How The Trump Trade War Is Going
Judging the results of his tariff theory by its own standards
Like most Americans, I had worried that Donald Trump had no actual plan behind his tariff drama. But then I looked into Stephen Miran, Trump’s tariffs guru, and was relieved to learn that a novel, but sound, theory of money and trade underlies the seemingly-frenetic tariff announcements.
As I explained for premium subscribers two weeks ago, the administration is running an economic experiment to find out whether the US dollar can remain the world’s reserve currency without running up big trade deficits, anymore. We are still a long way from certainty whether the experiment is succeeding, but here is an update on the uncertainty.
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