The U.S. Has Decided To Fight Trade Wars With China, Europe, Canada And Mexico Simultaneously, And That Will Be Disastrous For The Global Economy…

Thursday, May 31, 2018
By Paul Martin

by Michael Snyder
TheEconomicCollpaseBlog.com
May 31, 2018

One trade war may be enough to push the struggling global economy into another recession, but the U.S. government has apparently decided that it is time to fight trade wars with pretty much all of the major economies around the world at the same time. This is utter insanity, and it is going to have disastrous consequences that will be felt all over the planet. Yes, we need to get tough on trade. If you have followed my work for the last eight years, than you know that I have been a very strong advocate of protecting U.S. manufacturers and U.S. workers. But these things have got to be handled delicately, because any significant disruption at this point could lead to an absolutely crippling global economic crisis. Negotiating on an international level requires a great deal of finesse, because if you mess up it can have monumental consequences. For example, one thing that you shouldn’t do is make an agreement with the second largest economy in the world and then tear it up less than two weeks later…

The odds of a messy trade war between the United States and China are rising again.

The Trump administration shocked the world on Tuesday by tearing up a truce with Beijing and announcing it would impose tariffs on $50 billion worth of Chinese goods and restrict Chinese investment in the United States.

Without a doubt China has been taking advantage of us for many years. They have been slapping our goods with high tariffs and have been shamelessly stealing our intellectual property. But the Chinese are very proud people, and now they feel like they have been slapped in the face.

So they won’t back down in a trade war, and on Wednesday they said that they “aren’t afraid of fighting one”…

China is ready to retaliate after the United States revived plans to hit it with new tariffs.

“We want to reiterate that we don’t want a trade war, but we aren’t afraid of fighting one,” Chinese Foreign Ministry spokeswoman Hua Chunying said at a briefing on Wednesday.

The Rest…HERE

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