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Damage from Trump's trade wars won't heal quickly: analysts

17 0 1
26.10.2020

After four years in office, Donald Trump has failed to achieve his promise to eliminate the U.S. trade deficit, and dealt a lasting blow to the multilateral economic system that global trade is based upon, analysts say.

But even if Democrat Joe Biden wins the presidential election as most opinion polls currently show, U.S. trade policy is likely to maintain a protectionist streak and the confrontation with China to persist.

One of Trump's main 2016 campaign themes was that the United States -- the world's biggest economy -- had been taken advantage of by its trade partners and he pledged to shake up global trade arrangements and eliminate the nation's trade deficit.

Trump has indeed shaken up the global trading system but the U.S. trade deficit has grown under his presidency, and analysts say he has little to show for his efforts.

"Trump's trade policies have delivered few tangible benefits to the U.S. economy while undercutting the multilateral trading system, disrupting long-standing alliances with U.S. trading partners, and fomenting uncertainty," said Cornell University professor Eswar Prasad.

While the U.S. trade deficit with China -- which was Trump's main target -- has indeed shrunk, imports from........

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