benefit the non-developed countries and usually hurt the developed one. Moreover, any benefits gained by developed countries flow disproportionately to the shareholder class, while the costs are shouldered by the rest.
Trump is generally correct in his approach, but needs a defter touch.
Our agreements with other developed countries may need some minor tweaking, but should mostly be left alone. Our agreements with non-developed countries, especially ones that oppose us diplomatically and militarily (i.e. China), need wholesale change or simply to be ended.
Trade agreements between similarly developed countries/areas such as the U.S., Europe, and Japan are built on comparative advantages and generally benefit both/all parties. The U.S. does pretty well with such trade.
Trade agreements between developed countries and non-developed countries, especially China, are built simply on lower wages, higher pollution, and fewer workers rights. These definitely benefit the non-developed countries and usually hurt the developed one. Moreover, any benefits gained by developed countries flow disproportionately to the shareholder class, while the costs are shouldered by the rest.
Trump is generally correct in his approach, but needs a defter touch.
Our agreements with other developed countries may need some minor tweaking, but should mostly be left alone. Our agreements with non-developed countries, especially ones that oppose us diplomatically and militarily (i.e. China), need wholesale change or simply to be ended.
4
Do you know how many Americans have benefitted by trade agreements with China and Mexico? Tens of thousands. Are you talking job loss? I.e. factory workers? A lot of that has mostly been lost to automation. Should we stop using automation? Or should we elect leaders who can help us create real jobs? Leaders who support job training in jobs that don't include the horse and the buggy.
12
Nations that have cheaper wages and fewer environmental regulations already trade considerably with the United States sans trade deals. We have two ways of dealing with such disparities: Erect barriers to correct for wage or regulatory advantages other countries might have that unfairly benefit them, or get them to agree to certain standards if they seek to do business with the United States. That IS the point of a trade deal, and the United States had extracted a number of commitments to improve from countries such as Malaysia and Vietnam that have exploited wage and regulatory advantages to gain an advantage over the United States. That was TPP. It was also the cudgel with which the U.S. hoped to extract concessions from China in order to level the playing field. In a massive short-sighted blunder, the United States has sacrificed its queen to no strategic gain other than a brief satiation of its ignorant masses and handed all momentum to China, the EU and other large players to shape the global trade landscape. We are now left to watch and adapt to decisions made by other nations that will shape how the world does business.
In other words: Epic fail.
In other words: Epic fail.
10
How do you explain China's real commitment to climate improvement while our new official stance is that there is no global warming?
2
Trump fails to understand America actually needs things from the rest of the world. Trade wars will only make life worse for the average American.
17
These articles about Europe and Japan presumably pushing toward freer trade while the US heads backward are so misleading; another manifestation of knee-jerk globalization bias. The US still has the lowest tariffs and freest trade with the world of any country. And it was Europe that pulled the plug on the TTIP, for the simple reason that it (like the TPP) was profoundly undemocratic, anti-labor, and anti-environmental. But we don't label Germany's 80% public opposition to the TTIP "protectionism." Both agreements were elitist and antidemocratic and did not deserve to pass. Note that Investor State Dispute Settlement provisions, which were the deepest stain on both agreements, were also an obstacle to approval of the EU-Japan agreement (and bravo to Europe for that principled opposition). ISDS allows corporations to sue governments over any regulation that reduces their "expected return." This has nothing to do with "free trade." It's just a corporate end-run around democracy. To conflate opposition to the deep flaws of elite trade agreements with "isolationism" is absurd, unquestioning devotion to unrestrained, corporate-led globalization. Read the treaties. Look at the statistics on trade openness. This article is just uncritical, unanalytic propaganda.
5
The point you ignored in your analysis is that we didn't even have a seat at the table. I may not be an economist but I know for certain that not being included in the discussion won't be good for US businesses. Be curious to see how Corporate America response to this news.
11
You seem to be better informed than I. ISDS was likely the reason for the secrecy, and from Obama on down this was accepted. It seems trade continues to be the territorial domain of a marriage between neo liberal economic interests that believe that when a privileged few in a country benefit that means the country as a whole benefits, and vested corporate interests that do not care about social policy except when it makes their shareholders richer. Though it appears that there is/was some movement to begin to address the social inequities of trade policy, it is weak.
1
Martha, thank you for your statement. I have the disadvantage of English not being my first language and therefore lacking the technical terms for trade agreements. I can't support enough what you pointed out that consumer protection, labor protection etc is a different thing from "protectionism".
People over here were very irritated that the negotiations were held in secret. If there had been more transparency and consideration of people's right opposition would likely have been less.
People over here were very irritated that the negotiations were held in secret. If there had been more transparency and consideration of people's right opposition would likely have been less.
1
This deal is in 'principle' only and not even ready for the populous of the European union today. Does not mean it won't be deal someday, just not tomorrow. The deal with the US, and Trump is questionable, as he may say he is against it, but Mitch McConnell and his party still have the TPA and the the influence to change the Presidents mind and agenda on the TPP. These businesses and Michael Froman did not work for 10 years not to see this deal through to the end, even if he was an Obama appointment. Wait and be patient...Japan needs our American market, even if Americans do not need the TPP.
1
But leaving the TPP allowed China to grow in influence. We can't keep walking away from everything and expect it all to work out. That's being naive.
8
Perhaps sooner than later China will be asked to then join the TPP as to counter balance their new influence.Perhaps even a new Trade Deal,(such as the previous old WTO)is in the making . This country has so much investments already in China, how does one continue to exclude an already major player? We don't. And would this be bad if they did not exclude them, especially if we are in a global market. The world markets are constantly trading and doing business with China, so are we. I do not think we are walking away from any trade deals.
Trump is the proverbial hare squandering the country's enormous but rapidly diminishing lead in the race with China.
4
yay! we're number one!..... oooops! nope we are just all alone.
9
It is dead wrong that America is retreating from trade and Western Europe. No American administration has ever done this because Americans are usually good hearted and giving people. There is no excuse for Trump's administration. They are selfish unAmericans that we must remove from office as soon as possible.
8
The agreement is symbolic. EU has some 10% of Japan's trade, which is approximately the same as S Korea + Taiwan. Of course, the US (15%) and China (> 20%) have much more. The major issues were something like cheese and pasta. But this symbolism is not cheap; it is widely believed that the real purpose of this agreement is to send messages to the US and China.
4
This article should be mandatory reading for the 100,000 voters, their families, coworkers, friends, and neighbors. They voted for a con artist knowing full well it was a scam but they did it anyway on nationalistic and racist terms. Now they will pay a heavy price as economies around the world are looking for ways to go around the guy that settled an university fraud claim.
10
Trade flows like water... following the path of least resistance.
DJT does not know or understand this basic macroeconomic/ supply chain principle that is common knowledge throughout the globe.
His ignorance will means less jobs for US workers not more. These are not my ideas but the basic facts of world economic order.
Sad that DJT's protectionism and desire to go backwards (think coal) will make us less prosperous as a nation.
DJT does not know or understand this basic macroeconomic/ supply chain principle that is common knowledge throughout the globe.
His ignorance will means less jobs for US workers not more. These are not my ideas but the basic facts of world economic order.
Sad that DJT's protectionism and desire to go backwards (think coal) will make us less prosperous as a nation.
9
Any country or politician within that country that has to keep reminding everyone "how great they are" has problems.
11
I'm totally in sympathy for those adversely effected by Trump's isolationship. But 'Tis an ill wind that blows no one good. After Trumps wild promises don't turn out to be true, a lot of people are going to be very very very hostile
7
But then the damage will already have been done, and the new POTUS will have a difficult time of it setting things right again economically and diplomatically. Remember the mess Bush jr, left behind, and which was subsequently blamed on Obama. In these past months, more damage has been done to America's reputation and economy than anyone realizes. Well, if things get too bad, Europe will help you......
4
A fool and his money are soon parted.
Unfortunately our fool is in the white house and has several times had to declare bankruptcy in order to part with less of his money. Who knew trade deals could be so complicated?...
Unfortunately our fool is in the white house and has several times had to declare bankruptcy in order to part with less of his money. Who knew trade deals could be so complicated?...
15
The difference now is he will leave the White House with lots more money than when he came in. Walter Shaub Jr, the head of the Office of Government Ethics resigned yesterday echoing that Trump and his family might very well be using the office to enrich themselves. He already doubled the yearly fee on membership at his golf club in Florida. His new hotel, building leased from the GSA, the government agency that handles the federal government properties, is making huge profits and many foreign governments have their people stay there allegedly to curry favor with the administration.
1
Trump;s total ignorance on world trade and economics is going to put us back in the dark ages and cost us millions of jobs.
10
South Korea has opened Hyundai plants in Alabama and a KIA plant in Georgia. Although their shares are owned by internationals across the world, they have brought jobs to the U.S. I sincerely hope that his rhetoric on promoting American made cars in South Korea won't come at a cost of American laborers here in the U.S.
4
Trade deals are something for owners of capital to celebrate. The rest of us? Not so much. Hard to get excited about training your successor to do your job as a condition of getting your severance.
2
As far as I am concerned, the most-important consideration ... for any and all countries who seek to trade with one another ... is whether-or-not "that-country's" perspective on the arrangement is: "that-country FIRST."
I do not ... do not AT ALL ... think that America should be so presumptuous(!) to think that it is "Big Man On Campus" here. (The sooner we get rid of THAT silly notion, the better! Ahem.) Whether or not we have a really-big economy, "every other nation on Earth has an economy, too!"
Over the last twenty or thirty years, our country has willingly entered into some spectacularly-BAD (imho ...) treaty arrangements. Our attention should now be focused on re-negotiating them, or, as the case may be, leaving them. And, I suggest, the litmus-paper test should simply be: "America FIRST?"
To my way of thinking, the ONLY international agreement worth entering into is one that, from the point-of-view of ALL participating countries, is: "my-country FIRST."
If the "stellar advantages" of the agreement derive from "putting millions of your own countrymen out of work" (as a great many of America's present treaties presently DO(!!)), then this is NOT an agreement that should continue one day more. Going forward, "the only International Agreements Worth Doing(!)" are those which are actually mutually-beneficial to the PEOPLE(!) of all participating nations.
And, yes ... those "high-quality treaties" will be very-considerably harder to find. So be it.
I do not ... do not AT ALL ... think that America should be so presumptuous(!) to think that it is "Big Man On Campus" here. (The sooner we get rid of THAT silly notion, the better! Ahem.) Whether or not we have a really-big economy, "every other nation on Earth has an economy, too!"
Over the last twenty or thirty years, our country has willingly entered into some spectacularly-BAD (imho ...) treaty arrangements. Our attention should now be focused on re-negotiating them, or, as the case may be, leaving them. And, I suggest, the litmus-paper test should simply be: "America FIRST?"
To my way of thinking, the ONLY international agreement worth entering into is one that, from the point-of-view of ALL participating countries, is: "my-country FIRST."
If the "stellar advantages" of the agreement derive from "putting millions of your own countrymen out of work" (as a great many of America's present treaties presently DO(!!)), then this is NOT an agreement that should continue one day more. Going forward, "the only International Agreements Worth Doing(!)" are those which are actually mutually-beneficial to the PEOPLE(!) of all participating nations.
And, yes ... those "high-quality treaties" will be very-considerably harder to find. So be it.
2
America elected Donald Trump to our Presidency. There will be unfortunate consequences, and we deserve them. Sad.
6
To another Californian Serena Fox.
San Francisco has the largest number of billionaires (or may be 2nd) in the US--due to technology.
A society needs many more products than technology--a country the size of the US cannot survive "just on technology."
What is the economy with the largest surplus --China--and what is produced there--clothes, toys, knicks-knacks and even ""garlic"" is imported to the US from China.
