I just sent this post to family and friends in a discussion group online…
“Do you get the bigger picture now? Its not just about how much any particular tariff does to rebalance some other country’s tariffs. Its about the very fundamental premises of globalization pushed by elites over past decades- i.e. that if we engage authoritarian countries like China, and entangle our economies in commerce, then we can bring China into democracy. Not.
“US elites believed that it was worth the cost of losing US manufacturing industry to places like China in order to gain influence and control over the larger world with the Western democratic system led by the US. Basically, to achieve US dominance in the world (extend US empire, what my American brother-in-law refers to as US “Manifest Destiny”).
“And it was a mixed bag of motives and goals- Yes, the noble expansion of democracy was in the mix, no doubt. And the value of free trade as in “comparative advantage” and giving poor countries a chance to develop out of poverty. All there, also.
“But there was also the elite advantage that came from shifting away from high-cost US labor to low-cost labor regions, a shift that benefitted business elites and CEOs with more wealth, and Wall Street Financial types with great gains. (Labor costs are the significantly dominant cost in most businesses.)
“Now Trump is going to overturn that great globalization project to bring back manufacturing in order to benefit US workers. And to end the dangerous dependence on threatening places like China for critical resources- i.e. rare Earth metals, medicines, etc.
“No wonder Wall Street elites, who have benefitted from globalization, are going hysterical as they watch their power, control, and profits threatened by Trump.
“So who really cares for the common worker?”
There is something “far, far bigger” going on, often behind-the-scenes, than what media chatter on about all day. Petty obsession with opponent’s words/jokes, minor elements in policy initiatives, individual country’s situations on tariffs, etc. Read the rest of the opening comment here