From Top Electric.

Nobel Prize-winning economist Joseph Stiglitz unveils the devastating hidden costs of America’s trade war, exposing a policy that promised economic strength but delivered widespread damage. Initiated in 2018, the trade war imposed tariffs on billions in imports, targeting China to revive U.S. industries and reduce trade deficits. Instead, Stiglitz reveals a cascade of unintended consequences: tariffs acted as a tax, raising consumer prices by 0.4% annually and costing $40 billion yearly, hitting lower-income households hardest. Industries like agriculture and manufacturing suffered, with soybean exports plummeting 50% and 245,000 jobs lost by 2019. Globally, the trade war isolated the U.S., as China forged new trade alliances and initiatives like the RCEP excluded America, eroding its economic influence. Stiglitz warns of long-term threats to innovation, as disrupted supply chains and export controls spurred competitors like China to accelerate domestic advancements, risking U.S. leadership in technology. Socially and politically, the trade war deepened domestic divides and global mistrust, hindering cooperation on critical issues like climate change. Stiglitz advocates for a smarter approach: targeted international agreements, investments in education, infrastructure, and R&D, and renewed multilateralism to rebuild alliances. His critique is a wake-up call to rethink trade as a tool for shared prosperity, not a weapon of economic nationalism. This compelling analysis challenges policymakers to confront the true cost of a war America cannot afford to continue, urging a path toward resilience and global cooperation.

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