What’s Behind Trump’s Trade War?
Donald Trump's justifications for his aggressive trade policy – that it will reduce the US current-account deficit and save vulnerable American industries – do not withstand scrutiny. At the heart of Trump's trade war is an impulse to free American power from the supposed shackles of multilateralism.
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WASHINGTON, DC – Since World War II’s end, trade has grown 50% faster than global GDP, owing largely to successive rounds of liberalization under the auspices of the World Trade Organization (previously the General Agreement on Tariffs and Trade, or GATT). But now, US President Donald Trump’s latest dose of import tariffs could push the world into a full-blown trade war, undoing much of that progress.