FOREIGN POLICY/TRADE DEALS/TRUMP AS PRESIDENT: “President Donald Trump Friday [3-2-18] said that ‘trade wars are good’ in a tweet the morning after he announced the U.S. would impose steep tariffs on steel and aluminum, a move that prompted America’s trading partners around the world to suggest they would retaliate…
It appeared Mr. Trump was referring to a $100 billion bilateral trade deficit with a certain country, though it wasn’t clear which one he was invoking. In 2017, the U.S. ran a global goods deficit of $810 billion. The largest bilateral trade deficit was $375 billion with China.
Later Friday Mr. Trump reiterated, via Twitter , a statement he has made repeatedly in recent weeks—without detailed explanation—about his desire to impose a ‘reciprocal tax’ on trading partners… The president’s tweet embracing international commercial conflict followed his surprise announcement midday Thursday that his administration was planning broad tariffs of 25% on steel imports, and 10% on aluminum imports, to be unveiled sometime next week. The duties would be imposed under a little-used Cold War-era law allowing presidents to curb imports they deem threatening to national security.
The White House has so far given no details about the new policies beyond the top-line numbers… Also, countries around the world hinted at retaliation in the wake of Mr. Trump’s announcement.”
-Jacob M. Schlesinger, “‘Trade Wars Are Good,’ Trump Tweets,” The Wall Street Journal online, Mar. 2, 2018 12:26pm