A country cannot survive "just on services" either--you cannot just have restaurants, hair salons, grocery stores.
I see many stores closing here in Northern California - hardware, watch repair shops--and guess what usually replaces them---restaurants...
A country cannot survive just on real estate -- with prices increasing and the illusion that homeowners are getting richer by the minute --like is happening in Northern California. It will just "all blow up" again.!!!!
A country cannot survive just from the services of health professionals--every body that I know or (mostly) has children studying for the health professions.
So for the planners of the US and people in leading roles heed and act accordingly.
San Francisco has the largest number of billionaires (or may be 2nd) in the US--due to technology.
A society needs many more products than technology--a country the size of the US cannot survive "just on technology."
What is the economy with the largest surplus --China--and what is produced there--clothes, toys, knicks-knacks and even ""garlic"" is imported to the US from China.
A country cannot survive "just on services" either--you cannot just have restaurants, hair salons, grocery stores.
I see many stores closing here in Northern California - hardware, watch repair shops--and guess what usually replaces them---restaurants...
A country cannot survive just on real estate -- with prices increasing and the illusion that homeowners are getting richer by the minute --like is happening in Northern California. It will just "all blow up" again.!!!!
A country cannot survive just from the services of health professionals--every body that I know or (mostly) has children studying for the health professions.
So for the planners of the US and people in leading roles heed and act accordingly.
5
Global "leadership" in trade has brought us massive trade deficits, the loss of millions of manufacturing jobs, and rising income inequality. Global "leadership" in security has come at the high cost of blood and treasure. Taken together, global "leadership" has yielded a large and growing budget deficit, which weakens us further.
The Pax Americana system was once a net positive for the U.S., but now it's not only a net negative, but more importantly the benefits flow to the 10% shareholder class and the costs to the bottom 50% of society.
Trump proposed re-negotiating trade deals and increasing allied military cost sharing, two adjustments that will benefit the U.S. These were rejected by Establishment Republicans and Hillary, not to mention the entire Washington D.C. and media apparatus that is dedicated to maintaining the current world order. Yet, Trump won. Now they are working feverishly to prevent him from implementing his campaign promises.
I’ve benefited personally and professionally from globalism and am a dedicated capitalist. But even I can see that the current system isn’t working and it’s time for a new approach. We can either make some modest changes to keep Pax Americana or it will eventually collapse chaotically, maybe sooner rather than later.
The Pax Americana system was once a net positive for the U.S., but now it's not only a net negative, but more importantly the benefits flow to the 10% shareholder class and the costs to the bottom 50% of society.
Trump proposed re-negotiating trade deals and increasing allied military cost sharing, two adjustments that will benefit the U.S. These were rejected by Establishment Republicans and Hillary, not to mention the entire Washington D.C. and media apparatus that is dedicated to maintaining the current world order. Yet, Trump won. Now they are working feverishly to prevent him from implementing his campaign promises.
I’ve benefited personally and professionally from globalism and am a dedicated capitalist. But even I can see that the current system isn’t working and it’s time for a new approach. We can either make some modest changes to keep Pax Americana or it will eventually collapse chaotically, maybe sooner rather than later.
2
It's hard to feel bad for elites troubled by Trump's bizarre populist agenda. Honestly, you've denied your neighbors health care, decent housing, public transportation, education -- and you expect things to work out well?
Treat your fellow neighbors like the French do -- with good welfare and public goods -- and you get Macron. Treat your neighbors like dirt and you get Trump, along with his crazy protectionist agenda that's going to raise the cost of goods in the USA.
Treat your fellow neighbors like the French do -- with good welfare and public goods -- and you get Macron. Treat your neighbors like dirt and you get Trump, along with his crazy protectionist agenda that's going to raise the cost of goods in the USA.
6
The shambolic, disorganized, backward-yearning mess that US trade policy, like all its other policies, has become, is totally out of step with reality. The rest of the world doesn't have to listen to this geriatric drivel, and won't. The problem with two party trade deals is that everyone has more options. Canada, the EU and Japan are just being realistic. The US has dealt itself out of so many things, so fast. It took decades to break down the tariff barriers, and these fools want to reinstate them, in the name of what? Instant obsolescence?
It's more than slightly ironic that these anti-big government, free enterprise messiahs are demanding regulations, when they oppose regulation, and protectionism, while claiming to want more trade. In the UK, the mindless march to renegotiating hundreds of trade deals through the ridiculous Brexit process has had the same effect; instant loss of business, and expensive re-negotiations for god knows what result. There's no system, no planning, and no forward vision.
Bitching about China can achieve nothing. It's a dead rubber. China is in the market, and nobody in their right mind, least of all the US, which has been making lots of money through Chinese made goods for decades, should be complaining about it, let alone starting a trade war. America will be first down the drain, if these absurd policies are allowed to take root. Just let the clowns tweet their way to oblivion, and get some competent people doing trade.
It's more than slightly ironic that these anti-big government, free enterprise messiahs are demanding regulations, when they oppose regulation, and protectionism, while claiming to want more trade. In the UK, the mindless march to renegotiating hundreds of trade deals through the ridiculous Brexit process has had the same effect; instant loss of business, and expensive re-negotiations for god knows what result. There's no system, no planning, and no forward vision.
Bitching about China can achieve nothing. It's a dead rubber. China is in the market, and nobody in their right mind, least of all the US, which has been making lots of money through Chinese made goods for decades, should be complaining about it, let alone starting a trade war. America will be first down the drain, if these absurd policies are allowed to take root. Just let the clowns tweet their way to oblivion, and get some competent people doing trade.
10
The power vacuum created by a remarkably weak and ineffective US president is being quickly filled by German, China, France, and many other nations … even North Korea. When the US president has no plan, vision or even the ability to formulate a coherent strategy the rest of the world must work without the United States. Trump’s random babble about putting America first is simply spinning around in circles alone. Help the US economy? What a joke.
13
If the GOP blows up the economy again will the American people punish them? Preview answer...no.
6
We need to hear the Democratic Party respond to this backward thinking. Now is the time to outline why Trump's America First"mantra will result in America Last. Democratic leadership needs to outline the dire consequences.
2
Other readers don't get it. Trump will not follow through on threats about protectionism and ending free trade agreements. In fact, Goodman, the author, even points out that Trump wants to pursue FTAs, but bilateral ones, rather than plurilateral ones. Just as Trump stacked his cabinet with Wall Street alumni, and reneged on campaign promises to renounce Wall Street influence, so will he reneg on promises to end U.S. engagement with the global economy. It doesn't matter what you or I think about economic stagnation and the 30-year neglect of labor. U.S. corporations, beholden as they are to finance, want and need FTAs. These FTAs are designed with a singular goal in mind: to maintain a U.S. corporate and financial advantage in a globalized world. Trump may have been too stupid to realized this while on the campaign trail, but his cronies are surely making him realize it now.
2
From the day Trump began screaming about how the US had made terrible deals and he was going to withdraw from all the agreements, I suspected the rest of the world would react by finding other suppliers and markets. If your labor is cheaper than the US, and your manufacturing facilities are more modern than those in the US, and you're producing products that are generally considered to be at least as good as those made in the US, and you have plenty of other customers who are happy to buy your products, why would anyone think you'd want to make some kind of deal with the US that would lessen your advantage?
Maybe I'm just stupider than Donald Trump is, but I'm not seeing what kind of deal he's envisioning that will make US manufacturing so competitive that the world will race to buy its products. Better face it: No matter how special and deserving we may think ourselves, the rest of the world doesn't care.
Maybe I'm just stupider than Donald Trump is, but I'm not seeing what kind of deal he's envisioning that will make US manufacturing so competitive that the world will race to buy its products. Better face it: No matter how special and deserving we may think ourselves, the rest of the world doesn't care.
9
It's pretty simple... they don't trust him, his policies, or his word! They don't like him much, either!
4
Moreover.
Trump and his hordes of Deplorables may be able to trap themselves in a world governed by Rightist, pseudo Christian, xenophobic ideals. But they cannot trap my capital in that world. My capital can and will find the best opportunities for growth and go there.
So while the Deplorables labor in their coal mines, and go to school at home, and celebrate their poverty and their ignorance, my family will earn the returns from open societies pursuing the ideals that we Americans once held. And we will invest in those moieties and celebrate their greatness.
Trump and his hordes of Deplorables may be able to trap themselves in a world governed by Rightist, pseudo Christian, xenophobic ideals. But they cannot trap my capital in that world. My capital can and will find the best opportunities for growth and go there.
So while the Deplorables labor in their coal mines, and go to school at home, and celebrate their poverty and their ignorance, my family will earn the returns from open societies pursuing the ideals that we Americans once held. And we will invest in those moieties and celebrate their greatness.
4
What did Trump and Bannon expect? In six months Trump has offended as many of our allies and trade partners as he possibly could. If those two want to close off America so be it. Not to mention Trump who has shown himself to be a willfully ignorant bully who lies. Who would want to deal with that?
The world is learning how to 'ignore' Trump.
I wish we could here at home.
The world is learning how to 'ignore' Trump.
I wish we could here at home.
10
Like with his casinos and businesses, in four years Trump will move on having made America second rate. Drop out of TPP, poof worker jobs gone; renegotiate NAFTA, poof more worker jobs gone; turn your back on Europe and it makes Japan and China its major trade partners, poof more worker jobs gone.
No problem when it all goes bad, blame it on fake news and the Democrats.
No problem when it all goes bad, blame it on fake news and the Democrats.
7
I wonder if the Trump voters who put him in office and who work in factories that export goods to other countries or assemble parts from other countries have any clue what this man is doing trade wise (amongst other things) to your great country. Every month this clown is further isolating you, we used to look up to your leaders, now we just shake our head. All of your friends are making deals with each other and leaving the US out, SAD
6
The problem is that Trump doesn't understand the concept of fitting into the world community, and at the same time expecting the world to fit in with him.
1
After Trump destroys the American economy with his childish understanding of how the world's economy really works, those running for president in 2020 will really have to say that it is time to "Make America Great Again", if there is an America left to make great again.
7
Does it comes as any surprise that the thrice-failed businessman lacks the leadership skills, integrity, and temperament to be the President of the United States of America?
Make America Great Again: Dump Trump and his sychophants and other hangers-on.
Make America Great Again: Dump Trump and his sychophants and other hangers-on.
4
Trumps economic nationalism is like a cafe surrounding itself with razor wire & wondering why the other cafes are getting all the customers.
4
and just wait for the inevitable backlash directed at u.s. companies resulting in lost business ... and layoffs.
so, trumpiteers, where's your greatest dealmaker evah!
so, trumpiteers, where's your greatest dealmaker evah!
3
Incredible ... 63 million people just shot themselves in both feet with this president. We're on our way to becoming a second-rate everything ... and so unnecessary. We are the wealthiest nation in the world. We are run by someone who has no idea how to really run a business, much less a country (Trump would have been exponentially wealthier today had he simply invested the money his daddy left him, rather than squandering it on lawsuits and failed casinos and cheating people out of their hard-earned money). And so the failed businessman has appointed legions of incompetents to run the government ... job stats this month aren't good. The rest of the world thinks we've lost our minds, and find us unstable and threatening. We are becoming a pariah state. Stupid, stupid, stupid.
8
This whole article depresses me. Trump =paranoia, rage, domination and you fill in the blank! We have lost our country to the extreme right wing and a small group of defiant Bernibros who live in a world of twisted logic regarding world trade. "The horror. The horror" - Joseph Conrad. America is now a Horror Show.
3
America was great from 1944-1973 when Nixon ended Bretton Woods.
