The newspapers are all full of Donald Trump who is acting like a bull in the international china shop in his first few days in office. But the bit that caught my eye (HERE) was a piece about Pete Navarro who has now been appointed to head the President’s official National Trade Council and Wilbur Ross who is set to become Commerce Secretary.
Last year they published a paper (HERE) which talked about the “Trump Trade Doctrine”.
Here’s how Navarro and Ross describe it on page 17:
Donald Trump has pledged to renegotiate every one of these bad trade deals according to the principles of the Trump Trade Doctrine, i.e., any deal must increase the GDP growth rate, decrease the trade deficit, and strengthen the US manufacturing base.
It will be interesting to see what kind of trade deal we get and how it will help us with our present trade surplus with the US!
On the same topic, the deputy Italian Foreign minister fears (HERE) we and the EU are headed for an economic trade war with countries taking a hard line in the hope of advancing their own economies at the expense of ours. This is not a surprise, I have said several times our compatriots are bound to become competitors. It will soon be dog eat dog.
Update: The Guardian in an editorial (HERE) sums it up neatly:
Update: The Guardian in an editorial (HERE) sums it up neatly:
A collapse of relations with Europe alongside an “America first” trade deal with the US is a nightmare scenario. But Mrs May’s policies have made it a real possibility. MPs who are uncertain which way to vote on article 50 in parliament on Wednesday should get real and vote to stop this madness.
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