As President Trump this weekend opened what could become a global trade war, a growing number of countries, including America’s closest allies, are forging their own economic partnerships without the United States. If Washington is putting up a higher fence around its trade, other nations are lowering theirs.
In just the last two months, the European Union concluded three new trade deals.
The bloc, completing negotiations that started 25 years ago, reached a major agreement with four South American countries in December to create one of the world’s largest trade zones, linking markets with 850 million people.
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By punishing longtime allies with tariffs, Mr. Trump is encouraging other nations to form trading blocs and networks that exclude the United States.
Edit: Now with shiny new archive link!
I’m happy for you guys if you pull this off. It’s sad for us but let’s be real, we did this to ourselves and deserve this outcome.
Despite the bravado from those who can’t do math, we do benefit massively from trade with the US; especially in those sectors we’ve closed up domestically, of course.
If we struggle now and make a lot of hasty decisions, for instance, we do have a deep-water petrol port on the coast at the end of a long pipeline that we’ve been slow in bringing online for #reasons. In 7 years we could double our domestic oil refinement, which is half what we’re getting by pumping it to Washington for processing.
And that’s not the only sector. There are so many that, if we’re dumb and struggle and ignore safety, we can bring up a fraction of the capacity we need by a few years after the next election.
More than wanting you yanks to be safe and healthy and happy, we do like the trade. And not just because it keeps you from invading!