Global: Behind the protectionists’ curtain
A trade war cannot be won by anyone. Of course, the exporting country loses from a trade war. But so does the importing one. Nevertheless, we are heading for one. Not only in tradeable goods but worse, in intellectual goods and services. Pressure by the body politic and lobbyists can cause President Trump to delay for a while. But protectionism delivers to both his prejudices and those of his target electorate. So we face a rare instance where politics and economics are misaligned.