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15-05-2025, 11:07 PM
Trump behaves as if it is possible to completely revamp the world order with a snap of his fingers, but he has forgotten that everything comes at a price.
The US may reap some benefits through these tariffs, but at the same time, it may lose something far more precious.
The age of a great US will come to a close the moment that it falls for the notion that its hegemony is only manageable through sheer force and bullying.
What about the service sector? The situation there is a surplus: the US exports more than it imports in the sectors of financial services, tourism, education, and technology services. In 2023, it recorded a surplus of around US$278 billion with exports of over US$1.25 trillion in services. The size of that surplus is likely to have been even higher in 2024.
From the US’ standpoint, one might emphasize the point that the trade deficit persists even when goods and services are combined. That doesn’t change the fact that the US is a major exporter — one that dominates in services rather than goods.
There is one other thing that shouldn’t be forgotten: the US’ purchasing power is rooted in the strength of the dollar. Without the dollar’s status as the world’s primary reserve currency, US consumption would be unsustainable. The trade deficit would be a catastrophe.
With the dollar, the US can achieve most of what it wants. While other countries need to toil away to amass dollars to survive, the US can print them more or less for nothing.
If the US starts generating a surplus through supply chain self-sufficiency the way Trump intends, the rest of the world will be starved for dollars. Demand for dollars will escalate, and the value of the dollar will rise rapidly. A sharp rise in the dollar’s value will diminish the competitiveness of US exports.
As this situation persists, the rest of the world will go looking for a new reserve currency. At that point, demand for the dollar plummets, taking its value with it. Trump’s people cannot be unaware of that fact.
Ultimately, the US will seek to use its military strength as another means to stop the dollar-based system from breaking down. But how long can that exodus be held off amid an absolute shortage of dollar supplies? It can’t be.
Will such a belief really be able to “save” America? Even if the Trump administration gets what it wants out of the tariff policies, the fallout could be disastrous. The problem is that there are no clean victories in a situation like this. Wars, trade or otherwise, always leave destruction in their wake, no matter who wins.
https://english.hani.co.kr/arti/english_...97667.html
The US may reap some benefits through these tariffs, but at the same time, it may lose something far more precious.
The age of a great US will come to a close the moment that it falls for the notion that its hegemony is only manageable through sheer force and bullying.
What about the service sector? The situation there is a surplus: the US exports more than it imports in the sectors of financial services, tourism, education, and technology services. In 2023, it recorded a surplus of around US$278 billion with exports of over US$1.25 trillion in services. The size of that surplus is likely to have been even higher in 2024.
From the US’ standpoint, one might emphasize the point that the trade deficit persists even when goods and services are combined. That doesn’t change the fact that the US is a major exporter — one that dominates in services rather than goods.
There is one other thing that shouldn’t be forgotten: the US’ purchasing power is rooted in the strength of the dollar. Without the dollar’s status as the world’s primary reserve currency, US consumption would be unsustainable. The trade deficit would be a catastrophe.
With the dollar, the US can achieve most of what it wants. While other countries need to toil away to amass dollars to survive, the US can print them more or less for nothing.
If the US starts generating a surplus through supply chain self-sufficiency the way Trump intends, the rest of the world will be starved for dollars. Demand for dollars will escalate, and the value of the dollar will rise rapidly. A sharp rise in the dollar’s value will diminish the competitiveness of US exports.
As this situation persists, the rest of the world will go looking for a new reserve currency. At that point, demand for the dollar plummets, taking its value with it. Trump’s people cannot be unaware of that fact.
Ultimately, the US will seek to use its military strength as another means to stop the dollar-based system from breaking down. But how long can that exodus be held off amid an absolute shortage of dollar supplies? It can’t be.
Will such a belief really be able to “save” America? Even if the Trump administration gets what it wants out of the tariff policies, the fallout could be disastrous. The problem is that there are no clean victories in a situation like this. Wars, trade or otherwise, always leave destruction in their wake, no matter who wins.
https://english.hani.co.kr/arti/english_...97667.html