What goes around comes around. America is not a partner and hasn't been a partner for 44 years. It was easier to just let America take economic advantage and protect us and offer us some security than fight for our sovereignty. Now that America offers us nothing for our surrender of sovereignty we will take back our democracy and bid America Bon Voyage.
What goes around comes around. America is not a partner and hasn't been a partner for 44 years. It was easier to just let America take economic advantage and protect us and offer us some security than fight for our sovereignty. Now that America offers us nothing for our surrender of sovereignty we will take back our democracy and bid America Bon Voyage.
5
Fighting globalization is like fighting rising sea levels. You can pretend it isn't happening or you can prepare for the inevitable. True leaders anticipate all the options and act accordingly. Our leader has chosen option "A" so it is up to us to man the life boats or drown in a sea of stupidity. You can't blame Europe for strengthening their trade ties with Japan. Trump is an anchor. He's not an iceberg or a inner tube with a slow leak, he is an anchor. The fact that the stock market remains buoyant means it is as immune to reality as he is. Sell your stock. Women and children first.
4
Not to worry. We still have the market in buggy whips cornered.
4
Trump's America First slogan mystified and confounded initially foreign leaders, friends and foes alike. No longer. In the second overseas trip of Trump, the world understands the meaning of his campaign/presidency slogan.
In the US, Trump's political narrative is that he wants to protect American workers from countries making use of unfair trade practices such as Germany and China. The reading from foreign leaders is the opposite.
America is a society deeply divided and a political leadership corrupt and without a vision of the future. A superpower in retreat, no longer able to compete internationally.
America First is a nationalistic slogan of a superpower saying goodbye to global leadership.
In the US, Trump's political narrative is that he wants to protect American workers from countries making use of unfair trade practices such as Germany and China. The reading from foreign leaders is the opposite.
America is a society deeply divided and a political leadership corrupt and without a vision of the future. A superpower in retreat, no longer able to compete internationally.
America First is a nationalistic slogan of a superpower saying goodbye to global leadership.
15
People here are all debating the merits and shortfalls of Trump’s stance, supposedly one of protectionism and deglobalization. But will protectionism and deglobalization truly become Trump’s legacy? What few acknowledge is that his rants against free trade and appeals to nationalism were merely campaign rhetoric. He will not enact legislation to wall off the U.S, because the financial and corporate sectors, with their political might, will not allow him to do so. Quite simply, Wall Street and corporations depend 100% on global trade and capital flows for their profits and power. Yes, Trump promised to cancel free trade agreements like the TPP and TTIP, but as the article points out, the government will not abandon free trade agreements but will simply shift from plurilateral ones to myriad bilateral ones (in which they have more leverage). Trump’s promises to engage in protectionism and deglobalization will go the same way as his promises to repeal Obamacare—he will not be able to pull it off. This is, after all, a man who, despite his populist rhetoric and appeal to the working class, appointed a cabinet of Wall Street plutocrats. So let’s distinguish between rhetoric and reality.
5
It's not important that the donald actually gets legislation passed--it's the signal that it sends to our now-former trade allies that we're not interested in a global economy any more. And if we're not interested in them, then they're not going to be interested in us. Opportunities will be lost because they'll figure we're not interested in anything.
As for the "myriad" bilateral trade agreements he's going to negotiate? We've seen how incompetent he is negotiating with Congress and with our allies. He's ignoring the plutocrats he disagreed with--many of his economic advisors disagreed with him on Kyoto.
And while we don't really know how much of a failure the donald was as a businessman because he won't release his taxes, we do know that he blew a heapload of money on gambling casinos, that he ran a crooked operation in his "university," that he's raised far less for veterans that he's claimed. Why should I trust his judgment on anything?
I don't agree with your assessment that he'll more leverage with these bilateral agreements. He'll only have leverage with weak, underdeveloped economies. The advanced ones, like, ahem, Japan and the EU will tell him to take a hike. They pretty much already have.
As for the "myriad" bilateral trade agreements he's going to negotiate? We've seen how incompetent he is negotiating with Congress and with our allies. He's ignoring the plutocrats he disagreed with--many of his economic advisors disagreed with him on Kyoto.
And while we don't really know how much of a failure the donald was as a businessman because he won't release his taxes, we do know that he blew a heapload of money on gambling casinos, that he ran a crooked operation in his "university," that he's raised far less for veterans that he's claimed. Why should I trust his judgment on anything?
I don't agree with your assessment that he'll more leverage with these bilateral agreements. He'll only have leverage with weak, underdeveloped economies. The advanced ones, like, ahem, Japan and the EU will tell him to take a hike. They pretty much already have.
4
Trump's strategy is going to backfire.
America is becoming marginalized - on trade and foreign influence.
If we are going to neuter North Korea, defeat ISIS and have more advantageous trade deals, we will need strong international alliances.
America is becoming marginalized - on trade and foreign influence.
If we are going to neuter North Korea, defeat ISIS and have more advantageous trade deals, we will need strong international alliances.
13
A strange article working off the new EU Japan trade agreement which is news worthy in that it opens up some formally restricted items to freer trade, it then scans recent headlines about Trump proposals with the implication that the Trump administration is on a protectionist role, but other than a threat on steel imports where is the evidence.
His concept perhaps was that he would return the country to its pre-globalization manufacturing status but that is impossible, and restructuring NAFTA is going to annoy many Republican benefactors so may not occur. America’s trade relations may change little under his administration, and a tariff on steel could be good if that industry is in trouble again.
What is ‘Good for GM…’ these days are its profits on the Shanghai joint-venture curiously enough as local sales dip again; they saw it through the financial crisis.
His concept perhaps was that he would return the country to its pre-globalization manufacturing status but that is impossible, and restructuring NAFTA is going to annoy many Republican benefactors so may not occur. America’s trade relations may change little under his administration, and a tariff on steel could be good if that industry is in trouble again.
What is ‘Good for GM…’ these days are its profits on the Shanghai joint-venture curiously enough as local sales dip again; they saw it through the financial crisis.
2
Where is the "great negotiator" who promised to make America great again with "beautiful" new trade agreements? Seems he's busy watching cable news and tweeting absurdities.
18
In his business dealings prior to his presidency, Mr. Trump enjoyed success primarily on a one on one basis. The balance needed for successful multi-national agreements requires the politics that may include one on one negotiations, but geopolitics is always playing in the background. Parties not directly involved in a particular negotiation have an interest that must be considered as well. National pride, history, and prejudice come into play. This is not the arena for business techniques until the overall terms are set by the politicians. The details of which are best left to hard-nosed businessmen.
1
A vital aspect that was not even mentioned is whether this trade deal, and the regional trade deal China is negotiating to replace the TPP, address issues related to the Artificial Intelligence ecosystems that will define our economic and geopolitical futures.
1
What bothers me in all of the reporting here and elsewhere about these trade deals is that the writers always cast it as an all or nothing deal- take the full NeoLiberal, Internationalist Rx or you are a fear-mongering, knuckle dragging Neanderthal. It is always presented as so very binary and it does not have to be.
I did not vote for Trump but am quite glad he spiked the Trans-Pacific Partnership which was a hot mess negotiated in secret and largely written by lobbyists. One of my greatest disappointments with President Obama is that he went back on his word to allow Labor, NGO, Consumer and Environmental groups to observe and participate in the Trade Negotiations. He promised to at Soldier Field in Chicago at a Union sponsored event. US Trade Representatives Ron Kirk and Michael Froman made sure that never happened.
I am all for free trade as long as it is fair trade- no race to the bottom on wages, occupational safety, environmental protection or child labor. The TPP would have put US workers in direct competition with Vietnamese Child Labor making well under $1 an hour. I do not care how many degrees you have or what party you are a member of- that is wrong and indefensible.
Finally the Investor-State Dispute system of the WTO is a formula for corruption and quite possibly undermines the sovereignty of the US and State governments to the benefit of foreign companies. No Court has yet given standing to challenge these trade schemes.
We need free, but fair trade.
I did not vote for Trump but am quite glad he spiked the Trans-Pacific Partnership which was a hot mess negotiated in secret and largely written by lobbyists. One of my greatest disappointments with President Obama is that he went back on his word to allow Labor, NGO, Consumer and Environmental groups to observe and participate in the Trade Negotiations. He promised to at Soldier Field in Chicago at a Union sponsored event. US Trade Representatives Ron Kirk and Michael Froman made sure that never happened.
I am all for free trade as long as it is fair trade- no race to the bottom on wages, occupational safety, environmental protection or child labor. The TPP would have put US workers in direct competition with Vietnamese Child Labor making well under $1 an hour. I do not care how many degrees you have or what party you are a member of- that is wrong and indefensible.
Finally the Investor-State Dispute system of the WTO is a formula for corruption and quite possibly undermines the sovereignty of the US and State governments to the benefit of foreign companies. No Court has yet given standing to challenge these trade schemes.
We need free, but fair trade.
5
The TPP was not done in secret and was worked on for years. China is very grateful to the Trump Administration for killing all that good work - because as I'm sure you are aware, the TPP did not have China as a trading partner. And, as this article aptly points out, world trade will move on just fine without America's participation. Short-sighted of the Trumpsters for sure. Overturning anything and everything the Obama administration achieved is frankly stupid. Good luck with you going to a negotiating table in the future and imaging our allies will believe a word we say with respect to any.thing.
3
Re SRC:
The TPP text was kept from the American people during the entire markup and negotiation process. Members of Congress were allowed to look at the working documents but were not allowed to take notes on paper or any device and were forbidden from discussing any text they viewed under threat of prosecution. If that is not secret, what we used to do in the military with our clearances wasn't, either.
Senator Elizabeth Warren- former Harvard Contract Law Professor- stated: “If transparency would lead to widespread public opposition to a trade agreement, then that trade agreement should not be the policy of the United States.”
Source https://www.theguardian.com/commentisfree/2016/may/04/ttip-tpp-trade-dea...
Every DC Lobbyist for Pharma, RIAA, MPAA and others was present ad accounted for, but almost nobody was there representing consumer, environmental, labor or other citizen interests. The leaked documents (thanks, Wikileaks) showed a laundry list of business wishes were tucked in to the agreement as a way of back dooring stuff into law that could not pass on merit alone. Remember PIPA and SOPA that were spiked after sustained citizen outrage- their language was inserted into the TPP.
These so-called Congressional-Executive Agreements are a legal fiction created out of thin air as an end run around the treaty provisions of the US Constitution. A treaty requires 2/3rds- not 50%+1.
The TPP text was kept from the American people during the entire markup and negotiation process. Members of Congress were allowed to look at the working documents but were not allowed to take notes on paper or any device and were forbidden from discussing any text they viewed under threat of prosecution. If that is not secret, what we used to do in the military with our clearances wasn't, either.
Senator Elizabeth Warren- former Harvard Contract Law Professor- stated: “If transparency would lead to widespread public opposition to a trade agreement, then that trade agreement should not be the policy of the United States.”
Source https://www.theguardian.com/commentisfree/2016/may/04/ttip-tpp-trade-dea...
Every DC Lobbyist for Pharma, RIAA, MPAA and others was present ad accounted for, but almost nobody was there representing consumer, environmental, labor or other citizen interests. The leaked documents (thanks, Wikileaks) showed a laundry list of business wishes were tucked in to the agreement as a way of back dooring stuff into law that could not pass on merit alone. Remember PIPA and SOPA that were spiked after sustained citizen outrage- their language was inserted into the TPP.
These so-called Congressional-Executive Agreements are a legal fiction created out of thin air as an end run around the treaty provisions of the US Constitution. A treaty requires 2/3rds- not 50%+1.
1
...a trade deal, bolstering globalization just as the United States is withdrawing into protectionism."
