Update: President Trump is showing absolutely zero signs of backing away from his trade tariffs plan and has just tweeted...
"We are on the losing side of almost all trade deals. Our friends and enemies have taken advantage of the U.S. for many years. Our Steel and Aluminum industries are dead. "
Which as the chart below shows is true. Trump has a warning...
"Sorry, it’s time for a change! MAKE AMERICA GREAT AGAIN!"
While establishment globalists doth protest loudly of the Steel (and Aluminum) impositions that President Trump is proclaiming, it appears their memories of recent historic reality is gravely absent (or willfully being ignored).
On Friday, Peter Navarro, Trump's newly reincarnated foreign trade advisor, made clear that this is not a 'first strike' in the 'trade war', this is America's retaliation to years of abuse:
“I don’t believe any country in the world is going to retaliate for the simple reason we are the most lucrative and biggest market in the world,” Navarro told Fox News Friday.
“They know they’re cheating us. All we’re doing is standing up for ourselves.”
One look at the record US trade deficit, with both the entire world, (and more specifically China alone and Europe alone), and one could make the case that he is correct.
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