Trump's boasts aside, trade wars typically leave no victors
WASHINGTON (AP) — Trade wars generate no medals, monuments or military parades. But they do tend to leave a lot of economic wreckage, often hurt the very people they're meant to help and can fracture diplomatic relations among allies.
After announcing plans last week to slap taxes on imported aluminum and steel, President Donald Trump called trade wars "good" and breezily forecast an "easy" victory for the United States.
Economists see it rather differently. Starting a fight with trading partners has mostly proved to be self-defeating, they note.
"Usually, all sides lose in a trade war," says Douglas Irwin, a Dartmouth College economist and author of the just-published "Clashing Over Commerce: A History of U.S. Trade Policy.