President Trump has prioritized trade deals as his primary area of concern heading into the 44th G-7 summit. The summit, a meeting between the world’s largest economic powers, is being held in Quebec, Canada this year. One Friday morning tweet reads that Trump is “looking forward to straightening out unfair Trade Deals with the G-7 Countries.” His combative rhetoric has thus far antagonized other G-7 members.
University of Idaho Argonaut: Staff Writer Cole Lickley argues that, if trade tension “continue creating global tension,” America will lose major export markets as “other countries say ‘no more’ and walk away from the negotiation table.”
• “The U.S. is a net exporter of agricultural commodities, with a trade surplus of $21.3 billion.”
• “Looking back at the election in 2016, I remember listening to both [presidential] candidates… talk about how negatively the Trans-Pacific Partnership would affect the U.S. economy. I seemed like they debated who hated [the] TPP more, and there wasn’t’ a candidate who portrayed a strong globalized [trade] platform.”
The Dartmouth: Tyler Baum believes that, although “free trade is inherently good,” trade agreements like the Trans-Pacific Partnership are “poorly negotiated” and “unfair to American workers.”
• The TPP allows “member nations to manipulate their currencies due to poorly written trade rules.”
• “Despite the seemingly protectionist stance taken by the Trump administration, I am optimistic that fair free trade deals will be pursued” by this new group of leaders.
• “The Trump administration must renegotiate trade deals and explore options [to promote] economic growth and job creation. Opposing the TPP is supporting American freedom and free enterprise.”
University of Iowa Daily Iowan: Jacob Prell writes that the president’s protectionist trade measures are “a massive, idiotic mistake.”
• “Trump sees trade as a test of global strength and masculinity. Whoever sells more must be winning, and whoever buys more must be losing.”
• While “manufacturing cities in the Midwest have suffered from global competition…, technology remains the dominant cause of manufacturing job loss in the U.S.” Nafta, on the other hand, “supports 14 million American jobs and generates $1.3 trillion annually in goods and services traded across our borders”
• Trade wars have “the potential to devastate the U.S. economy, which relies heavily on manufactured exports.”
The Bottom Line:
Trade appears to be the single largest point of contention between the Trump administration and the world at large. The president’s rhetoric has thus far alienated America from other dominant powers, most of whom follow French President Emmanuel Macron’s thinking that “a trade war doesn’t spare anyone. It will start first of all to hurt U.S. workers.”