U.S. President Donald Trump's education in global trade continues. Not long ago, he declared that trade wars "are good and easy to win." He knows better now. The administration's performance in its latest trade talks with China has been ineffectual, instructive and (yes) humiliating.
Let's be clear. China is the one major country where an aggressive American trade policy is warranted — unlike Trump's decisions to withdraw the United States from the Trans-Pacific Partnership (TPP) or to renegotiate the North American Free Trade Agreement (NAFTA). These were exercises in grandstanding, intended to impress his supporters.
In reality, these moves damaged American interests. They alienated our allies and trading partners, from Canada and Mexico (NAFTA) to Japan, Australia and Chile (TPP). Trump's obsession with trade deficits further muddies the debate.
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