#Economics #Tariffs #Australia #US #EU
*The Economics of Trade Wars*
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...been creating subsidized surpluses like the infamous "Butter Mountain" or the "Milk Lake" for decades. These surpluses have historically been dumped on the world market or even destroyed.
In my view, what Trump's new Mercantilism will entail is a vicious circle of rising tariffs and subsidies between export nations, until increasing fall-outs from #GlobalWarming like #ExtremeWeatherEvents...