If you ask a five times bankrupt businessman to run your business then you would not be surprised if he's decisions knackered your business so no surprise then that Donald Trump with his quintet of bankruptcies under his belt, has landed on a decision described by many on his own side as 'folly' and a 'blunder'.
Showing as little understanding of economics as he does of race relations, the non-tax paying commander-in-chief has announced steel imports would face a 25% tariff and aluminium 10% and tweeted that 'trade wars are good' as the International Monetary Fund said that the plan would damage America’s own economy whose exports of goods and services account for approximately 13% of US gross domestic product (GDP).
Immediately Canada and the EU said they would bring forward their own countermeasures with Mexico, China and Brazil also saying they will announce their own retaliatory steps.
Europe has hit back by stating that if the Americans impose tariffs on steel and aluminium, then they would treat American products the same way and pointed to imposing their own tariffs on American icons such as Harley-Davidson, Levi’s jeans and Kentucky bourbon if the trade war sparks off.
China have expressed 'grave concern' over the plans and said they would also take 'necessary measures against the USA' so with the rest of the World lining up to torpedo America's export market, the trade war may not be as good as Trump thinks.
With American steel and Aluminium more expensive, the costs of items from canned goods to automobiles with rise drastically and lead to massive job losses in America.
You wouldn't ask someone who had written off five of their own cars to drive your new car but America have put a man who has a career of disastrous economic decisions in charge of running their economy, so i wonder how's that's going to work out for them.
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