The Asians and the EU cannot digest the fact that a POTUS wants to put the goals of Americans above their own imbalances. After WWII the world was fed by the American imbalances of trade because of the massive consumption patterns that the U.S. citizens demanded. To an extent this is still true. My wife says that clothes made in China are less expensive than the cost of fabric if she made her own clothes. There is no way that American labor union wages will ever be competitive against foreign sweat shops.
At the beginning of the 20th century, when industrialization began, the U.S. was the king. Now we are lucky to have any mass produced consumer goods where we are cost competitive. The President gave an example of Harley-Davidson motorcycles having a 100% tax when sold in India with their imported goods having no tax. As you so adequately stated that is not fair trade and it must end. Are tariffs the answer? I hope not because that will drive prices up world wide. But the threat of tariffs and BAT’s might level the playing field.
Paper: Future of Globalization ‘Shaken’ by Trump Victory, Nationalist ‘Political Earthquakes’
Rodrik, he notes, wrote that the social costs that came with globalization were “high – and consistently underestimated by economists. He noted that since the 1970s, lower-skilled European and American workers had endured a major fall in the real value of their wages, which dropped by more than 20%. Workers were suffering more spells of unemployment, more volatility in the hours they were expected to work.”
Though “Rodrik foresaw that the cost of greater ‘economic integration’ would be greater ‘social disintegration,’” many dismissed his thesis that “the inevitable result would be a huge political backlash.” Paul Krugman reportedly “privately warned Rodrik that his work would give ‘ammunition to the barbarians.’”
Now, as Saval notes, even the most ardent supporters of globalization have had to “concede, at least in part, that it has produced inequality, unemployment and downward pressure on wages. Nuances and criticisms that economists only used to raise in private seminars are finally coming out in the open.”
“If the critics of globalisation could be dismissed before because of their lack of economics training, or ignored because they were in distant countries, or kept out of sight by a wall of police, their sudden political ascendancy in the rich countries of the west cannot be so easily discounted today,” Saval writes.
“……the elites – the policymaking business and financial elites – are increasingly disliked.”
Paper: Future of Globalization ‘Shaken’ by Trump Victory, Nationalist ‘Political Earthquakes’ – Breitbart
Free trade is good. It must be fair trade (no dumping, no double standards favoring exports and penalizing imports, no currency exchange rates flimflam, etc.) and it must be accompanied by sane policies for transitions and adjustments (labor, training, and regulations and taxation, etc.).