Trump is using tariffs as a weapon, no matter the cost
The US president’s use of tariffs against China in his first term is in full bloom as a general panacea to be imposed on even close US allies to combat a range of problems.
So much for any lingering market complacency that Donald Trump’s tariff threats were more negotiating tactics than tough economic reality. The immediate fall of the Australian dollar and sharemarket are the least of these.
Much of Trump’s black-and-white view of the world was set half a century ago. As an aggressive young New York property developer with political instincts in the 1980s, he regularly railed against Japanese imports, demanding tariffs to protect American industries and cut the US deficit.
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Jennifer Hewett is the national affairs columnist. She writes a daily column on politics, business and the economy. Connect with Jennifer on Twitter. Email Jennifer at jennifer.hewett@afr.com