A very broad brush. The devil is in the details.
Trade are fine between countries with similar wage levels. That applies to the EU and Japan.
They are not so fine, with e.g. China, where Ford is building its new factory in Chongqing, average wage manufacturing wage $ 5/hr, to import Focus cars, build at Chinese wages , to the US. As does GM, already, without any label telling US customers that their envision was made in China.
Add to this, that China levels ~ 25% import tax on US build cars, the US 2.5% on Chinese build cars, and you can see why autoworkers like protectionism.
IT ALL DEPENDS ON WHAT IS IN THE DEAL.
A very broad brush. The devil is in the details.
Trade are fine between countries with similar wage levels. That applies to the EU and Japan.
They are not so fine, with e.g. China, where Ford is building its new factory in Chongqing, average wage manufacturing wage $ 5/hr, to import Focus cars, build at Chinese wages , to the US. As does GM, already, without any label telling US customers that their envision was made in China.
Add to this, that China levels ~ 25% import tax on US build cars, the US 2.5% on Chinese build cars, and you can see why autoworkers like protectionism.
IT ALL DEPENDS ON WHAT IS IN THE DEAL.
5
Where are all the liberals who demonized the TPP and global trade? Are they afraid to publicly acknowledge that they agree with Trump? That trade is one area where Trump's and Bernie's policies overlapped?
Clinton was bullied by the left wing of the Democratic Party into renouncing the TPP, but it didn't really matter; that she had supported it at all was enough to depress turnout and enthusiasm among the leftists. They wanted economic populism. They were loud about it. They drowned out the voices of moderate Democrats when they weren't excoriating them for disagreeing. They helped make trade a central issue in the campaign, Trump told the people what they wanted to hear, and now he's making good on it.
So where are they? Secretly happy, quietly celebrating? Coming up with elaborate excuses to explain why this isn't what they wanted? Or are they seeing the consequences of their open hostility to TPP, NAFTA, and the WTO and having second thoughts?
Clinton was bullied by the left wing of the Democratic Party into renouncing the TPP, but it didn't really matter; that she had supported it at all was enough to depress turnout and enthusiasm among the leftists. They wanted economic populism. They were loud about it. They drowned out the voices of moderate Democrats when they weren't excoriating them for disagreeing. They helped make trade a central issue in the campaign, Trump told the people what they wanted to hear, and now he's making good on it.
So where are they? Secretly happy, quietly celebrating? Coming up with elaborate excuses to explain why this isn't what they wanted? Or are they seeing the consequences of their open hostility to TPP, NAFTA, and the WTO and having second thoughts?
7
Most of the negative comments about this article seem to fixate on the fact that the winnings from globalization have gone to the 1%. A simple fix would be to tax the winnings of the 1% and help those workers tossed out by globalization. But bear in min that the GOP favored exporting whole factories to China without any penalties. Now the GOP and Trump want to punish other nations for the GOP actions (I almost wrote "crimes")
11
American consumers have been spoiled for a long time. We have been seduced by artificially low prices on the scads of products manufactured in China and developing countries available at all price points. True, many domestically produced items are available but we don't want to pay the prices.
NAFTA and other agreements have supported our consuming habits because everyone wanted access to the largest market in the world, from Europe to South Korea. Our consumption has created trade deficits but also gave us an important voice. True, reforms and modifications are probably needed but that doesn't mean we have to isolate ourselves.
Although it is not clear what the short-term and long-term consequences will be of an "America First" isolation will be for the U.S., as citizens we are obligated to recognize and understand that there will be changes. And, as the Kanter writes, many countries are moving forward without the U.S.
As I write, Mexico is already renegotiating with China--something that China has pursued for a long time, especially after September 11, when the U.S. became obsessed with terrorism in Afghanistan and Iraq.
We live in an increasingly complicated global community, whether we like it or not. Building physical or trade or financial or human fences may "protect" us from unwanted competition or undesirable influences but they will also block American products and influence from leaving and thwart our voice in the world. Is that really what we want?
NAFTA and other agreements have supported our consuming habits because everyone wanted access to the largest market in the world, from Europe to South Korea. Our consumption has created trade deficits but also gave us an important voice. True, reforms and modifications are probably needed but that doesn't mean we have to isolate ourselves.
Although it is not clear what the short-term and long-term consequences will be of an "America First" isolation will be for the U.S., as citizens we are obligated to recognize and understand that there will be changes. And, as the Kanter writes, many countries are moving forward without the U.S.
As I write, Mexico is already renegotiating with China--something that China has pursued for a long time, especially after September 11, when the U.S. became obsessed with terrorism in Afghanistan and Iraq.
We live in an increasingly complicated global community, whether we like it or not. Building physical or trade or financial or human fences may "protect" us from unwanted competition or undesirable influences but they will also block American products and influence from leaving and thwart our voice in the world. Is that really what we want?
10
More cheering for globalization needs to also consider the downsides in the US; record levels of wealth inequality that shows no signs of decreasing, large job losses with few effective plans for retraining, loss of jobs that provide a living wage for those without college degrees, and although it is supposed to provide cheaper goods the irony is that by becoming more of a global marketplace a number of goods and services are becoming more expensive. Longer term effects include loss of intellectual property, manufacturing capability across a number of product lines, which hampers creative product development.
Globalization is essentially the justification for corporations to increase their influence on government, typically at the expense of those on the lower economic classes. For years boosters of globalization believed that by exporting jobs offshore to lower poverty in other parts of the world was a good thing, even it meant throwing millions of US citizens under the bus. Rural and small town America has been hard hit, and now we also see a decreasing middle class in urban areas. Unemployment rates no longer tell the whole story.
The upsides are many, but so far they seem to primarily benefit the upper classes in the US.
Globalization is essentially the justification for corporations to increase their influence on government, typically at the expense of those on the lower economic classes. For years boosters of globalization believed that by exporting jobs offshore to lower poverty in other parts of the world was a good thing, even it meant throwing millions of US citizens under the bus. Rural and small town America has been hard hit, and now we also see a decreasing middle class in urban areas. Unemployment rates no longer tell the whole story.
The upsides are many, but so far they seem to primarily benefit the upper classes in the US.
2
I just cite some problems that I foresee when it comes to trade negotiations. President Trump wants the world to buy American. Every American product in every foreign state would dominate that market. (That is not fair trade.) When it comes to China, he needs to endeavor to make sure that the market is saturated with American products, especially for the coming wave of their rising middle class, but his hands will be tied at the negotiating table from his business investments there. He has said his children can "have it" and that it is peanuts compared to the American interest, but conflict of interest does not require him to directly manage or oversee his corporations. One of his investments owes millions to a Chinese bank; he has tens of trademarks in China; he owns a manufacturing base there; and there's more. We already suspect that he has a conflict of interest with Saudi Arabia, which is why he refused to implement the travel ban regarding that state, although there is more basis for implementing the ban against that state than the other 7 countries: several of the 9/11 terrorists were from Saudi Arabia. Especially with U.S. debt in China, it's not difficult to see why the U.S. can't seem to make China do anything.
When a judge adjudicates a case, he should not have conflicting interests with one of his defendants. Likewise, he should have no money in the game. The President, however, has accumulated wealth in the past, and it is hindering his performance.
When a judge adjudicates a case, he should not have conflicting interests with one of his defendants. Likewise, he should have no money in the game. The President, however, has accumulated wealth in the past, and it is hindering his performance.
7
How's that "America First" working out for those air conditioner factory employees in Indiana?
15
I'm not defender of Trump but the notion that America is in retreat on trade when Europe and Japan are not is not true. For example, one of the first actions Trump did when he became President was to meet with Abe to discuss a series of bilateral trade deals.
Moreover both Europe and Japan have high regulation, high wage economies, with comparable labor and environmental standards. A trade pact between the two ought to be welcomed. It is the exact opposite of the kind of trade pact the TPP was intended to be, where high wage, high regulation America was set to lose jobs to Vietnam and other Southeast Asian countries, which would have been great for corporations, shareholders, and management, but disastrous for American workers.
If developed countries want to conclude free-trade pacts with each other, then great. Where Goodman and the other American-style free traders have it wrong is where they want the US to conclude free trade agreements with low-wage developing countries. Those are the kind of deals that created President Trump.
Moreover both Europe and Japan have high regulation, high wage economies, with comparable labor and environmental standards. A trade pact between the two ought to be welcomed. It is the exact opposite of the kind of trade pact the TPP was intended to be, where high wage, high regulation America was set to lose jobs to Vietnam and other Southeast Asian countries, which would have been great for corporations, shareholders, and management, but disastrous for American workers.
If developed countries want to conclude free-trade pacts with each other, then great. Where Goodman and the other American-style free traders have it wrong is where they want the US to conclude free trade agreements with low-wage developing countries. Those are the kind of deals that created President Trump.
3
The truth of the matter is,that we will lose,exports to both Europe and Japan. It doesn't matter what got Trump elected, you cannot change how economies work just because are a bully.
What I find amazing is that anyone in the USA would think that USA taking an isolationist approach would lead to any other outcome than USA being, well, isolated. The Trump administration seems genuinely surprised that other nations aren't buying into the "America First" vision, and are putting their own interests first. If USA doesn't want to be part of any trading blocs, why wouldn't other countries proceed without USA? Trade promotes economic stability, which promotes political stability, which leads to better security outcomes. Foreign policy is a long game. If we have the chance to promote stability in our region over the long term, why on earth wouldn't we be a part of it?
25
When was American Great? I think that America is great now, but when trump and his supporters talk about making American great again, what do they mean? Going back to the 1950"s? One of trump's characteristics is that he talks a lot about the past. He talks about "bringing back coal," "bringing back manufacturing," " abolishing NAFTA," etc. I wonder if he has though about brining back the steam engine? He doesn't seem to know what is going on now. He worries about the people in the rust belt who lost their manufacturing jobs in the 1990's and the 2000's but does he know that thousands of other people are losing jobs in retail and other industries right now? Does he know that coal is going out primarily because natural gas is much cheaper? Does he know that there are more people working in the solar industry than in the coal industry?
It would be great for someone to take a new look at trade and tax policy but it would be nice if that someone knew something about trade and taxes and would proceed on the basis of facts and accurate information. Or would at least pick advisors who would go on the basis of facts and accurate information.
It would be great for someone to take a new look at trade and tax policy but it would be nice if that someone knew something about trade and taxes and would proceed on the basis of facts and accurate information. Or would at least pick advisors who would go on the basis of facts and accurate information.
32
He doesn't know anything with a vengeance. Willful ignorance is what the Republican Party in general and their Dear Leader in particular partake.
1
" I wonder if he has though about brining back the steam engine? "
If it burns coal, & it does, the answer is a crazy yes.
If it burns coal, & it does, the answer is a crazy yes.
Donnie the Dunce thinks that other countries are standing in line to "negotiate" with him one on one. Not exactly. When there are other options, they will just tell him to take a hike.
He thinks that it is good business practice to "renegotiate" a lease a few months after a new lessee takes space in one of his buildings, using tactics like insisting he needs to do renovations in their space, cutting services that are part of the lease, and demanding better terms, including threatening to sue if the lessee tries to break the lease.
If he thinks demanding a trade agreement be renegotiated along the same lines is going to be a one-sided win for him, he has another think coming. Other than having wars, what are we leaders in any more?
He thinks that it is good business practice to "renegotiate" a lease a few months after a new lessee takes space in one of his buildings, using tactics like insisting he needs to do renovations in their space, cutting services that are part of the lease, and demanding better terms, including threatening to sue if the lessee tries to break the lease.
If he thinks demanding a trade agreement be renegotiated along the same lines is going to be a one-sided win for him, he has another think coming. Other than having wars, what are we leaders in any more?
