U.S.-China trade war threatens to upend not only the American economy but the global order [Los Angeles Times (CA)]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Los Angeles Times
It could also transform the balance of global power in ways that fundamentally undermine U.S. standing in the world. As President Trump pushes the United States into a trade war with China , the trade-offs are often described as higher consumer prices and inflation versus the potential to bring back manufacturing jobs that Americans lost over the last three decades. But the economic showdown between Trump and Chinese President Xi Jinping is about much more than the price of an iPhone or a pair of Hoka shoes. An extreme, protracted trade war between the two global superpowers brings profound risk that, economists say, could destabilize the world economy, trigger a global recession and plunge millions into poverty. It could also transform the balance of global power in ways that fundamentally undermine U.S. standing in the world. “There is a good chance that this is something that isn't just printed in the newspapers today, but is in history books decades from now,” said Jason
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