'Trade wars are good, and easy to win,' Trump tweets

[Dartz]

Meanwhjile, Global trade is now just sort of Routing Around the breakdown with the EU and Japan shaking hands on a deal that's been in the works.

The deal, which is five years in the making, will virtually scrap import duties on Japanese goods into the EU, including machinery parts, tea and fish, when it takes effect by late 2019. A 10 per cent tariff on passenger cars will be abolished over seven years.


Europe successfully nudged Japan to face down its powerful farm lobby by cutting tariffs on imported wine, pork, cheese, chocolate and other food products. Japan will eliminate tariffs of more than €1 billion on about 94 per cent of European imports into the country before phasing them out almost entirely, said the European Commission.

You remove your tarrifs on our X and we'll remove tarrifs on your Y.... we'll both shake hands and everybody will be better off.

Amusingly, many of the concessions Japan offered were apparently originally destined to be offered to the US until somebody ruined it. And, a good chunk of the dairy products on the list are suspiciously similar to those normally exported by Ireland to the UK....

It's also been presented as a win for everybody. Farmers have a new market, and can now get access to cheaper cars and spare parts in return.

The only loosers are the ones who don't take part. Like the UK who'll probably loose plenty of car factories if WTO rules suddenly and surprisingly apply to them next April.