23
Of course, the rest of the world is making plans and moving ahead with their future. What in the world did Trump and his supporters really, really expect? We pull out of agreements and pacts at our own peril and countries around the globe have enough of everything needed in the 21st century to simply move on without us. Great going, Donnie.
44
What what a laugh. First, he sets up the straw man argument: for the US to "Reclaim" it's dominant position. When has the US lost that? Not in our lifetimes, and won't in the foreseeable future, either. Nobody, including China, Japan, or the EU can afford to lose the US as a trading partner. They know it, even if this guy Goodman doesn't. And if Trump wants better deals that better protect the American people going forward, then good. Don't all of these other countries do what is best for their own people? Sure they do! And so should we. And does anyone seriously believe that the New York Stock Exchange, and New York City itself will lose their premier economic position as the financial capitol of the world anytime soon? All I can say is that anyone who thinks it will is living in some kind of fantasy world.
1
Well, the City of London will be testing your theory of markets moving on. Many are already moving their trading desks to Germany. It's not too hard to move computing that takes place in the cloud.
13
Many empires have said similar things. Before the world wars, England was the center of the universe. Keep your head in the sand, it's a safe place.
Thank you. It seems many minds are bound by brick and mortar, but not so global capital. While the United States beats on its chest about being the economic driver of the world, other countries quietly go about the business of making trade and thereby world prosperity grow. Smart investors will know where to put their money, and it will only take a few clicks on the smallest of key boards.
1
Although our current trade policies could make the nation worse off, they can always be declared reversible error to the extent they do.
1
And may we have the opportunity to start restoring what the current White House has found so easy to throw away in 3 1/2 years. If we can last that long.
As Obama famously said to those who opposed him when he implemented his election promises, "Winning elections has consequences". So now it is with Trump.
11
we must go down the drain with dignity
1
That's a remarkably superficial analysis.
Quoting Peterson Institute of International Economics on globalization is like quoting Alan Greenspan or Larry Summers on economics; zero credibility. In fact, the middle classes of the developed world are in open rebellion against "trade experts" like Chad P. Bown.
For the sake of argument, let's assume the EU still exists in 2022.
Trump's incompetence has been a catalyst for Europe to snap out of the funk that it's been in for the past half a century. That's good. France is already pivoting from socialism to becoming a startup nation, right? It's all good.
And Japan is backing away from us. That's good too. The security umbrella we've been providing it with for the past half a century has been very expensive. We can now redeploy the 50,000 troops that we have there, and Japan can get Juncker to negotiate with North Korea.
In addition, as Europe disengages from us they are effectively abandoning NATO, so they must now form an army, a navy, and an air force, so we don't have to subsidize them any more. Then they can send the European Navy to the South China Sea to defend Japan, ironically, from it's best bud trading partner, China, on the orders of Macron, who seems to fancy himself the 21st century Napoleon.
And then there's the German Army...
Geopolitical creative destruction is ugly, but necessary after decades of systemic failure and incompetence.
Everybody chill. It'll all work out. It's just going to be one wild ride.
Quoting Peterson Institute of International Economics on globalization is like quoting Alan Greenspan or Larry Summers on economics; zero credibility. In fact, the middle classes of the developed world are in open rebellion against "trade experts" like Chad P. Bown.
For the sake of argument, let's assume the EU still exists in 2022.
Trump's incompetence has been a catalyst for Europe to snap out of the funk that it's been in for the past half a century. That's good. France is already pivoting from socialism to becoming a startup nation, right? It's all good.
And Japan is backing away from us. That's good too. The security umbrella we've been providing it with for the past half a century has been very expensive. We can now redeploy the 50,000 troops that we have there, and Japan can get Juncker to negotiate with North Korea.
In addition, as Europe disengages from us they are effectively abandoning NATO, so they must now form an army, a navy, and an air force, so we don't have to subsidize them any more. Then they can send the European Navy to the South China Sea to defend Japan, ironically, from it's best bud trading partner, China, on the orders of Macron, who seems to fancy himself the 21st century Napoleon.
And then there's the German Army...
Geopolitical creative destruction is ugly, but necessary after decades of systemic failure and incompetence.
Everybody chill. It'll all work out. It's just going to be one wild ride.
3
Amazing analysis.
How many people will suffer or die during this "wild ride"?
How many people will suffer or die during this "wild ride"?
6
@Rita
You should have thought about that over the past thirty years of failed economic and foreign policies that decimated the middle classes of the developed world, while simultaneously destabilizing the world geopolitically. See North Korea, Syria, Yemen, ISIS, Erdogan, Pakistan, monthly terrorist attacks in Europe, etc, and secular stagnation economically across the West.
The status quo is fundamentally broken. Millions of people have been suffering for quite some time, but nobody noticed, which is why the institutions of the West are imploding.
The warning signs have been abundant. They were ignored. If people were paying attention it could have been avoided. They weren't. So now come the consequences.
America will emerge from this stronger than ever. But it's going to be painful.
You should have thought about that over the past thirty years of failed economic and foreign policies that decimated the middle classes of the developed world, while simultaneously destabilizing the world geopolitically. See North Korea, Syria, Yemen, ISIS, Erdogan, Pakistan, monthly terrorist attacks in Europe, etc, and secular stagnation economically across the West.
The status quo is fundamentally broken. Millions of people have been suffering for quite some time, but nobody noticed, which is why the institutions of the West are imploding.
The warning signs have been abundant. They were ignored. If people were paying attention it could have been avoided. They weren't. So now come the consequences.
America will emerge from this stronger than ever. But it's going to be painful.
1
@TB, I don't understand how you can arrive at the conclusion that America will emerge stronger than ever, after the ugly geopolitical creative destruction.
Your own remarkable superficial analysis gives no clue how this stronger America is to emerge from the devastation. Maybe you can redeploy those 50,000 troops now in Japan back home to contain the anger of the millions of people who have been suffering unnoticed for quite some time.
It doesn't sound like the way forward to a stronger America and neither does Trump's plan.
Your own remarkable superficial analysis gives no clue how this stronger America is to emerge from the devastation. Maybe you can redeploy those 50,000 troops now in Japan back home to contain the anger of the millions of people who have been suffering unnoticed for quite some time.
It doesn't sound like the way forward to a stronger America and neither does Trump's plan.
Seems like Trump's mantra of "America First" is going to end up meaning "America Last" to nearly every other country in the world. We are, first and foremost, citizens of the world. We live in a global age. When you attack other countries cooperative trade policies and religions and practices, those countries are going to say, "See you later. We will find someone else with whom to have dealings." Taking the U.S. out of the Paris Agreement was the first step of many, I am afraid. We are regressing rather than progressing under Trump's watch. It's going to be a long four years.
19
We are all interconnected. Attempts to isolate ourselves from the world are illusory at best.
These new trade agreements are good for the globe, but our economy will suffer unnecessarily. So much for winning, jobs, jobs, jobs, and "America First."
These new trade agreements are good for the globe, but our economy will suffer unnecessarily. So much for winning, jobs, jobs, jobs, and "America First."
9
If you look at the American economy, it sucks in so much of other countries' manufacturing capacity that, if the US goes back to the tariff system, will mean huge jobs creation. With almost all of our trading partners US is running trade deficits. It is the other countries as well as our own neocolonialists that need trade. Trade enriches our elites, our 1%. It is they who are scared of the new trade regime. So they're ringing alarms. They have been using trade as a cudgel to destroy trade unions. When was the last time we had a really good strike, at a major company? They have beaten the unions into submission. But now they're trying to tell us we need our trading partners. For what? If Trump will ever realign world trade, that might be the only accomplishment of his reign. Of course I doubt he will do it, he's just too much in the grip of the trade faction. He lied to gain support of the working class, but as soon as he took office his promises went out the window. Just watch him cave on trade.
What trade data are you looking at? In theory what this article says is true, but look at the facts. We run a major trade deficit with Germany, Japan, South Korea, China... Because of our tax system any trade deal we enter, domestic companies are at a disadvantage. Other countries love trade deals with us, because they always become lopsided against the US. The large companies benefit by being able to make goods anywhere in the world and our middle class income stagnates. Our trade agreements haven't worked. Why do you think Trump was elected? If you want more Trumps and middle class backlash, by all means promote offshoring of more jobs. Write an article on how we fix the tax system like a VAT that would make trade deals beneficial to the US.
5
Hard to credit an article that claims the integration of Europe is "accelerating."
Please let Theresa May know. Other than talking, President Trump has done little to actually change our trade stance other than scuttling the Trans-Pacific deal that Secretary Clinton also opposed.
Please let Theresa May know. Other than talking, President Trump has done little to actually change our trade stance other than scuttling the Trans-Pacific deal that Secretary Clinton also opposed.
5
Now that the US is abandoning its role as a world leader in favour of America First,why doesn't Trump just stay home and let the rest of the world get on with things like protecting the environment and enhancing cooperation and trade.
Trump only brings negativity. He is a distraction.
Trump only brings negativity. He is a distraction.
24
Trump has walked us away from the Paris Accords, and spent the last year bad mouthing NATO. The West may have the will to survive and become even more strong, but it will be without America as it leader. We are well on our way to becoming a second rate power with little influence on world affairs. Making America great again? I think not. I think Trump is making a few, very wealthy interests in America greater and wealthier at the expense of the rest of us.
13
What if VW, Benz, BMW, Toyota, Honda, and Nissan decide to close their US plants and relocate their global manufacturing exclusively to China, Mexico, Canada or any other country? That will be the ultimate comeuppance. Agent Orange can explain to his base that these plants are now retooling to make Trump and Ivanka clothes for sale in flea markets, charity bazaars, Goodwill and Salvation Army.
26
I'm not sure why Trump thinks that foreign countries will see the US to conduct a trade war with them but still allow Trump Hotels and any other businesses his family has to operate freely outside of the homeland.
The reason why the US entered WWI and WWII was to safeguard international trade for American business and greatly boost US living standards. When global trade loses its international protector and goes into reverse, US living standards will do the same. I don't care if he did go to Wharton, that's not a very smart long-term strategy, for the country or for Trump Inc.
The reason why the US entered WWI and WWII was to safeguard international trade for American business and greatly boost US living standards. When global trade loses its international protector and goes into reverse, US living standards will do the same. I don't care if he did go to Wharton, that's not a very smart long-term strategy, for the country or for Trump Inc.
14
Trump went to Wharton as a third year transfer from Fordham. He got an undergrad degree. He does not have a Wharton MBA. Not such an academic "genius."
'The reason why the US entered WWI and WWII was to safeguard international trade for American business and greatly boost US living standards'
Wrong, wrong and wrong... I suggest you re read your history books and try again.
Wrong, wrong and wrong... I suggest you re read your history books and try again.
Perhaps it will best that the US not lead the way on trade. Perhaps we have compromised too much or too often on deals in the name of leadership. Too much of our approach seems aimed at facilitating the operation of global enterprises, and too little on the impacts on ordinary wage earners. Saying that more trade has benefits is not convincing if the benefits flow to the 1%.
10
Even though I am an American, every time our so-called president shouts "America first," I cringe. I can only imagine how other countries feel when they hear it.
Our nation has been blessed in a multitude of ways. We have been relatively immune from war being fought in our backyard ever since our Civil War. We have known prosperity. We have freedoms that those in many other countries can only dream about. We had wise founding fathers with keen foresight, who established safeguards to maintain our Union for decades. We have had wise leaders who have kept us safe and understood the need for a great country on a small planet to help-out and look-out for smaller, weaker nations as well as the less fortunate citizens of this country.
America has been first for a long time. Ours is the nation that has consumed a far greater percentage of the Earth's resources than any other for decades. Ours is a nation that has done more than its fair share of polluting for decades.
