It was a political promise President Donald Trump intends on keeping – while campaigning for the Whitehouse Donald Trump continuously pledged to pull out of the Trans-Pacific Partnership (TPP), get a “much better deal” on the North American Free Trade Agreement (NAFTA) and fix the U.S. trade imbalance with China. Donald Trump was going to fix trade.
The script was vague, but now those words are being put into action.
Trump’s recent enforcement of a 25 percent tariff on steel and aluminum imports has sparked a global trade war. Mexico has pushed back with 3 billion dollars in tariffs on imported U.S. goods. Canada with more than 12 billion.
None of this includes reaction from Europe or elsewhere.
And it could get worse, Trade Partnership Worldwide LLC released the report that says more than 400,000 jobs will be lost in America due to higher prices on steel and aluminum.
There are a lot of numbers out there and a lot of debate about who will be impacted, who will benefit and could this all backfire? With all the rhetoric, it’s not easy to figure out.
That’s where the experts from Michigan State University can help.
Dr. Tomas Hult is the Director of the International Business Center in the Eli Broad College of Business at Michigan State University. He is an expert on the subjects of international business and trade. Tomas is a published author and has appeared many times in the media speaking to these important issues. Simply click on his icon to arrange an interview on this topic.
Tomas Hult Professor, Byington Chair, and Director
Expert in international business, trade, marketing, strategy, and supply chain management