There are numerous trade policy contradictions, both between the U.S. and other countries, and within U.S. politics. Internationally, China worries about its import dependence for oil and food, investing heavily in alternative energy and domestic food production while encouraging livestock producers to use local feed alternatives. Europe also worries about its import dependence on energy and protein meals and has numerous nontariff import barriers on agricultural products while subsidizing its own food production to ensure “food sovereignty.” Both China and the EU say Donald Trump is wrong to focus on the U.S. being the largest importer and trade deficit nation. They warn that his tariffs hurt American consumers. They retaliate...

TAGS – North America, Macroeconomics