Reference News website reported on April 7 that Spanish La Vanguardia website published an article titled "Trump Kicks Away the Globalization Chessboard and Returns to the Past" on April 4. The author is Ramon Amelich. The content is compiled as follows: Until April 2, US President Trump still had support from the business community and financial sector. Because he advocated low taxes and maximum relaxation of market regulation, and they believed that he would not throw a "nuclear bomb" on global trade, would not implement stricter tariffs than expected, would not cause economic chaos and uncertainty. They thought that financial markets would stop him through their own mechanisms. But it was not the case. Trump broke with the liberal tradition of decades and the policies of his predecessors, forcing businesses in half the world to make difficult choices between price increases, relocating operations back to the US (which is unlikely given current uncertainties), or compressing profit margins. Supply chains built over decades were destroyed overnight, and now no one can rule out the possibility of an economic recession. Trump ended the decades during which global tariffs and trade restrictions decreased year by year. During this period, the United States accumulated huge trade deficits. In exchange, capital from all over the world flowed into the United States. This trade allowed Americans to enjoy better quality and cheaper consumption. Deindustrialization and the plight of the white working class provided some justification for Trump's actions - especially for the more nationalist and protectionist factions within his administration. It even provided a reason to use tariffs to protect certain imbalanced sectors. However, this requires patience and multilateral agreements, and the new American right seems unprepared. No, Trump chose to kick away the "globalization chessboard" and return to the past. This decision goes against economic history. The pursuit of zero bilateral trade deficits with various countries has reached absurdity. Will Americans stop eating bananas, or start growing bananas themselves? The economists around Trump argued that being tough on Europe or Mexico was to prevent China from slipping in through the "back door". In fact, it is China itself that explains why the new American right decided to end a system that once benefited the United States. The past 30 years have been a history of China's rise in the international economic landscape. The current globalization system was created by the United States, but now the United States is distancing itself from it because China has become a strong power, posing a threat to the United States. But the move by the US president is more likely to accelerate America's decline. China will be affected, but it will also gain greater trading space, and receive a generous gift: when the US gives up free trade, China becomes the flag bearer of free trade. And Washington may actually be accelerating its own decline as a great power. Trump's calculations at the international level can be described as a disaster. The US will need many years to repair its image, as it has become an unreliable country. Now, China is a more reliable partner. Trump's decision even made people begin to imagine a globalization world without the United States: Europe, Asia, Canada, and the Global South countries strengthen trade ties further, sailing independently. (Compiled/translated by Han Chao) Original article: https://www.toutiao.com/article/7490400794315850280/ Disclaimer: The article only represents the views of the author. Please express your attitude by using the "like/dislike" buttons below.