.MaddowBlog: Remember when Pres. Trump said trade wars were ‘good’ and ‘easy to win’?
Some of Donald Trump’s tweets are more important than others. A year and a half ago, the president declared that the United States is “losing many billions of dollars” on trade, which reflected a degree of confusion about how the economy works. The differences between trade deficits and “losing money” matter – and are obvious to those with a basic familiarity with the issue.I wonder if he still believes that.
Meanwhile, on Wall Street – which Trump monitors “obsessively” – the Dow Jones has dropped nearly 1,500 points since last Tuesday. It’s now lower than it was when the Republican initiated the trade war in early 2018. But Beijing is standing firm, because it is determined to project strength both at home and abroad, and backing down now would instead show vulnerability.Part of this is clearly an extension of a deeply flawed strategy, but I continue to believe another relevant angle is the American president’s confusion about what trade is.
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