I don't understand Trump's dissatisfaction with our status in the world and why he feels other nations owe us so much. I don't understand the nation needing to be made great "again,"as though it isn't. And I certainly can't grasp his plan to make us better through his leadership. We can already see that it's not working; we're losing ground.
Trump is greedy and unwise. He is a plutocrat, trying to remake our nation in his image. I don't want a plutocracy. I liked us the way we were.
Our nation has been blessed in a multitude of ways. We have been relatively immune from war being fought in our backyard ever since our Civil War. We have known prosperity. We have freedoms that those in many other countries can only dream about. We had wise founding fathers with keen foresight, who established safeguards to maintain our Union for decades. We have had wise leaders who have kept us safe and understood the need for a great country on a small planet to help-out and look-out for smaller, weaker nations as well as the less fortunate citizens of this country.
America has been first for a long time. Ours is the nation that has consumed a far greater percentage of the Earth's resources than any other for decades. Ours is a nation that has done more than its fair share of polluting for decades.
I don't understand Trump's dissatisfaction with our status in the world and why he feels other nations owe us so much. I don't understand the nation needing to be made great "again,"as though it isn't. And I certainly can't grasp his plan to make us better through his leadership. We can already see that it's not working; we're losing ground.
Trump is greedy and unwise. He is a plutocrat, trying to remake our nation in his image. I don't want a plutocracy. I liked us the way we were.
148
I think he's racist. He's a White Nationalist who privileges Christian, white males. He wants to go back to the time when women and people of color knew their place.
Agree with all of your pints save the last. Many people have been left behind due to trade deals over the last 40 years. We do need to find positive ways to address that reality. Trump's way would not be mine though...
1
All well said but the term Plutocrat predates Trump, he has just moved them more directly in to Administrative titles.
3
Other world leaders have read their Ricardo and know about competitive advantage (or at least their advisors have) it seems.
6
The protectionist stance is simply going to put us behind the rest of the nations making trade deals.
Hopefully someone, anyone, can have the gumption to tell Trump that he is boxing us OUT of markets. If other countries can get what they want from someone else, due to a favorable trade deal, they won't be looking to buy here.
Hopefully someone, anyone, can have the gumption to tell Trump that he is boxing us OUT of markets. If other countries can get what they want from someone else, due to a favorable trade deal, they won't be looking to buy here.
15
It has been said that Washington/Wall Street is 200 AD Rome, the decaying heart of a dying republic.
What is less often recognized is that California is Constantinople: the vibrant new multicultural heart that leads the nation in commerce, technology, learning, wealth, and trade. Constantinople continued to flourish and lead for centuries after Rome died.
It's time for California to negotiate trade separately with the rest of the world. Our economy is roughly the size of France, 6th largest in the world. We have the largest concentration of capital (and the top 5 corporations) ever amassed on earth.
What do we need with Trump, aged coal barons, right-wing talk-show hosts, and unemployable uneducated illiterates? Let them sink in their swamp, safe behind their trade barriers.
What is less often recognized is that California is Constantinople: the vibrant new multicultural heart that leads the nation in commerce, technology, learning, wealth, and trade. Constantinople continued to flourish and lead for centuries after Rome died.
It's time for California to negotiate trade separately with the rest of the world. Our economy is roughly the size of France, 6th largest in the world. We have the largest concentration of capital (and the top 5 corporations) ever amassed on earth.
What do we need with Trump, aged coal barons, right-wing talk-show hosts, and unemployable uneducated illiterates? Let them sink in their swamp, safe behind their trade barriers.
120
I agree with this ! If we can't Calexit, then we can quietly start disassociating ourselves from these criminals in DC and their terrible business and governing practices - a passive exit if you will.
I agree that we need Trump like we need a case of the shingles, but please, California, don't leave!
1
Lol. All good points and I am a fellow California. Have you read how soon 15 Blue States will soon have more people in them that the other 35 total and still only have 30 senatorial votes.
We would be actually supporting the Red States more than we are presently and they don't even say thank you as they take from us.
We would be actually supporting the Red States more than we are presently and they don't even say thank you as they take from us.
1
The real debate should be about creating solid social safety nets, retraining programs and tax policy that promotes domestic hiring. We can talk about free trade till we turn blue in the face but we know the script. The few winners (executives) take all and the losers (labor) are left to deal with the carnage. EU and Japan both have adequate protections in this regard. The US should also institute such protections and only then continue on the path of free trade.
17
To paraphrase Lorelei Lee, if other countries can have lots of manufacturing jobs that are well paid, and policies that help protect their workers and products, why shouldn't US workers want and have that?
26
Because this crudely over-simplifies the economy. Starting with the customer-relationship. You can not bully someone to buy your stuff at the conditions you dictate, just to make your employers happy. This customer will just go to the next store to make his deal. And this is what is happening already now.
One of the big gains in trade had been the difference of cheap labor and smart labor. As a german i do believe in that, i do believe that an highly educated workforce more than just compensate a cheap workforce. This is the reason of our success, why we can keep up with countries like china, have a lot of manufacturing jobs that are well paid. We need not to compete with countries like china, if we do it right this is a mutual complementary relationship.
By severing the ties to economic forces like china you just distract from one of the many real reason, why american workers will fall behind. Trump does not protect your workers, he blindfolds them, make them willfully ignorant. This will not work out, not at any stage of the process.
One of the big gains in trade had been the difference of cheap labor and smart labor. As a german i do believe in that, i do believe that an highly educated workforce more than just compensate a cheap workforce. This is the reason of our success, why we can keep up with countries like china, have a lot of manufacturing jobs that are well paid. We need not to compete with countries like china, if we do it right this is a mutual complementary relationship.
By severing the ties to economic forces like china you just distract from one of the many real reason, why american workers will fall behind. Trump does not protect your workers, he blindfolds them, make them willfully ignorant. This will not work out, not at any stage of the process.
Protectionism? Looks more like: "it's going to be my product even though it is not the best product". And that is not how you make the USA great. Companies don't strengthen or adapt. They are allowed to just put-out the same defective product. The World is passing the USA by, under Trump/Pence middle management. Pretty soon we all will be World citizens, on World Citizen Healthcare, banking at the World Citizen Bank, food shopping at the World Citizen Grocery Store, attending the World Citizen School. The USA is fading under this Trump/Pence protectionism national, but not rational.
9
World citizens? with world citizen health care? You mean, like paying for the health care of the 2 billion in Africa? on top of our 330 million?
I'd love to know how you think that will work....
I'd love to know how you think that will work....
3
If the west stopped stripping resources out of Africa and allowed them to profit off of them then they could pay for it themselves. There is currently a massive deficit in how much money leaves Africa compared to aid going in. It's basically foreign tax payers paying to subsidize the corporations profits.
Obviously, that depends on who runs it, or pretends to run it. If you let the current U.S. administration and Congress run it, the answer to your question is "Badly ... for everybody."
You may not have noticed, but it's not the 1950's anymore. In 1050 the US population was 152 million, 325 million today. World population was 2.55 billion and today 7.5 billion. We are not alone. Europe has recovered from WWII and has enjoyed a 70 year history of peace. Asia has modernized and China has lifted more than 1 billion of its people out of poverty and starvation. Living standards and educational standards are much higher today. People live longer and better. Around the world nobody wants to return to the 1950's.
We can't turn back the clock.
If you want to know how to achieve "success," learn from those who have. When asked how he was so successful hockey great Wayne Gretsky said, "I skate to where the puck is going to be, not to where it has been." Let's skate our way to the future.
We can't turn back the clock.
If you want to know how to achieve "success," learn from those who have. When asked how he was so successful hockey great Wayne Gretsky said, "I skate to where the puck is going to be, not to where it has been." Let's skate our way to the future.
78
In the mind of Donnie J., it's still 1982. Saint Ronnie's philosophies, the constellation of major powers, and the international economy as it was in that era still reign. In his head, anyway. Of course, you're right. We have withdrawn from 2 major pacts now -- TPP and the Paris Climate Accord -- in just a couple of months to our peril. TPP had plenty of issues, but we needed to be there to claim and hold our space and voice, and not be left behind. I don't think I need to say much at all about the folly of walking away from the Paris accord at this point. But the small, short-signed vision of this man and the White House is horrifying.
4
Easy to be first when no one else had been competing. The great irony of America is the adoption of Capitalism by the rest of the world and now we find out competing on a level field with the educated, well-fed and motivated of the world ain't so easy.
1
Maybe Trump can negotiate a fabulous trade deal with California, after California negotiates really great trade deals with the rest of the world.
Jerry Brown, aka Governor Moonbeam, now has a lot more gravitas with the rest of the world than Trump does.
Jerry Brown, aka Governor Moonbeam, now has a lot more gravitas with the rest of the world than Trump does.
114
Now we will see how Donald J. Trump the great "billionaire businessman" will set back the fragile American economy with his 19th Century ideas of protectionism. Those whom he thinks he is protecting will suffer even more than they already have when Trump's economic policy turns America into a third world country. A lot of Trump supporters will now really start hurting.
25
Why are we paying attention to a man who inherited a real estate fortune and squandered it on bad investments, i.e. Casinos in Atlantic City. Trump U bogus degrees costing victims $35,000 each; he just settled a class action for $25 million. Failed real estate in NYC. Failed real estate in Florida. Loans from Russian oligarchs because bad credit made it impossible to get loans from American and European banks. Current loan from a crooked Russian oligarch for $95 million delivered via private jet in Florida. He has gone bankrupt five times, despite loans, because he uses bankruptcy to avoid paying legitimate creditors. This is the man who sits in the house of Jefferson, Adams et al. A grifter showing signs of early onset dementia, surrounded by opportunists, including predatory family members. This is the man who denigrates his predecessor, one of the most decent men to occupy the WH in recent times.
1
Free and fair trade is a win/win. For Japan and the Western Democracies trade pacts have usually meant a win for we the people. There are however two Americas and the America of we the people disappeared decades ago. America has been the recipient of the benefits of free trade unfortunately the world's greatest economy has not been the fairest.
In Canada we have double the social mobility of our neighbours to the south. This is a statistic I cannot get my head around growing up believing America was the land of opportunity.
In Canada we have double the social mobility of our neighbours to the south. This is a statistic I cannot get my head around growing up believing America was the land of opportunity.
25
Decline and eventual fall happens to empires that forget their history. Rome let its republic rot away from within, ceding power to a strong man. And it worked for a century or so. Just as we did fine with our imperialist "Manifest Destiny," when we seized those parts of Mexico whose gold and silver beckoned, along with the prospect of expanding slavery to the Pacific. A century and a half goes by and the empire stalls on its arrogance and ignorance. Change happens whether we embrace or resist it. TPP was one of those eminent chances that we squandered out of a general superstition about free trade, forgetting that trade is always mutual and disruptive and fraught with friction of one kind or another. But instead of managing trade we pretend that we have power that we don't and exposed for our ignorance and superstition, we risk losing everything.
44
"Why should we continue these deals with countries that do not help us?"
One problem with rhetorical questions is that someone might answer them. Trade with other countries keeps the doors open to other levels of cooperation. It's not at all clear that all our deals with other countries are particularly bad for us. But even if they are - or especially if they are - those countries would probably be more inclined to maintain friendly relations with us than if we adopt a more bellicose stance toward them.
One problem with rhetorical questions is that someone might answer them. Trade with other countries keeps the doors open to other levels of cooperation. It's not at all clear that all our deals with other countries are particularly bad for us. But even if they are - or especially if they are - those countries would probably be more inclined to maintain friendly relations with us than if we adopt a more bellicose stance toward them.
