Emmanuel Macron has started a debate which is vital for Europe. Macron‘s notion of a Europe which protects should not be interpreted as a protectionist Europe but as a Europe which cooperates in public goods provision and one which protects open markets and multilateralism.
The US may have a trade deficit with the rest of the world, but its multinational companies have a major surplus when it comes to sales in foreign markets – especially China. If the US-China trade war continues to escalate, these firms will be, as US President Donald Trump might put it, the biggest losers.
Policy blunders of epic proportions have become the rule, not the exception, for the US administration. The toxic combination of ill-timed fiscal stimulus, aggressive imposition of tariffs, and unprecedented attacks on the Federal Reserve demands a far more critical assessment of Trumponomics.