We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
Yes, the following is opinion, but builds a strong case. The following is an excerpt from a Project-Syndicate article. Worth thinking about.
Trump’s trade war will not revive manufacturing employment. It will do the opposite, all while raising consumer prices, slowing economic growth, and increasing unemployment. Trump’s import tariffs will degrade the rule of law, as trade agreements are torn up.
They will also weaken America’s constitutional system of government. Trump’s tariffs are the largest peacetime tax increase in modern history, but the Constitution gives Congress, not the president, the power to raise taxes. America’s alliances will suffer, and the credibility of US global economic and financial leadership will be greatly diminished.
Many of Trump’s supporters have defended the trade war by arguing that it is a classic case of concentrated benefits and diffuse costs: manufacturing workers will benefit a lot, and the rest of us will suffer a little. This is wrong on two counts. Trump’s trade war is a lose-lose proposition. And the losers – including manufacturing workers – will lose a lot more than Trump’s defenders are prepared to admit.
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