16
If we could get past the two extremes -- trade deals that mostly directly benefit the already wealthy, or no trade deals at all -- we will have a different and better starting point. I would like to see the numerous movements that are craving a more equitable society put forward frameworks for trade that is more fair. These frameworks probably already exist, but corporate media outlets are not bringing them to public attention as much as they should.
1
Why risk a two front war: with China in the Pacific and the EU in Europe, both of which will drain the treasury and lose friends. A real war with No. Korea would be "catastrophic" according to our own military experts. Mucking around in the Middle East with questionable regimes in Saudi Arabia and Israel. Risking a proxy war with Iran, a country which has honored a diplomatic Agreement forged by President Obama. It is way past time for the current Congress and GOP to recognize the serious mental problems evidenced by their leader. We are a major power in the world, led by a sociopath. When did we ever have a President this dangerous?
EU globalization, in the German model, is to demand an export economy while foistering court decisions against net imports.
3
Which is why Germany alone is the sole thriving economy in Europe, with booming business and low unemployment -- they KEPT all of their manufacturing. They do not send jobs overseas. Germans buy German-made products, proudly -- even if they cost a little more.
10
Not really true. Germany has jettisoned plenty of uncompetitive industries over the years, e.g. textiles, coal, even steel. German companies have been outsourcing low-tech production to neighboring countries for years, while focusing on R&D and higher value-added operations at home. Big German companies -- and even medium-sized businesses -- produce all over the world today, including in the United States.
As for Germans proudly buying German products, there's some truth to that -- not that it keeps people who can't afford a (US-made) BMW from buying a Suzuki or a Kia. Besides, Germany may be vying with China for title of top exporter, but it also imports vast amounts of stuff from other nations all over the globe.
The huge US economy is far less export-dependent, which is why it didn't contract as sharply as Germany's in 2008.
As for Germans proudly buying German products, there's some truth to that -- not that it keeps people who can't afford a (US-made) BMW from buying a Suzuki or a Kia. Besides, Germany may be vying with China for title of top exporter, but it also imports vast amounts of stuff from other nations all over the globe.
The huge US economy is far less export-dependent, which is why it didn't contract as sharply as Germany's in 2008.
And they pay higher taxes too. So that if they lose their job, or get sick, and when they retire, they dont end up living in their cars.
1
A decade from now Americans will regret the decision they made of pulling out of TPP. Economists will call it one of the biggest economic decision made in many decades.
22
I think this translates to: a decade from now, Americans will regret electing Trump and the Republican majority in both houses.
1
Wages have been stagnant for decades. That is the major part of the closing of factories and lost jobs. Giving raises went out with President Reagan. Siting down with a supervisor over a significant wage/salary increase is no longer the rule it is the exception. It only makes sense that the United States, under the Trump Administration, chooses not to participate in trade deals. The last thing American business wants is to pay more for labor in this country. Sales yes, payroll no!
15
I don't know why Trump needs Putin. He seems perfectly capable of diminishing the US in the eyes of the world without assistance.
172
Which comes first - Recession or nuclear war? Trump is on target with both.
48
Yep. Guess what, globalization will happen with or without the US.
At least if we're involved, we have the ability to influence and benefit from it.
At least if we're involved, we have the ability to influence and benefit from it.
41
Trump just continues to appeal to a base that knows absolutely nothing about history. I believe these other countries are forming these new and stronger trade alliances because they have come to the realization that in dealing with an inward looking and unpredictable Trump and his administration, they are probably saying to themselves, "who needs the aggravation"?
58
They thought that NPR was spreading propaganda on the 4th when the station tweeted the Declaration of Independence. Millions of native-born Americans do not deserve their citizenship ... have no idea what the country stands for or why it exists at all ...
Trump isn't an advocate for what he knows is evil. His understanding of trade and economics is simply superficial and parochial. This is also what the electorate understands and evidently wants. Both Trump and his groupies will one day wake up to what they have done. That may or may not be pleasant, but no one can ever say this was not what was voted for. Democracy can be the rule of the lowest common denominator - when he gets elected.
11
The problem is that we are a republic, not a full democracy. We need to change that and take the power away from the lowest common denominator. One person, one vote. Full democracy!
The stock market today did not like this news.
24
It's about time the stock market took stock of the unrealistic expectations it ha had since Trumps' win. Yesterday some commenter was crowing about his stock having risen 25% because of Trump. Hope he is smart enough to sell now.
Just a hint to others in the same boat. No one invests money in the stock market, you are gambling, plain and simple. And its always the little guy who loses his shirt, not hedge fund managers, not the short sellers, not credit default swappers, not the brokers, not the banks. The house always wins even when it loses because they're too big to fail.
Just a hint to others in the same boat. No one invests money in the stock market, you are gambling, plain and simple. And its always the little guy who loses his shirt, not hedge fund managers, not the short sellers, not credit default swappers, not the brokers, not the banks. The house always wins even when it loses because they're too big to fail.
3
This is making America Great Again, in a matter of a few month's he is making us irrelevant in the world!!!
22
Expect to see European and Japanese businesses leave America and take the jobs abroad. Apparently the notion that Trump was an expert negotiator and dealmaker was just another of his lies.
77
Jerry,
Business has no nationality the jobs will go where profit will be the highest. I suspect the consumer economy has run its course. We will lose millions of jobs without any loss of productivity. It is the economic model that no longer works . Japan has negative interest, Europe has negative interest and Canada will have negative interest.
The common denominator in these trade pacts done without the USA is democracy and a strong social contract.
Trump is correct to maintain the America economy Russia is the preferred partner. The GOP base care little for democracy or equality of opportunity or before the law.
Growing up seeing America as the land of opportunity I am blown away by the singular statistic that Canada has double the social mobility of the USA.
What is it going to take for Americans to understand that understanding what is going on isn't brain nuclear physics?
Business has no nationality the jobs will go where profit will be the highest. I suspect the consumer economy has run its course. We will lose millions of jobs without any loss of productivity. It is the economic model that no longer works . Japan has negative interest, Europe has negative interest and Canada will have negative interest.
The common denominator in these trade pacts done without the USA is democracy and a strong social contract.
Trump is correct to maintain the America economy Russia is the preferred partner. The GOP base care little for democracy or equality of opportunity or before the law.
Growing up seeing America as the land of opportunity I am blown away by the singular statistic that Canada has double the social mobility of the USA.
What is it going to take for Americans to understand that understanding what is going on isn't brain nuclear physics?
8
In 6 months Trump has damaged our country and its position in the world that will set us back for a generation or more.
64
This all sounds good to me. It's clear enough that Trump is colossally ignorant and possesses no leadership qualities. From this, we must extrapolate that the voters who elected him are also ignorant, or they'd never have voted for him. Thus a large part of America is incapable of living up to America's myth of being the world leader for democracy.
So, something's gone badly wrong with America, and it's time for other, more civilized nations to take over leadership. I wish Japan, the E.U., and other democratic nations the best, it won't be easy to weather the storm of America's sinking from preeminence, but someone's got to take up the challenge of leading and protecting democracy.
As for being blasé about the fall of America, I figure it happens to all empires eventually, and the various atrocities coming out of America today prove that we deserve to fall.
So, something's gone badly wrong with America, and it's time for other, more civilized nations to take over leadership. I wish Japan, the E.U., and other democratic nations the best, it won't be easy to weather the storm of America's sinking from preeminence, but someone's got to take up the challenge of leading and protecting democracy.
As for being blasé about the fall of America, I figure it happens to all empires eventually, and the various atrocities coming out of America today prove that we deserve to fall.
25
Yup, he's only still "appearing" to function at home because he's got a passel of sycophants propping him up and GOP legislators desperate to get his signature on bills he doesn't even understand.
But abroad? They can see that a lying, scheming, delusional sociopath who changes his mind constantly, knows nothing and cares less, isn't even worth negotiating with. Like a spoiled child having a tantrum, they'll just ignore him, walk around him and gather together. He'll get his comeuppance in spades at these international conferences where he's nothing but a booby. A hindrance to be shunned.
But abroad? They can see that a lying, scheming, delusional sociopath who changes his mind constantly, knows nothing and cares less, isn't even worth negotiating with. Like a spoiled child having a tantrum, they'll just ignore him, walk around him and gather together. He'll get his comeuppance in spades at these international conferences where he's nothing but a booby. A hindrance to be shunned.
Trump is right to turn the US away from unfair trade deals that help third world economies much more than they help America.
Europe and Japan are stagnant and socialized places that offer little in the way of growth. America's future lies with vast, undeveloped nations like Russia.
Europe and Japan are stagnant and socialized places that offer little in the way of growth. America's future lies with vast, undeveloped nations like Russia.
3
Europe is the world's biggest single market with 500,000 customers. It exports & imports more than the USA & is the US's single largest trading partner. Russia? 30th, just below Chile, with $20bn of trade, compared to Europe's $687bn. Japan are 4th, with almost $200bn of trade. China has $580bn of trade.
But lets ignore all the big guns and go with Russia?? That's the single stupidest idea I've heard in a long, long time.
But lets ignore all the big guns and go with Russia?? That's the single stupidest idea I've heard in a long, long time.
And just why is it underdeveloped?
Norquist said he wants to "drown government in the bathtub." 99.9% of republicans signed his "pledge."
So our government and our nation is being destroyed: Did everyone somehow miss the announcement?
That is the goal.
Why do you think Putin signed-on?
So our government and our nation is being destroyed: Did everyone somehow miss the announcement?
That is the goal.
Why do you think Putin signed-on?
44
Trump misbehaves like a spoiled child in every possible way. Of course sane, adult international leaders are going to just walk around him, ignoring his antics, and gather together without him.
What else should we expect?
At last he's being ignored!
What else should we expect?
At last he's being ignored!
19
And so the American people will learn the hard way that protectionism and isolationism do NOT work. We need to collaborate with all the globe in order to be successful. How will DT's base take to that, I wonder?
8
How will DT's base take to this? They won't even notice. They're sitting spellbound in front of their TV watching Fox, twittering to their twits, checking Facebook, playing games on their phone.
1
Trump will leave the US in a cold, dark corner, like we're a third-world economy. Guess I'll need to shift more of my portfolio to foreign stock index funds.
18
Don't you hate it when the one third of Americans who like the path Trump is leading America on rules while the remaining super majority of Americans express their overwhelming dismay in vain?
Doesn't sound much like a democracy to me. Better keep spreading the fake news.
Doesn't sound much like a democracy to me. Better keep spreading the fake news.
29
If only that remaining super majority had bothered to vote in numbers seen in other democracies....
Thus does America walk away from the international order that it created itself to protect and enhance the American position throughout the world. The vaunted "Pax Americana"- it protected us and provided the world with the most peaceful, free and progressive 70 years the world has ever known.
Now, like a petulant child, with one as our elected leader, the US walks off the chess board that we ourselves designed. This can't do anything but diminish us as a nation state player in the global arena.
I am embarrassed for us as a people.
Now, like a petulant child, with one as our elected leader, the US walks off the chess board that we ourselves designed. This can't do anything but diminish us as a nation state player in the global arena.
I am embarrassed for us as a people.
74
The Pax Americana we fought for (in WWII) -- gave the lives of our young people -- then paid for the defense of Europe, for 70 years, while they laughed at us and mocked us, and used that money (that SHOULD have gone for their own defense) to pay for luxe social services.
Let's see how luxe their social services are, when they have to pay for their own armies, navies, fighter jets and aircraft carriers.
Let's see how luxe their social services are, when they have to pay for their own armies, navies, fighter jets and aircraft carriers.
Points to own head, says "Smart".
6
Bad news for London and the US.
