Wed August 28, 2019
Trade wars are not easy to win. In fact no one wins, the consumers pay a higher tax.
BMW makes cars in S Carolina which are shipped to China, now they the Chinese will pay a higher price to buy an American made product.
Read the history of the disastrous Smoot Hawley Tariff Act here.
This disaster extended the Depression until after WW II.
Finally the General Agreeement on Tariffs and Trade GATT resolved the problems.
Learn about reserve currencies here.
The Bretton Woods Conference after WW II established the U S Dollar as the world reserve currency.
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