So much crazy happens with the Trump administration every day that some downright weird but incredibly telling stuff gets lost in the noise. A recent example was the scene on April 8 at the White House where, in the middle of his raging trade war, our president decided it was the perfect time to sign an executive order to bolster coal mining.
“We’re bringing back an industry that was abandoned,” said President Trump, surrounded by coal miners in hard hats, members of a work force that has declined to about 40,000 from 70,000 over the last decade, according to Reuters. “We’re going to put the miners back to work.” For good measure, Trump added about these miners: “You could give them a penthouse on Fifth Avenue and a different kind of a job and they’d be unhappy. They want to mine coal; that’s what they love to do.”
It’s commendable that the president honors men and women who work with their hands. But when he singles out coal miners for praise while he tries to zero out development of clean-tech jobs from his budget — in 2023, the U.S. wind energy industry employed approximately 130,000 workers, while the solar industry employed 280,000 — it suggests that Trump is trapped in a right-wing woke ideology that doesn’t recognize green manufacturing jobs as “real” jobs. How is that going to make us stronger?
This whole Trump II administration is a cruel farce. Trump ran for another term not because he had any clue how to transform America for the 21st century. He ran in order to stay out of jail and to get revenge on those who, with real evidence, had tried to hold him accountable to the law. I doubt he has ever spent five minutes studying the work force of the future.
He then returned to the White House, his head still filled with ideas out of the 1970s. There he launched a trade war with no allies and no serious preparation — which is why he changes his tariffs almost every day — and no understanding of how much the global economy is now a complex ecosystem in which products are assembled from components from multiple countries. And then he has this war carried out by a commerce secretary who thinks millions of Americans are dying to replace Chinese workers “screwing in little screws to make iPhones.”
But this farce is about to touch every American. By attacking our closest allies — Canada, Mexico, Japan, South Korea and the European Union — and our biggest rival, China, at the same time he makes clear he favors Russia over Ukraine and prefers climate-destroying energy industries over future-oriented ones, the planet be damned, Trump is triggering a serious loss of global confidence in America.
The world is now seeing Trump’s America for exactly what it is becoming: a rogue state led by an impulsive strongman disconnected from the rule of law and other constitutional American principles and values.
And do you know what our democratic allies do with rogue states? Let’s connect some dots.
First, they don’t buy Treasury bills as much as they used to. So America has to offer them higher rates of interest to do so — which will ripple through our entire economy, from car payments to home mortgages to the cost of servicing our national debt at the expense of everything else.
“Are President Trump’s herky-jerky decision-making and border taxes causing the world’s investors to shy away from the dollar and U.S. Treasuries?” asked The Wall Street Journal editorial page on Sunday under the headline, “Is There a New U.S. Risk Premium?” Too soon to say, but not too soon to ask, as bond yields keep spiking and the dollar keeps weakening — classic signs of a loss of confidence that does not have to be large to have a large impact on our whole economy.
The second thing is that our allies lose faith in our institutions. The Financial Times reported Monday that the European Union’s governing “commission is issuing burner phones and basic laptops to some U.S.-bound staff to avoid the risk of espionage, a measure traditionally reserved for trips to China.” It doesn’t trust the rule of law in America anymore.
The third thing people overseas do is tell themselves and their children — and I heard this repeatedly in China a few weeks ago — that maybe it’s not a good idea any longer to study in America. The reason: They don’t know when their kids might be arbitrarily arrested, when their family members might get deported to El Salvadoran prisons.
Is this irreversible? All I know for sure today is that somewhere out there, as you read this, is someone like Steve Jobs’s Syrian birth father, who came to our shores in the 1950s to get a Ph.D. at the University of Wisconsin, someone who was planning to study in America but is now looking to go to Canada or Europe instead.
You shrink all those things — our ability to attract the world’s most energetic and entrepreneurial immigrants, which allowed us to be the world’s center for innovation; our power to draw in a disproportionate share of the world’s savings, which allowed us to live beyond our means for decades; and our reputation for upholding the rule of law — and over time you end up with an America that will be less prosperous, less respected and increasingly isolated.
Wait, wait, you say, but isn’t China also still digging coal? Yes, it is, but with long a long-term plan to phase it out and to use robots to do the dangerous and health-sapping work of miners.
And that’s the point. While Trump is doing his “weave” — rambling about whatever strikes him at the moment as good policy — China is weaving long-term plans.
In 2015, a year before Trump became president, China’s prime minister at the time, Li Keqiang, unveiled a forward-looking growth plan called “Made in China 2025.” It began by asking, what will be the growth engine for the 21st century? Beijing then made huge investments in the elements of that engine’s components so Chinese companies could dominate them at home and abroad. We’re talking clean energy, batteries, electric vehicles and autonomous cars, robots, new materials, machine tools, drones, quantum computing and artificial intelligence.
The most recent Nature Index shows that China has become “the leading country globally for research output in the database in chemistry, earth and environmental sciences and physical sciences, and is second for biological sciences and health sciences.”
Does that mean China will leave us in the dust? No. Beijing is making a huge mistake if it thinks the rest of the world is going to let China indefinitely suppress its domestic demand for goods and services so the government can go on subsidizing export industries and try to make everything for everyone, leaving other countries hollowed out and dependent. Beijing needs to rebalance its economy, and Trump is right to pressure it to do so.
But Trump’s constant bluster and his wild on-and-off imposition of tariffs are not a strategy — not when you are taking on China on the 10th anniversary of Made in China 2025. If Treasury Secretary Scott Bessent really believes what he foolishly said, that Beijing is just “playing with a pair of twos,” then somebody please let me know when it’s poker night at the White House, because I want to buy in. China has built an economic engine that gives it options.
The question for Beijing — and the rest of the world — is: How will China use all the surpluses it has generated? Will it invest them in making a more menacing military? Will it invest them in more high-speed rail lines and six-lane highways to cities that don’t need them? Or will it invest in more domestic consumption and services while offering to build the next generation of Chinese factories and supply lines in America and Europe with 50-50 ownership structures? We need to encourage China to make the right choices. But at least China has choices.
Compare that with the choices Trump is making. He is undermining our sacred rule of law, he is tossing away our allies, he is undermining the value of the dollar and he is shredding any hope of national unity. He’s even got Canadians now boycotting Las Vegas because they don’t like to be told we will soon own them.
So, you tell me who’s playing with a pair of twos.
If Trump doesn’t stop his rogue behavior, he’s going to destroy all the things that made America strong, respected and prosperous.
I have never been more afraid for America’s future in my life.
#Opinion #Afraid #Countrys #Future
