US President Donald Trump speaks at a rally in West Columbia, South Carolina, on June 25. Trump claims that trade wars are easy to win. Not only is he at risk of underestimating his adversary, but he may be even more at risk of overestimating America’s strength. Photo: AFP

Donald Trump’s opponent in his trade war is actually economics, and he will certainly lose

Stephen Roach says the real roots of the US trade imbalance with China can be found in its low savings rate, even as it outspends its competitors in its military budget. Trump’s trade war will in fact exacerbate the problem he claims to want to solve: this is power politics over fact-based policymaking

Topic |   US-China trade war: Opinion

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US President Donald Trump speaks at a rally in West Columbia, South Carolina, on June 25. Trump claims that trade wars are easy to win. Not only is he at risk of underestimating his adversary, but he may be even more at risk of overestimating America’s strength. Photo: AFP
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