Agree:
James Lucier Managing Director at Capital Alpha
It's a disruptive, external shock to the global trading system… (But) I actually think that this [Trump's tariffs on aluminum and steel] will have positive effects in the long run. It makes people in the United States who have not stood up to support free trade much more anxious to do so now that they see the possible consequences of the benefits of free trade being taken away.
Robert Mundell Canadian economist
The United States can't keep a completely open system if the rest of the world is less open. The United States may have to take a leaf out of the book of Japan, China, and Germany, and have protectionism inside the system.
Donald J. Trump President of the USA
I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!
Marion Maréchal-Le Pen Member of parliament
A form of protectionism should be enforced at national level, at least on strategic areas such as agriculture. https://www.brainyquote.com/topics/protectionism
Peter Navarro American economist
Our view is that these actions [Trump's tariffs] are necessary to defend this country, and that they are ultimately bullish for Corporate America, for the working men and women of America, and for the global trading system.Disagree:
Alan Greenspan American economist
Protectionism will do little to create jobs and if foreigners retaliate, we will surely lose jobs.
Charles Dallara American economist
Threats of trade protectionism, plus unilateral actions on the exchange-rate front, such as the heavy interventions of China, Japan, and Switzerland in the currency markets - not to mention the retaliatory tariffs recently passed by the U.S. House of Representatives - endanger growth prospects and could further depress financial market confidence.
Stephen Harper Canadian economist
We have to remember we're in a global economy. The purpose of fiscal stimulus is not simply to sustain activity in our national economies, but to help the global economy as well, and that's why it's so critical that measures in those packages avoid anything that smacks of protectionism.
Manmohan Singh Former prime minister of India
Protectionism is a very real danger. It is understandable that in times of a severe downturn protectionist pressures mount but the lessons of history are clear. If we give in to protectionist pressures, we will only send the world into a downward spiral.
Nicholas Bloom Professor of economics
Many people who have lost out in the last few decades voted for Trump. Trump will have a difficult time turning them into winners. The jobs of these people are not at risk because of Chinese or Mexican workers, but because of robots and computers. And new trade barriers and higher tariffs are not going to change that.
Michael Pettis Professor of finance
Put differently, surpluses don’t arise because surplus countries can produce goods more productively or efficiently. They arise from the need to export domestic savings caused by the low household income share of GDP. Because surplus countries direct their excess savings mainly to the US, the only economy deep, flexible and open enough to absorb them, it is the US that must inevitably run capital ... See More
Milton Friedman American economist
The benefits of a tariff are visible. Union workers can see they are "protected". The harm which a tariff does is invisible. It's spread widely. There are people that don't have jobs because of tariffs but they don't know it.
John Pugsley American political and economics commentator
Any time you read that your government is erecting tariff barriers, supporting threatened industries with subsidies, or interfering in any way with free trade between individuals or nations, you must realize that your standard of living is being lowered as a result.
Reuters Top and breaking news, pictures, and videos from Reuters.
China is slapping additional import tariffs of 25 percent on $16 billion worth of U.S. goods ranging from oil and steel products to autos and medical equipment, the commerce ministry said, as the world’s two largest economies escalate their trade dispute. “This is a very unreasonable practice,” the commerce ministry said on its website http://www.mofcom.gov.cn, responding to the United States’ ... See More
