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There is now certainty that this White House trade strategy is both nonsensical and unachievable. Look, we can all accept that China is a menace and a huge cheater, but it would be preferable if the White House specifically dealt with Xi Jinping.
One can certainly make the case that Mexico was the big winner from the NAFTA sucking sound (not Canada). But when President Trump states that the trade plan is “our declaration of economic independence,” what he is, in effect, saying is that he wants America to be “independent” – or “liberated” – from bilateral deficits with all countries running such gaps against the U.S.
As a result, just about any country in the world that runs trade surpluses with the United States just faced a brutal and unanticipated assault in terms of magnitude — 57 in total (with a range of 1% to 40% of penalties layered on top of the 10% baseline move — amazingly, Russia and North Korea were not on the hit list).
For the rest of this column: https://www.theglobeandmail.com/investing/markets/inside-the-market/article-david-rosenberg-trumps-reciprocal-tariffs-are-a-con-and-investors-are/?utm_medium=Referrer:+Social+Network+/+Media&utm_campaign=Shared+Web+Article+Links