Trump’s $16 Trillion Trade Blind Spot
Convinced of an easy victory, Donald Trump has launched a global tariff war aimed at reducing the US trade deficit. But while Trump is fixated on imported goods, he is overlooking the much larger role that services, intellectual property, and investment play in sustaining America’s global economic dominance.
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CAMBRIDGE – In August 1914, Europeans saw little value in the century of peace that had followed Napoleon’s defeat at Waterloo. As historian Barbara W. Tuchman recounted in her 1962 book The Guns of August, public sentiment in Berlin, Paris, London, and Vienna was swept up by a wave of collective euphoria – a feverish excitement over the expected benefits of a swift and decisive world war. The result was four years of misery and devastation.