glalt wrote: ↑
July 4, 2020, 10:01 am
There is no doubt that Trump alienated many countries with his USA first program. Those countries were forced to give up their lucrative VERY favorable trade deals. It is a great advantage for the USA to have a level playing field. It should be obvious that the UN and NATO are full of overpaid appointed bureaucrats. Why should the US pay more than their fair share?
The US has been protectionist for most of the last 100 years, there are highly restrictive regulations, tariffs and quotas in place, particularly for agriculture & metal imports. Free trade has never been a US policy. On top of that, internet and technology giants like google, Apple, Oracle and Microsoft use tax transfer mechanisms so they pay little tax in countries where they make large profits. Chevron is but one other example of dodgy tax arrangements.
Trump has threatened retaliation if any country changes legislation to force these corporates to pay tax in the countries where they make profits.
Now Asia is a manufacturing powerhouse, The USA is no longer a manufacturing superpower, it lags in quality and costs. Detroit iron has been below foreign manufacturer's build quality for decades, no wonder the manufacturing belt became the rust belt.
America's problems are of it's own makings in general, now I cannot see it recovering its leadership role.