Trump retreat on some tariffs raises scant hopes

Trump retreat on some tariffs raises scant hopes

We seem to be living in a strange new world where first world countries leaders are acting like Corporate CEOs trying to please there shareholders (voters). Instead of a focus on long term strategic relationships based on historical long standing bilateral and multilateral agreements, policy decisions are being made on short term tactical positions which are more transactional in nature. This so called “retreat” seems to be the latest tactic where both sides were hardening their stance and waiting for the other side to blink first. The latest Brexit approach by PM Boris similarly seems to be a tactical ploy to threaten a no deal Brexit with an expectation that the EU (all 27 countries) will blink at the last minute. If this continues across other major economies, there is a risk that the post WW2 world economic order which survived a number of shocks (e.g. dot com and credit crunch), may not survive affecting future growth prospects. At an individual country level, the UK economy has already been impacted by the continuing uncertainty over when and if and what sort of Brexit we will have. It time for those in a position of power and authority to start acting more sensibly or risk turning economic disorder into something far worse!

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Ayaz Siddiqui, 14th August 2019

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