Tuesday, January 17, 2017

#China Rightfully Defends Globalization And Warns Against Trade Wars

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Trade, positioned as the protection of jobs and simple fluctuations between currency, has long be an object to be managed by politicians. Hubert Hoover was crushed by trade and protectionist policies during the early stages of the Great Depression. The more the European economy imploded, the higher the dollar soared. A rising trend reduced the competitiveness of US goods and services and exploded the US's trade deficit with the world. Trump will face a similar crisis. A simple border tax not linked to currency fluctuations will only repeat the mistakes of the past and fuel the global economic downturn.



Headline: China’s Xi Warns Against Trade War in Defense of Globalization

Chinese President Xi Jinping cautioned against protectionism as he pushed back against criticism of globalization by Donald Trump and other Western populists.

“Protectionism is like locking yourself in a dark room, which would seem to escape wind and rain, but also block out the sunshine,” Xi told the World Economic Forum on Tuesday, the first Chinese head of state to address the annual gathering in the Alpine resort town of Davos. “No one is a winner in a trade war.”


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