The global economy isn’t healthy, and everything isn’t hunky dory. But the trade issue is the icing on the cake, not the main story.
By backing away from a border adjustment, Republicans are making a major mistake. This policy will help narrow the trade deficit and fund a tax cut for all domestic businesses.
These two changes would transfer workers’ share of the corporate tax onto American investors, who are so far the disproportionate beneficiaries of globalization.
While Americans embrace their reinstated confidence in both economics and international affairs, China seems to be going the opposite direction.
To resist the homogenizing influence of globalization and supranational organizations is not itself an anti-liberal act.
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