Trade war started by Trump
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US President Donald Trump has started a global trade war. We don’t know what the consequences will be. But the consequences will be enormous, that’s for sure. Stagnation in world trade. New international relations and a shift to the dollar as the dominant currency.
What does Trump want to achieve?
In his usual style, the president doesn’t mince his words. Donald Trump says that the US has been plundered and robbed for 50 years. Allegations of tariff walls from other countries against the US are mostly lies. Trump wants even more goods from the US to be found in countries outside the US. In addition, he believes that tariffs on foreign goods will lead to increased sales within the US of the country’s own products. He also claims that this measure will make it cheaper for consumers in the US. This is against all economic principles. Goods will increase prices in the US, including products manufactured there.
In my view, this breaks with long traditions of reducing international trade barriers. The USA’s aggressive behavior is also evident in other areas. This aggressiveness is also evident in Trump’s threats to Denmark, Greenland and Canada. Donald Trump clearly believes that the US can have its way.
Trade wars, the end of the dollar as the leading currency?
The dollar has been the leading international currency since the Second World War. The reason for this is the strong US economy and the fact that the dollar is considered a stable currency. The dollar’s position in the world has meant that the US has had an economic weapon. A weapon that is used, for example, in sanctions against certain countries. If the dollar’s influence weakens, this economic weapon will weaken.
Make America great again has been Donald Trump’s slogan since before he became president in 2016. Today, behind the words lies an aggressive attitude. An aggressiveness that creates new political alliances and new markets for trade. Such new alliances have already begun. Canada is turning away from the US and looking to Europe. Canada’s new oil and gas agreements with India and China will hit the US hard.
From being the international economic superpower, Trump is folding his cards. From having economic and political allies, the US is becoming isolated.
Sources:
https://www.bbc.com/news/articles/cvgql020y5lo
https://edition.cnn.com/2025/04/02/business/liberation-day-trump-tariffs/index.html