Imagine you're participating in a TV show and you're asked to guess which US presidential candidate has said that many Americans are angry because of the state of the economy, which is rigged in favor of the elites. This statement could've easily been Trump's or Hillary's, or Bernie's. And not because of the cynicism of the former two, both representatives of the economic and political elites, respectively. Kind of doesn't make sense to hear a top-1-percenter whining against the privileged, right? It's just that both presumptive nominees (what a weird term) are now eager to ride the wave of protectionism that's been sweeping across hearts and minds in America, and is shaping up to become the new slogan at the upcoming general election. Oh, by the way, the words are Hillary's
. She said them back in February at the Uni of Wisconsin. Funny, right?
In short, the main reason for a freshly renewed protectionism schtick is that more and more US workers are worried they could lose their jobs if the trade agreements with other parts of the world kick in, and cheap stuff from China starts undermining the US economy. The presidential candidates, in turn, are tempted to play by that tune and use it in their favor to garner support and earn votes. Doubtless, Trump is more extreme in his statements than Hillary. He has turned the debate on free trade into one of the pillars of his campaign, hurling numerous tough utterances against China, Mexico and Japan, and proposing a 45% tariff
on all Chinese goods. But Hillary is not too far behind, either. She has said she doesn't support TPP, although just a few years ago while she was Secretary of State, she called it the "gold standard
" of trade agreements. This "evolvement" of hers shows that the popularity of open economy and market is dwindling. And that's a rather risky tendency in the current situation, where the global economic growth remains way below the pre-2008 levels (this year's WB forecast is for 2.4%
), and the G-7 leaders still can't come up with a way to bolster it.
( Things aren`t as hunky-dory as the official stats suggest )