Economists are trying to quantify what Trump’s trade wars could do to the economy. There’s little precedent

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Economists are trying to quantify what Trump’s trade wars could do to the economy. There’s little precedent - Fortune

Quick Summary:

Meanwhile, says Trump, past leaders have left the U.S.naively open territory to the inflow of goods produced in Shanghai, Ontario, or Monterrey that grab sales from the cars and steel produced in Michigan, Wisconsin, and Pennsylvania.

So far, the EU, Canada, and China have announced $100 billion in new tariffs on U.S.imports to counter Trump’s offensive.

His solution for shrinking that gap: the big tariffs that render goods from abroad much more expensive within our borders, digging a protective moat that encourages the stateside construction of factories for the likes of chips and autos—industries where U.S.-based players now struggle in outdueling cheaper versions made in China or Canada.