1/ Got a good mix of great questions and infuriating comments on this, so a trade war FAQ below.
Feeling cute, might do a video later.
Feeling cute, might do a video later.
https://twitter.com/DmitryOpines/status/1447152387722973185
2/ Question: "What is a trade war?"
A trade war is when governments start using the tools of trade policy (tariffs, bans, requirements, testing, procedures etc.) maliciously, instead of merely selfishly (as is normal).
A trade war is when governments start using the tools of trade policy (tariffs, bans, requirements, testing, procedures etc.) maliciously, instead of merely selfishly (as is normal).
3/ Question: "What does that mean?"
It means analysing another government's economy and imposing barriers to trade and investment where they'll do the most economic or political damage, ideally without hurting your own consumers or producers too much.
It means analysing another government's economy and imposing barriers to trade and investment where they'll do the most economic or political damage, ideally without hurting your own consumers or producers too much.
4/ Question: "Any examples, nerd?"
- Raising tariffs on their luxury exports (whiskey/Harleys)
- Banning sales of critical inputs they need (tech, energy, rare earth minerals etc.)
- Making it more difficult for your large funds to invest in their companies
- Raising tariffs on their luxury exports (whiskey/Harleys)
- Banning sales of critical inputs they need (tech, energy, rare earth minerals etc.)
- Making it more difficult for your large funds to invest in their companies
5/ Question: "Aren't we already in a trade war?"
No. You are absolutely not.
While the UK and EU have been a little rough on some trade issues, they have overwhelmingly both leaned on the side of prioritizing trade flow and seeking compromise.
No. You are absolutely not.
While the UK and EU have been a little rough on some trade issues, they have overwhelmingly both leaned on the side of prioritizing trade flow and seeking compromise.
6/ Question: "Can the UK even fight a trade war when it's not enforcing a lot of border checks?"
Yes, yes it can.
The majority of businesses are not going to start smuggling just because checks are currently limited for the same reason your work doesn't just torrent MS Office.
Yes, yes it can.
The majority of businesses are not going to start smuggling just because checks are currently limited for the same reason your work doesn't just torrent MS Office.
7/ Question: "Won't the EU crush the UK in a trade war, it's so much bigger?"
No one wins a trade war.
While it's probably true the EU has more options for causing pain, absorbing pain, and finding alternative suppliers/customers than the UK does, no one is going to enjoy it.
No one wins a trade war.
While it's probably true the EU has more options for causing pain, absorbing pain, and finding alternative suppliers/customers than the UK does, no one is going to enjoy it.
8/ Statement: "It will all be worth it to finally highlight the folly of Tory rule/Brexit."
First, it's ordinary people who will suffer in a trade war, not Jacob Rees-Mogg.
Second, the Tory lead has survived a lot of stuff, you really think this'll do it?
First, it's ordinary people who will suffer in a trade war, not Jacob Rees-Mogg.
Second, the Tory lead has survived a lot of stuff, you really think this'll do it?
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