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The Fed is Trump’s Secret Ally in the Trade War

Chris Miller publishes op-ed in Foreign Policy on the federal reserve's reaction to Trump's tariffs.

In his various trade wars, U.S. President Donald Trump seems to have fewer and fewer allies. Early in his tenure, he slapped steel and aluminum duties on most of the world. He menaced the European Union and Japan with auto tariffs. He forced Mexico and Canada to sign a deal to rename the North American Free Trade Agreement, and then threatened Mexico with a new round of penalties unless the country did more to address immigration to the United States. South Korea only avoided new tariffs by signing a (mostly meaningless) new trade deal.

It is difficult to find a country, friend or foe, that has escaped Trump’s wrath. And even Trump’s fellow Republicans in the Senate have voiced skepticism about his latest tariff spat with Mexico and his plans for imposing duties on European cars.

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