Barclays: Trade Wars Are Economically Costly But "Smart Politics" [zero hedge]
Barclays PLC (BCS)
US:NYSE Investor Relations:
home.barclays/barclays-investor-relations.html
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Source: zero hedge
In a note published overnight, Barclays explains what may be the primary motivation for Trump to keep pushing through with his desire to impose import tariffs despite getting substantial pushback from both Republicans and (now former) members of his advisory circle.As Barclays strategist Aziz Sunderji notes, amid declining employment in manufacturing and stagnant wages, a portion of the American electorate has become more skeptical toward free trade, and as a result "Politicians from both parties have channeled that skepticism."Aziz then notes the asymmetrical gains/losses that make declarations of trade wars often times desirable: according to the Barclays strategist protectionist rhetoric can be a useful political strategy, because while the benefits of free trade are widely dispersed among many, the beneficiaries are likely to protest only mildly to protectionist measures. Meanwhile, the costs of free trade tend to be acutely borne by a few, with whom protectionism resounds strongl
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