COMMENTARY

Tariff man's bark is worse than his bite

LATE last month, US President Donald Trump threatened to impose tariffs on imports from Mexico in 10 days if it did not halt the flow of migrants from Central America. The tariffs would start at 5 per cent and then increase by five percentage points monthly until reaching 25 per cent in October...

COMMENTARY

US is dealing itself a losing hand with Japan

NNOT content with its trade war against China, US President Donald Trump's administration has also opened bilateral trade negotiations with Japan. Yet whatever Trump hopes to achieve with Japan, it will be far less than what he threw away when he abandoned the Trans-Pacific Partnership (TPP) in...

COMMENTARY

Long, difficult road ahead for Venezuela as calls for reform gather pace amid economic disaster

THE world has witnessed many sharp economic declines over the years, but Venezuela's is surely one of the worst to date. The country has experienced a loss of real (inflation-adjusted) GDP greater than that of most war-ravaged countries during World War II, and its inflation rate is...

COMMENTARY

Trump's brain drain casts pall over higher education, talent sector

AMERICA'S high-quality universities are among the key sources of its greatness. Every year, top students from all over the world vie for access to graduate and undergraduate programmes in the US, and American universities occupy most of the top spots in global rankings. Moreover, the basic...

Appropriate US response is using monetary, fiscal policy; not protecting old industries

IN THE 19th century, more than 70 per cent of American workers were farmers. By 2017, that figure was under 2 per cent. In 1970, about 32 per cent of private employment was in goods-producing industries. By 2018, that figure was 13.5 per cent. The dynamic sectors of the American economy are in...

COMMENTARY

Trump's protectionist quagmire

AFTER World War II, the United States led the world in reducing protectionist barriers and establishing an open, rules-based trade system. That effort resulted in a half-century of the most rapid economic growth in human history. But US President Donald Trump's administration is now...

COMMENTARY

Trump's USMCA renegotiation is just a charade

WHEN the United States-Mexico-Canada Agreement (USMCA) was announced, it was met by a sigh of relief around the world. A deal to replace the North American Free Trade Agreement (Nafta) meant that a complete disaster had been averted. The repudiation of Nafta with no replacement would have been...

The global trade system faces a real risk of breaking down

TEN years after the failure of Lehman Brothers, we know that multilateral action was crucial in preventing the so-called Great Recession from becoming even worse than it was. Back then, it was the global financial system that was tottering. Today, it is the global trade system that is in...