Not to disparage him, but Donald Trump is a truth-challenged, narcissistic ignoramus. What he doesn’t understand about economics could fill many libraries, and his specialty in economic ignorance is trade policy. For instance, he is incapable of comprehending that tariffs are taxes on American consumers. At the recent G7 summit in Quebec he said, “We as a nation lost $817 billion dollars on trade. That’s ridiculous and it’s unacceptable.”
Actually, that statement is ridiculous and unacceptable. The idea that a trade deficit represents a “loss” to America (or any country) is stunningly stupid. Looked at through Trump’s eyes, the couple hundred bucks I leave at the Safeway each week is accumulating into a pretty impressive loss… Except I bring food and beverages home from the Safeway, numbnuts.
Trade protectionism is punching the other guy in the face — with your face.