Thirty months into Trump’s radical trade policy, and as trade disputes with China escalate and risk turning into a currency war, it's time to take stock. Trump promised far better trade deals, fair treatment of American firms and to reduce the trade deficit. Sadly, none of these goals has been met.
, which depends more on fiscal than trade policy, is larger than when the President took office. Tariffs are not reducing imports. Tariffs are shifting the source of imports to third parties, such as Vietnam, and increasing their cost for U.S. consumers. in the rest of the economy. This, too, was not a surprise, since jobs in manufacturing depend far more on automation and tastes than on trade policy.
As for fair treatment of U.S. firms, according to Global Trade Alert, nearly 18 percent of U.S. exports were at risk from tariff increases by other Group of 20 countries last month compared to about 8 percent in 2016.
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