The EU should press on with concluding the FTA with Japan. They have gone enough of trouble trying to figure out how the wind is blowing with brexit re their car industry. Time for Europe to take a leading role in easing up competition of Japanese goods, services and know-how within the continent.
The EU should press on with concluding the FTA with Japan. They have gone enough of trouble trying to figure out how the wind is blowing with brexit re their car industry. Time for Europe to take a leading role in easing up competition of Japanese goods, services and know-how within the continent.
3
Many years ago Ross Perot spoke of a giant sucking sound as jobs were lost due to the NAFTA and relocation of factories.
Well, that new giant sucking sound will be our disadvantage in the lack of participation, or marginal participation in contributing to world commerce as this country will be bypassed in favor of those willing to trade with each other.
"Other nations are going about their business to the exclusion of the United States.". This sentence alone underscores that giant sucking sound thanks to the masterful negotiation and stellar business skills of the "president".
Well, that new giant sucking sound will be our disadvantage in the lack of participation, or marginal participation in contributing to world commerce as this country will be bypassed in favor of those willing to trade with each other.
"Other nations are going about their business to the exclusion of the United States.". This sentence alone underscores that giant sucking sound thanks to the masterful negotiation and stellar business skills of the "president".
16
The Donald's idea of masterful negotiation is bullying and lying. It didn't actually work all that well for him in the NY real estate game as he has managed to fool people into thinking it did but it will be an absolute disaster in international relations.
The opposition to free trade deals including the TPP came from both sides of the political divide. Sanders organization continues to take partial credit for sinking the TPP and opposes any NAFTA renegotiation that doesn't advocate working Americans interests. When we blame Trump for this keep in mind that NAFTA was the brainchild of the Clinton Administration working with Gingrich & the Republicans. Also the opposition to TPP came about in part due to the Obama administrations secrecy about the pact. I'm not against globalization or better (nothing is free) trade deals but the Democrats carry some of the water for how Americans perceive these agreements. Perhaps if the Clinton's and the party leadership hadn't decided they didn't need the working class anymore we wouldn't have the Donald making things even worse now. The professional class (IE finance, tech etc) loves these deals, for those of us not in the 20% wealth class, not so much. Either way the Trump administration is too incompetent, compromised & corrupt to further American interests in trade or any other international field. With them we all lose.
23
Not all of us on the left were in agreement with Bernie and the other anti-TPPers. I thought it was equally short-sighted from the left as from Trump.
Timeline-- Trump backs out of TPP, giving China a green light to dominate trade. Trump has a beautiful meeting with President Xi. China goes about its business. Surprise! China negotiates trade agreements with everyone else.
77
Gee, if only the Dems had negotiated the TPP out in the open, and safeguarded environmental protections, intellectual property, and worker protections.... it might have been worth signing.
And Trump and Ivanka get a bunch of trademarks from China that they've been wanting.
3
A Man like Xi is Not Impressed with a Man like T.
1
American workers see factories close. They see jobs lost. They see wages stagnate or decline. They see foreign workers brought in because they're cheaper.
They see towns with closed store fronts, houses no one will buy, communities that cut back on everything from street repairs to libraries to schools to law enforcement because they've lost their tax base.
And they see stores like Walmart full of cheap goods made everywhere but here.
And they see corporations making huge profits that are stockpiled overseas and distributed to top executives--even if they ruin the company--and shareholders.
And you expect them to believe there isn't a better way to do it? You expect them to believe more globalization and trade deals like Nafta will suddenly start to benefit them?
They see towns with closed store fronts, houses no one will buy, communities that cut back on everything from street repairs to libraries to schools to law enforcement because they've lost their tax base.
And they see stores like Walmart full of cheap goods made everywhere but here.
And they see corporations making huge profits that are stockpiled overseas and distributed to top executives--even if they ruin the company--and shareholders.
And you expect them to believe there isn't a better way to do it? You expect them to believe more globalization and trade deals like Nafta will suddenly start to benefit them?
36
Do you want to make shoes with your bare hands for 14 hours a day? Look up "comparative advantage" on google.com.
6
manufacturing so-called hard goods is a thing of the past and will not come back to US no matter what Trump does. We need to generate ideas, innovate, create and let other countries soil their water and air.
7
Cwc: Germany and Japan are not thriving on ideas alone. They have manufacturing as well. In fact, they've opened plants here. For us to be able to have foreign-owned factories but not US-owned has nothin to do with wanting clear air.
6
Too bad it's impossible to get Pres. Trump and cohort to open a history book. Protectionism and isolationism never bolster the economy or strengthen our national defense. As sad as it is for the roughly 50% of people in the U.S. who are reasonably responsible, I suppose the country deserves to find out the hard way exactly how much it depends on the rest of the world - and, for that matter, on the environment. Let's hope we survive to clean up the mess in a decade or two.
44
When people start paying more for basic items, (if one doubts, start reading labels), then perhaps they will begin to understand how disastrous protectionist trade policies are. And the world will have passed us by, leadership abrogated and taken by others, not to return. And by the way, the job picture will show no improvement as a result.
23
After hearing President Trump's Warsaw speech, I cannot help but reflect on Emperor Qian Long, an emperor during China's Qing dynasty.
Qian Long's reign began during the age of exploration. Europeans traveled to China with intention to trade. In return, Qian Long scoffed at their weak goods.
At that time in history, China was arguably the most advanced region in the world. The Qing described themselves as the "Middle Kingdom" (the best civilization). Anything outside of it was considered "barbaric".
The emperor wrote a long and condescending letter to King George III, using the term "barbarian" eleven times. "Should your vessels touch the shore, your merchants will assuredly never be permitted to land or to reside there, but will be subject to instant expulsion. In that event your barbarian merchants will have had a long journey for nothing," and thus began the era of Chinese isolationism.
Qing rulers stopped funding exploration, and did little to promote knowledge of the outside world. By the end of the Qing dynasty, China was hundreds of years behind in technology and scientific knowledge. This made China vulnerable to inadequacies and invasion.
European colonialism and two opium wars later, the Qing Dynasty collapsed and thus gave rise to the communist state of China.
Qian Long's reign began during the age of exploration. Europeans traveled to China with intention to trade. In return, Qian Long scoffed at their weak goods.
At that time in history, China was arguably the most advanced region in the world. The Qing described themselves as the "Middle Kingdom" (the best civilization). Anything outside of it was considered "barbaric".
The emperor wrote a long and condescending letter to King George III, using the term "barbarian" eleven times. "Should your vessels touch the shore, your merchants will assuredly never be permitted to land or to reside there, but will be subject to instant expulsion. In that event your barbarian merchants will have had a long journey for nothing," and thus began the era of Chinese isolationism.
Qing rulers stopped funding exploration, and did little to promote knowledge of the outside world. By the end of the Qing dynasty, China was hundreds of years behind in technology and scientific knowledge. This made China vulnerable to inadequacies and invasion.
European colonialism and two opium wars later, the Qing Dynasty collapsed and thus gave rise to the communist state of China.
173
A very good analogy ... Thank you Mrs Phillips.
7
And then after Nixon, they became capitalists -- stole our manufacturing and jobs -- and ate our lunch.
There, I fixed it for you.
There, I fixed it for you.
1
So, CC, the way to fight back is to withdraw into isolationism? Wow, that should do wonderful things for the U.S., just like it did for the Qing.
1
It would not surprise me if our president had not read any of the TPP, or even a summary of it. It would also not surprise me if he would think a trade war is healthy (when actually it would be ruinous to many US companies who export their goods). Meanwhile, he imports Chinese steel for his buildings, Asian ties and other apparel for his clothing brand, and foreign workers for his golf resorts. The man and his voters are clueless.
118
Of course not! With his X-ray vision he could "know" and interpret and dismiss it all!
Why read when you can have visions?
This man is delusional. Too bad we can't lock him up with piles of gold coins.
Why read when you can have visions?
This man is delusional. Too bad we can't lock him up with piles of gold coins.
9
I don't know--have you ever watched him reading from a document on television? It's obvious that reading is painful for him. I think someone suggested that he was dyslexic and never got any help in dealing with it. It would explain a lot.
When will people stop making an issue of Obama’s TPP? Wonder if he read it? Those who did and were not the corporate lobbyists constructing it found it appalling. Take a look at Senator Warren’s account if you wish an objective view. https://www.bostonglobe.com/opinion/2015/05/11/elizabeth-warren-and-rosa...
Well, we'll see now how workers and businesses who voted for Trump like being locked out of the lion's share of global trade.
A good question to ask our POTUS now is where all the jobs he promised will come from, as markets for US-made goods shrink.
Sounds more like we're running towards the wrong goal post.
It's not only jobs that will actually start shrinking. It's also retirement accounts invested in US multi-nationals who will soon see their market values shrink.
We'll see. We'll all see soon enough.
A good question to ask our POTUS now is where all the jobs he promised will come from, as markets for US-made goods shrink.
Sounds more like we're running towards the wrong goal post.
It's not only jobs that will actually start shrinking. It's also retirement accounts invested in US multi-nationals who will soon see their market values shrink.
We'll see. We'll all see soon enough.
148
Honestly I do hope that the EU, Asia, and Latin/South America do make lucrative deals with each other and China too. Time for the bully Trump/US greedsters to learn that the rest of the world can do just fine without their businesses.
57
And hopefully the trade deals require fair and sustainable trade.
The US has strong armed many poor nations with deals that have been good for US corporations, but bad for poor nations peoples.
Maybe the other nations will come up with a more just, fair and environmental friendly system of trade.
The US has strong armed many poor nations with deals that have been good for US corporations, but bad for poor nations peoples.
Maybe the other nations will come up with a more just, fair and environmental friendly system of trade.
Most commerce today pays no attention to borders. If the USA is isolationist, corporate headquarters, if they are not already elsewhere, soon will be. They aren't coming back, regardless of who is president after 2020. The USA becomes simply a market and source of raw materials. The move of headquarters elsewhere takes innovation and policy decisions with them. And CEOs will not be native born speakers of the American idiom.
65
CEOs are not likely to speak Gaelic nor even live in Eire, just because tax laws favor having a phony corporate headquarters there.
1
Garlic is a bit unusual I guess, though not in Ireland. More likely choices are one of the Chinese, Indian, or European languages. And where headquarters sets up, so do Universities.
1
Gaelic was outlawed by the English overlords but can be found in a few places in the West and is taught to those interested. Your point that ownership is international is very true but Americans are not a minority there – yet. And English has bumped French as the language of the elite with both Asians and European fluent in it. And as NYC and London become home to the Finance Sectors it must not really matter where their money is hidden. So long as the revenue systems can’t find it.
I'm betting this trade agreement will be great for corporations and great for "the economy" as a whole in the participating countries. What I'm not so convinced of is whether this agreement will benefit the average working person in the European Union.
5
So disappointing that trump has not a clue around the issue of global trade. Will be a challenge for the next sane administration to turn around.
86
He knows about global trade. He has ties to global trade. His (namesake) ties are global trade.
1
GLO - What does he have a clue about? Anything?
This is the most forward thinking and truest of the comments. Woe to the U.S.A.
In the book Better Angels of Our Nature, Stephen Pinker showed that nations engaging in trade are less likely to go to war. Trump's paranoid and provincial attitude toward trade not only undermines opportunities to do business, it increases the chances of conflict with those who could have been our trading partners.
203
Unfortunately, a huge chunk of Americans believe trade deals are bad for American workers. They are not likely to mourn the loss of a trade pact with Europe or Japan. They will soon find out if that was a smart or stupid position.
70
that would require (a) knowing what was happening via real news sources and (b) connecting the dots. i don't see that happening.
1
It's all owner by six billionaires and the control what over 90% of what the population reads, sees, or hears.