How Trump’s Anti-Globalism Could Backfire
America's heavy dependence on global capital is potentially a big vulnerability. If foreign inflows were to dry up in response to new tariffs, corporate tax policies, a strong dollar, or other policy decisions, Americans would have to consume less, which would be experienced as a decline in their standard of living.
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PRINCETON – While US President Donald Trump has left no doubt about his love of tariffs, the world is still waiting to see precisely what he will do. He has named China, Canada, and Mexico as his first targets, but it remains to be seen whether he wants a grand slam, or more conditional measures linked to other policy issues (such as acquiring TikTok). For now, the only certainty is that his administration will use tariffs to extract concessions where it can.