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The war in Ukraine and the sanctions imposed on Russia have intensified the debate on the economic repercussions of a shift in global trade policy focus from mutual economic benefits of open trade policies to geopolitical considerations limiting interdependence. This column finds that a potential decoupling of the global trading system into two blocs – a US-centric and a
Their own surprise looking at trade models, models are not perfect, is that if the u.s. raises global trade barriers, asia continues to trade with itself. europe continues to trade with itself. mexico and canada suffer. the u.s. suffers the most. and so, you know, the thing that doesn't square with our rhetoric on trade, our actual fiscal policy, you know, we're talking as if we want to reduce the trade deficit with other countries. the way we're spending money says that there is zero appetite in washington for actually doing the things we would need to do to reduce that trade deficit. doesn't...