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And thus the trade war has begun – a war that the major capitalist economies have not engaged in since the 1930s depression and which was supposed to be resolved by international agreements like General Agreement on Tariifs and Trade (GATT), the World Trade Organisation (WTO) and the North American Free Trade Agreement (NAFTA) in the post-war period. Trump has called the WTO the worst possible trade deal and NAFTA the next worst (for America). America had protected European and Japanese capitalist states with its armies and nuclear weapons against the supposed Russian threat and now it was time they paid their way both in defence spending and in ‘fairer’ trade deals. The real irony in this argument by Trump was that then he called for Russia, the supposed enemy, to be restored to a place at the top table – talk about adding insult to injury.


full: https://thenextrecession.wordpress.com/2018/06/10/trumps-tantrums-and-the-world-economy/
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