While the benefits of the trade war are
speculative, its costs are real: The Tax Foundation estimates that Trump’s
tariffs have cost Americans more than $88 billion so far, making this one of the biggest tax hikes in history. To
cushion the blow, the administration gave $28 billion to farmers — twice the cost of the 2009 auto industry
bailout. Waging a
trade war is like hitting your head against a wall; it feels good when you
stop. But most trade experts agree with my Council on Foreign Relations
colleague Edward Alden when he says: “It’s hard to see this China deal as the
vindication of the president’s tactics. It’s a pretty small deal, coming at a
pretty high cost.” Indeed, the New York Times reports that
Chinese hard-liners are “jubilant and even incredulous” that they have gotten
such a good deal. They have good cause to cheer because the real issues with
China — from trade barriers to militarism in the South China Sea to human
rights violations — remain unaddressed. Trump would rather trumpet “our GREAT
new deal with China” than take serious action to address the real challenges
from China.
By Max Boot
Columnist
