“Donald Trump has fired the first shots in what threatens to become a devastating trade war… they imperil decades of progress towards economic integration that has boosted US and global prosperity”. The arch-capitalist Financial Times editorial on 2 February takes a dim view of what Trump’s tariffs will mean for capitalism’s stability and for most bosses’ profits.
After he announced a 25% import tax on goods from Canada and Mexico, and 10% on goods from China to come into force on 4 February, stock markets fell across Europe and Asia on opening on 3 February. Last minute, tariffs on Canada and Mexico have been postponed. China has retaliated with its own set.
The whole episode further reveals how Trump’s presidency has amped up global political and economic volatility. What will it mean for workers’ struggle in the US and in Britain?
This and other questions are analysed in the editorial of the February edition of Socialism Today: ‘Maganomics and its consequences’, and will be a feature of further material published in the Socialist and online.
