Steve Lunetta (Opinion, July 19) seems to believe that we can win a trade war with China or our allies, with Donald Trump at the helm. Steve has been listening to and trusting that Trump is a brilliant negotiator, even if only in his own mind.
It is clearly in our national interest to reduce the imbalance in trade, especially with China. However, China is holding our bonds hostage, and the leverage they have is overwhelming. The GOP Congress has shown that, like others in the past, they have no taste for balancing a budget. If China refuses to purchase Treasury bonds as payment for goods sold to the U.S., the interest rates we would have to pay to other lenders would be exorbitant. Interest payments on the national debt would skyrocket. And the Congress would be loath to increase taxes to their donor class, even in a national emergency. Guess who will get stuck with the bill: You and me, average Americans.
Trump boasts that he is willing to take on China, but like all other bullies, he backs down when challenged. One remedy to the trade imbalance was abandoned, the Trans Pacific Alliance. Now Japan is embarking on a separate trade agreement with the European Union. Eventually all of our alliance countries will do the same, in their national interest. Putting our trust in this dangerous buffoon is reckless.
Where is our Congress, which is designated by the Constitution to be responsible for trade policy?