Balance of Power from Bloomberg Politics
Three words uttered in a throwaway moment sent markets into a tailspin last night, showing just how fragile the global economy has become — and how fraught the political environment is.The sense of panic that: “It’s over. Yes” caused is a reminder that, with deep recessions caused by the Covid-19 pandemic, now is not the time to add another log to the economic bonfire.The comments from Donald Trump’s hawkish trade adviser Peter Navarro — in response to a long question by a reporter on whether parts of the China-U.S. trade deal were “over” — necessitated the intervention of the U.S. president to hose things down.“The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!” Trump said in a Twitter post. China said Navarro’s comments had no credibility.The whipsaw from the trade remarks points to a larger challenge. Big global economic downturns, and resultant political problems at home for leaders, can create the temptation to point fingers, to pick fights. To fall into protectionism, to shut the door on skilled immigrants, to lift coronavirus aid programs too quickly for fear of the debt burden accumulating.That’s particularly dangerous when it involves the two biggest powers. There could be political points for both Trump and President Xi Jinping in returning to a full-blown trade war, but economically everyone would stand to lose.Hair-trigger markets are just one pointer to that.– Rosalind Mathieson![]() |
Global Headlines |
Immigration freeze | Trump signed an order temporarily halting access to several employment-based visas, affecting hundreds of thousands of people seeking to work in the U.S. The technology industry said the move would hurt the economy. The issuance of new green cards will also remain halted through the end of the year.Setting the stage | Trump has repeatedly said vote-by-mail could cost him re-election. Some Republican strategists think he’s right, but, as Ryan Teague Beckwith reports, that’s more because the president’s words risk scaring away his own voters than because of fraud. Trump argues, without citing evidence, that mail-in balloting is open to manipulation, vulnerable to foreign forgeries and beneficial to Democratic rival Joe Biden.Trump is looking to put the setback of his poorly attended Oklahoma rally behind him with a visit to Arizona today, where he’ll return to the familiar issue of border security.![]() |
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