Tag Archives: US economic

Moneywise: ‘This is a tragedy’: Mark Carney warns the 80-year period of US economic leadership ‘is over’ — says America is no longer the anchor of global trade. Here’s how to survive the ‘new reality’

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Trump’s “Liberation Day” may be the first step in America’s exit from its role as the world’s economic anchor and trusted trade ally. That’s according to Canadian Prime Minister Mark Carney, who didn’t hold back in a press conference shortly after reciprocal tariffs on U.S. autos were announced.

“The system of global trade anchored on the United States … is over,” Carney said during the recent announcement. “The 80-year period when the United States embraced the mantle of global economic leadership … is over. While this is a tragedy, it is also the new reality.”

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According to the BBC, world leaders, including EU Commission Chief Ursula von der Leyen and Japan’s Prime Minister Shigeru Ishiba, say the ongoing trade war will have “dire” consequences for millions of people across the world and undermine the global trading system.

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The U.S. isn’t just the largest economy in the world, it’s also the largest consumer of goods and services.

‘This is a tragedy’: Mark Carney warns the 80-year period of US economic leadership ‘is over’ — says America is no longer the anchor of global trade. Here’s how to survive the ‘new reality’
He warns Trump’s tariff policy could “rupture the global economy.”

https://www.msn.com/en-us/money/markets/this-is-a-tragedy-mark-carney-warns-the-80-year-period-of-us-economic-leadership-is-over-says-america-is-no-longer-the-anchor-of-global-trade-here-s-how-to-survive-the-new-reality/ar-AA1Ew3q9

Financial Times: Donald Trump’s ‘Marie Antoinette moment’: call for national sacrifice falls flat

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President faces backlash after warning Americans they will have to make do with fewer toys at Christmas

Here was the president acknowledging his trade war might cause real hardship for voters — many of whom elected him to bring down the cost of living and boost growth.

Trump’s enemies could hardly believe their luck. They mocked him on social media as a modern-day “Grinch who stole Christmas” and “Scrooge McTrump”. One television presenter, channelling the Sopranos, called him “Donny 2 Dolls”.

“‘Your family will have less, but it’ll be more expensive’ is definitely a solid economic pitch,” the stand-up comic Mike Drucker wrote on X.

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Isaac Larian, chief executive of MGA Entertainment, the largest toymaker in the US, said the tariffs will be “disastrous”, predicting a “30-40 per cent drop in sales”.

The company gets 65 per cent of its products from Chinese factories, and the tariffs will force them to massively raise prices — from $15 to $29-$30 for a Bratz doll, one of its most popular items.

“If the tariffs are not reduced we’re going to be forced to lay off people, including people in our factory here actually manufacturing toys in the US,” said Larian, who said he voted for Trump last November.

https://archive.is/W4xe1#selection-2295.0-2302.0