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Cool Heads

There has been much hot-headed reaction to Trump's trade tariffs these past two days, as £2.2trn has been wiped from global stocks.  Personally, I have lost 15% in value on my investments.

Should countries retaliate or not?  I argue against entering into an escalating trade war, which would only lead to recession, and instead to engage with the US administration to lower free trade restrictions.  For example, the UK could broker a better free trade deal with the US.  The EU is unlikely to - such is the nature of The Beast.

It is only right, however, that something be done against the Chinese manufacturing powerhouse if the US (and EU and UK) want to safeguard their industrial base, not least for strategic reasons.  For too long, trade with China has been skewed in China's favour over the West.   China will no doubt react by seeking out new markets for its goods.  However, time will prove that China is not the enemy, and here, too, a more equitable trading relationship should be sought.

Cool Heads all round should prevail!


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