President Donald Trump is not wasting any time: the negative trade deficit is public enemy number one. Not only did Trump show that he means business by declaring war on the Mexicans as he threatened to impose an import tax on Mexican goods, the same fate awaited China and later Germany: all countries that currently have a positive trade balance. Trump blames the negative trade balance for the disappearance of American manufacturing jobs. Why is Trump completely wrong? And what are the consequences for the U.S. economy, the dollar, interest rates and gold?

A Negative Trade Balance Is in No Sense Wrong

These Will Be the Consequences of Trump’s Protectionism

Retaliations? A Replay of the 1930’s

Trump's Protectionism and the Dollar

A Gift of Obama (and the Fed)


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