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Trump has turned his back on the foundation of US economic might – the fallout will be messy
President Donald Trump has built another wall, and he thinks everyone else is going to pay for it. But his decision to impose sweeping tariffs of at least 10% on almost every product that enters the US is essentially a wall designed to keep work and jobs within it, rather than immigrants out.
The height of this wall needs to be put in historical context. It takes the US back a century in terms of protectionism. It catapults the US way above the G7 and G20 nations into levels of customs revenue, associated with Senegal, Mongolia and Kyrgyzstan.
What occurred this week was not just the US starting a global trade war, or sparking a rout in stock markets. It was the world’s hyper power firmly turning its back on the globalisation process it had championed, and from which it handsomely profited in recent decades.
And in so doing, using the equation that underpinned his grand tariff reveal on the Rose Garden’s lawns, the White House also turned its back on some fundamentals of both conventional economics and diplomacy.
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Anti-Trump protests held in cities across the US
Crowds of protesters gathered in cities across the US on Saturday to denounce President Trump, in the largest nationwide show of opposition since the president took office in January.
The “Hands Off” protest planners aimed to hold rallies in 1,200 locations, including in all 50 US states. Thousands of people turned out in Boston, Chicago, Los Angeles, New York and Washington DC, among other cities.
Protesters cited grievances with Trump’s agenda ranging from social to economic issues.
Coming days after Trump’s announcement that the US would impose import tariffs on most countries around the world, gatherings were also held outside the US, including in London, Paris and Berlin.