Focus International trade lessons in real time

Wed, Aug 7th 2019, 09:10 AM

Donald Trump, president of the United States of America, has declared a trade war with China by raising tariffs on a number of Chinese goods. The Chinese have pushed back with tariffs of their own on some American products, and more recently have upped the ante by devaluing its currency to extraordinarily low levels. This tit for tat is a classic trade war, and its consequences will provide real life lessons for people who have only lived in a world virtually free of trade wars since about 1945.

Prior to World War II, there were no global trade pacts seeking to regulate buying and selling of goods between nations. Insofar as international trade was concerned, it was “every man for himself, and God for every man”.

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