The End to a 50-Year-Old Marriage? 💔
Are we breaking up?
While only a week has passed since the rocky G7 summit, there are signs that this may be the beginning of the end of a relationship that has lasted for half a century. Since WW2, the US led the “western world” in promoting an economic system based on free trade and low barriers. While there have been hurdles, some believe the US is now dismantling the system it helped create by backing out of multilateral agreements (see above) and putting up tariffs.
Pictures worth two-thousand words
The first picture below is one you've probably already seen. Angela Merkel posted this one on Instagram and it summed up the G7 in one picture for many in the media: America/Trump is being defiant to the world. Trump points out that while this picture went viral, he still has a great relationship with Merkel and that the media is creating "fake news". His proof? The second picture - which arguably does tell a very different story. So which way is America headed?
The Guardian: Nato chief warns over future of transatlantic relationship
Chicago Tribune: Across US, wary businesses gird for Trump trade war
Anti-globalists are speaking up from multiple sides of the political spectrum and argue that the globalist mentality has harmed US citizens. These critics argue that the current system has been holding America back from reaching greater heights and argues that Trump is only trying to renegotiate the game. They focus more on bringing attention to international corporations/billionaires and argue that the global order was built and designed to benefits a small percentage of the world population.
Pro-globalists believe that the so-called “Postwar World Order” is a system of checks and balances that keeps major economic powerhouses from utilizing mutually destructive tools such as tariffs. Despite its flaws, 50 years under this “world order” have drastically reduced extreme poverty and incurred an unprecedented level of global economic growth. Many people worry that without a deeply interdependent global economy, the world could plunge back into the political and economic chaos of the 1930s.
How far will Trump go?
On one hand, Trump has shown remarkable flexibility in shifting his opinion on major political issues when he is offered a more favorable option, as he did on North Korea. On the other hand, his abrasive bravado to international trade remains one of his most popular policies and it seems unlikely that he will bend to any international pressure. Regardless, we likely won't have to wait long before seeing if we are headed for a reconciliation or a full-blown global divorce.
Trump to the world. (for now)
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