Peter Schiff makes the case that probably inspired White House chief economic advisor, former Goldman Sachs president and free trade advocate Gary Cohn to resign from President Donald Trump's administration. Michael Campbell also disagrees with Trump in his passioned comment HERE - Robert Zurrer for Money Talks
Trump Plays with Fire on Trade
With his announcement last week of broad tariffs on imported steel and aluminum, President Trump launched what could be the first salvo of an all-out global trade war. Seemingly itching for a fight, he gleefully tweeted that "Trade wars are good, and easy to win." It seems like Trump thinks the conflict will play out much like Ronald Reagan's 1983 week-long invasion of Grenada rather than the more telling quagmires that unfolded in Vietnam, Afghanistan and Iraq. He's wrong.
Apart from overestimating America's bargaining position, Trump and his supporters grossly misunderstand the nature of international trade and how Americans have benefited from a system that has allowed us to continually consume foreign goods on credit. While this "benefit" has also placed a cost on domestic industries, I don't believe that Trump has any idea how a trade war can reduce current American living standards.
As justification for his surprise offensive, Trump likes to highlight how America's gargantuan annual trade deficit (which has