The World Reacts To Trump's Sweeping Tariffs: 'No Basis In Logic'
www.huffpost.com
“Nobody wants a trade war," said one British official.

Summary

Global leaders criticized Trump’s new tariffs, which range from 10% to 49%, warning of trade wars and economic fallout.

The UK and Italy urged negotiation, while Brazil passed a reciprocity bill. China and South Korea vowed countermeasures.

Australia and New Zealand rejected Trump’s logic, citing existing trade deals and low tariffs. Norfolk Island was baffled by a 29% duty despite having no exports.

Financial markets dropped, oil and bitcoin sank, and leaders warned of inflation. Analysts say Trump risks fracturing global trade with little to gain economically.

    • adarza@lemmy.caEnglish
      0·
      4 months ago

      ok, then…

      i have a huge trade deficit with walmart.

      i buy way more from them than they do from me ($1200-1500 a year vs $0); just like the u.s. buys more from many countries than those countries buy from the u.s.

      like the leaky diaper’s new tariffsimport tax, i should charge myself a ridiculously high extra tax on purchases from walmart until they buy $1200-1500 a year of some mythical product from me to even out the ‘unfair’ imbalance?

      yea. that’ll work.

      • danc4498@lemmy.worldEnglish
        0·
        4 months ago

        I think Trump doesn’t want to trade at all. He wants us to produce everything we need.

        • Cenzorrll@lemmy.worldEnglish
          0·
          4 months ago

          I’m actually pretty down with that that. We should be able and ready to produce whatever we need in case another country does what trump is doing or something happens that would prevent trade. If China attacks Taiwan, we should be able to produce our own chips. We should be able to function with as little dependence on other countries as possible.

          In no way do tariffs fix that. You invest in yourself, slapping your friends because they’re better than you at something is really fucking stupid.

          • 10001110101@lemm.eeEnglish
            1·
            4 months ago

            Meh, I think it’s fine and good for countries to specialize and be dependent on each other. Keeps the peace through mutually assured economic destruction. Global upticks in isolationism preceded the World Wars. Also, it just makes sense, because different countries have different resources, and their populations are differently skilled.

      • andallthat@lemmy.worldEnglish
        0·
        4 months ago

        the “logic” is pretty much as you described it. Only, after charging yourself with the extra tax on Walmart purchases, you obviously can’t afford Walmart any longer, so you learn to make your own soap with ash and the fats of animals that you have started breeding in your own flat.