Economists like to think of the wreckage caused by stock market downturns, widespread bankruptcies, and corporate downsizing as “creative destruction.” As it destroys the old and the dysfunctional, the capitalist system continually spurs innovation, much as a forest fire prepares the ground for new growth. Or so the representatives of the dismal science argue. Donald… Continue reading Trump’s ‘Uncreative Destruction’ of the U.S.-China Relationship
At a dinner party in mid-February, an architect told me that he was having a problem finishing his building projects. It was the carpets. Most wall-to-wall carpeting for big construction projects in the United States, he explained, comes from China. The coronavirus outbreak in Wuhan — and the subsequent shutdown of many Chinese factories —… Continue reading Will the Coronavirus Kill Globalization?
Trump has two tools at his disposal as president. The first is his mouth: the insults and threats that he issues verbally or by Twitter. The second is the tariff. Trump has imposed trade restrictions left and right, on allies and adversaries, for economic and political reasons, as part of a long-term offensive and out… Continue reading The Misadventures of Tariff Man
By slapping tariffs on Chinese imports, Donald Trump has once again proven to be the Disrupter-in-Chief. This week alone, he’s brought John Bolton in as national security advisor over the objections of every sane person in the universe, threatened to go after Bashar al-Assad over the Syrian leader’s alleged use of chemical weapons, and revived disgusting characterizations of Mexicans as rapists.… Continue reading Trump’s Trade War Is About Trump, Not China