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🌏 Slapping 100% tariffs on BRICS bloc would trigger a trade war US ‘will lose’: economist
💬 “Trump thinks he can target BRICS countries individually but doing this will cause BRICS to act collectively in response and then the situation is about who has the bigger overall trade, population and resources,” renowned British economist Dr. Rodney Shakespeare told Sputnik, commenting on the president-elect’s threat to slap 100% tariffs on BRICS countries if they attempted to ditch the dollar.
“Trump's thinking is fundamentally based upon a situation of past hegemony whose time is rapidly passing,” Shakespeare stressed, pointing out that while tariffs would be grossly illegal, perhaps the president-elect “thinks rules are meant for others and not for the USA.”
If Trump made good on the threats, there would also be “huge increases on American-imported consumer products,” the economist said.
“Trump hopes that American industry would then revive sufficiently to produce the same products at cheaper cost. That could happen, except that the new factories will not produce large numbers of jobs (they will be near-automated),” the professor added.
In other words, Trump’s proposed slap-on-tariffs-first-and-ask-questions-later approach to trade carries grave risks for Washington, according to Dr. Shakespeare. “Since economic power is shifting away from the USA,” a new trade war “could be a war which the US will lose,” he summed up.
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