The Great Soybean Conspiracy
The Trump administration appears to be headed for a trade war on three fronts. As far as anyone can tell, it is simultaneously going to take on China, the European Union and our partners in the North American Free Trade Agreement. The economic fallout will be ugly.
But that’s probably not the whole story: There’s also likely to be ugly political fallout, not just abroad but here at home, too. In fact, I predict that as the downsides of hard-line trade policy become apparent, we’ll see a nasty search by President Trump and company for people to scapegoat. In fact, that search has already started.
.. So did the administration say, “Look, we’re taking a tough stand, and there will be some costs”? Why, no. Instead, Ross declared that the price changes were the work of “antisocial” speculators engaged in “profiteering,” and called for an investigation. See, we aren’t looking at the predictable effects of administration policy; we’re looking at an anti-Trump conspiracy.
.. How will the administration react to the blowback when the trade war really gets going? Will it admit that it misjudged the effects of its policies? Of course not.
What I predict, instead, is that it will start seeing villains under every bed. It will attribute the downsides of trade conflict not to its own actions, but to George Soros and the deep state. I’m not sure how they can work MS-13 into it, but they’ll surely try.
.. The point is that the politics of trade war will probably end up looking like Trump politics in general: a search for innocent people to demonize.