By imposing new tariffs on #steel and #aluminum, #Trump has embarked on a policy that is a clear and present danger to #US jobs and living standards. The tariffs are indefensible on their face. They'll raise prices for U.S. consumers and put U.S. companies at a serious disadvantage in export markets.

#America's allies and trading partners - including #Japan, #Canada, #Australia, and the #EuropeanUnion - are dismayed. If they aren't exempted, they'll feel compelled to retaliate against the U.S. action, just as the U.S. would retaliate against a unilateral rule-bending act of outright protection against its own producers. The administration will then feel pressure to retaliate against the retaliation. After all, it now has to show that trade wars are 'easy to win.' A self-defeating spiral of this kind is actually the definition of 'trade war.'


#WorldEconomy #Protectionism #Globalisation #GlobalTrade #TradeWar #EconomicPolicy #Economy #TradePolicy #InternationalTrade #TradeTariffs
Oh! What a Lovely Trade War
https://www.bloomberg.com/view/articles/2018-03-02/note-to-trump-trade-wars-are-bad-and-impossible-to-win

President Donald #Trump said Saturday (Mar 3) that the #EuropeanUnion's trade policies have 'been brutal' to the #UnitedStates, a sentiment he shared both online and in person after #EU leaders condemned his recently announced 25% tariff on steel and 10% tariff on aluminum imports.

Trump doubled down on his stance, tweeting 'our jobs and wealth are being given to other countries that have taken advantage of us for years. They laugh at what fools our leaders have been. No more!' Taking another hit at the EU, Trump tweeted about it again, this time suggesting that if the EU raises tariffs more, so too will the United States. The President's comments came just days after several European leaders reacted sharply to the President's tariff announcement.


#WorldEconomy #Protectionism #Europe #Globalisation #GlobalTrade #TradeWar #EconomicPolicy #Economy #TradePolicy #InternationalTrade #TradeTariffs
Trump: European Union has 'been brutal' to the US
https://edition.cnn.com/2018/03/03/politics/donald-trump-european-union-remarks/index.html

It was only a few decades ago that #globalisation was held by many, even by some critics, to be an inevitable, unstoppable force. “Rejecting globalisation,” the American journalist George Packer has written, “was like rejecting the sunrise.”

Globalisation could take place in services, capital and ideas, making it a notoriously imprecise term; but what it meant most often was making it cheaper to trade across borders – something that seemed to many at the time to be an unquestionable good. In practice, this often meant that industry would move from rich countries, where labour was expensive, to poor countries, where labour was cheaper.

People in the rich countries would either have to accept lower wages to compete, or lose their jobs. But no matter what, the goods they formerly produced would now be imported, and be even cheaper. And the unemployed could get new, higher-skilled jobs (if they got the requisite training).

Mainstream economists and politicians upheld the consensus about the merits of globalisation, with little concern that there might be political consequences.

Back then, economists could calmly chalk up anti-globalisation sentiment to a marginal group of delusional protesters, or disgruntled stragglers still toiling uselessly in “sunset industries”.

These days, as sizable constituencies have voted in country after country for #antiFreeTrade policies, or candidates that promise to limit them, the old self-assurance is gone.

Millions have rejected, with uncertain results, the punishing logic that globalisation could not be stopped. The backlash has swelled a wave of soul-searching among economists, one that had already begun to roll ashore with the financial crisis. How did they fail to foresee the repercussions?

Hate globalisation? Try localism, not nationalism #Capitalism #Economics #Globalisation #Localism #Nationalism #Wages

shutterstock. italianestro/Shutterstock Kevin Albertson, Manchester Metropolitan University It hardly needs saying, but there are changes afoot in the political economy of the world. Where there is globalisation, there are globalisation protestors. This…

#Globalisation and economic nationalism: The world needs a more inclusive model of globalisation — @voxeu —

Globalisation: Trade & Economics #FOANed #globalisation #nurseeducator #netizen

This post is to aid further discussion and additional resources around the topic of globalisation which impacts us all wherever we are in the world. As we now live in an inter-connected world, it is important to understand how life, work, education and…

Memes, national identity and the #globalisation of rage - Read more at: https://goo.gl/dfFgkc

#Globalisation, #FreeTrade has huge impact on poor countries: +World Bank

This month Download looks at #globalisation and considers the viability of some of the legal frameworks which govern global trade in today's changing environment, including competition, IPRs, and WTO terms, particularly in the context of Brexit. http://bit.ly/2nrbKfm