"My fears of a collapse in global trade, the likes of which we have not seen since the Great Depression are coming closer and closer to reality. Obama’s Trans-Pacific Partnership (TPP) is dead. Obama’s Trans-Atlantic Trade and Investment Partnership (TTIP) is also dead on arrival. Neither of those agreements is realistically about free trade. Both contain inane provisions allowing corporations to sue governments. And TPP is mired in global warming muck. Yet, the collapse of the agreements culminates a long period of dwindling deals of any kind. Trump is highly likely to label China a 'currency manipulator', and U.S. relations with Mexico are going to suffer whether of not Trump foolishly builds a wall. Other than the wall, if indeed one is built, it’s highly doubtful anything would have been much different under a Clinton administration. No one wins trade wars, ever. Sarkozy’s comments should be downright scary to any student of history. Trade tit-for-tat madness is very similar to what we saw in the Great Depression when the Smoot-Hawley Tariff Act raised tariffs on 20,000 imported goods to record levels. I am in rare agreement with Ben Bernanke who says 'Economists still agree that Smoot-Hawley and the ensuing tariff wars were highly counterproductive and contributed to the depth and length of the global Depression.'"
LINK HERE to the commentary