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#freetrade

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#GlobalEconomy already feeling drag from #TrumpTariffs

#Trump's #tariffs are increasingly clogging up the wheels of a world #economy which for decades were greased by predictable & relatively #FreeTrade.

Big-name multinationals right down to niche e-commerce players last week cut sales targets, warned of #job cuts & reviewed their #business plans, while major economies revised down growth prospects amid bleak data read-outs.

#recession #trumpcession
reuters.com/world/china/global

Here is the full informative exchange on Bombardier-Boeing context. Boeing complained that Bombardier is heavily subsidized by the state (mostly Québec and to a much lesser extent Canada). The contents of the screenshots should give you a pretty good understanding of why that is factually wrong and morally horrendous. These are the types of abuses that exist when you can't make decisions for yourself as a people. Sovereignty is dignity. #Trump #Tariffs #FreeTrade #Québec #Quebec #Canada #USA #WTO #Boeing #Bombardier #Globalization #Sovereignty #Nationalism #Capitalism #Subsidies

Anyone else notice how quiet the neoliberals have been lately?

For decades, conservative fans of FA Hayek and Milton Friedman have told us that free trade and free markets are their core principles.

That we should let the invisible hand of the market decide.

That any government intervention, no matter how well intended, distorts the markets.

That government intervention in markets is socialism.

That governments shouldn't pick winners.

That taxes are bad.

That if there's a choice between government intervention to stop global warming from fossil fuel pollution or free trade, they'll gladly pick free trade.

Right back to Reagan and Thatcher, they swore these were their core principles.

So.

An American president intervening in markets by imposing arbitrary protectionist tariff taxes should have been a hard no.

A political candidate openly campaigning on doing this should have met stiff opposition from the invisible hand's true believers.

If a true believer in these neoliberal principles (as Rupert Murdoch has claimed to be) owned a news channel (such as Fox News), one would expect outrage at this blatant rejection of free markets and free trade.

So where are all the neoliberal think tanks? Economists? Politicians?

Why the silence?

Replied in thread

@randahl Perhaps economists on the thread can chime in with their favourite #FreeTrade and specialisation arguments. For the rest of us, we have to dig out #AdamSmith et al.

The world tried for decades to agree on unrestricted, international trade #WTO and now it's like you have to debate the underlying principles again.

Continued thread

2/4 ... #hightech sectors such as #space #business , #AI and #databases ( #SpaxeX , #Palantir , #BlueOrigin , #GAFAM , etc.), while the rest of the U.S. economy is protected from foreign #competition by #protectionist measures (high #import #tariffs or unequal #freetrade #agreements with other #countries, and anti- #immigration #laws ). On the #ideological #front , attempts are being made everywhere to dismantle #political #liberalism...
(parliamentary #democracy closely coupled with... (3/4)

So while the UK is scrabbling around wondering how we might continue trading with a protectionist Trumpian America (see earlier post on services & exports to the USA), the EU has been negotiating & now concluded a major free trade deal with Mercosur, gaining access to a major South American trading bloc for European exports (with tariff reductions across around 90% of exports)... if only we'd been part of that; oh well... can't complain, at least we're 'independent'!

#Brexit #FreeTrade
h/t FT