Please consider Border Closures ‘May Show What a Full-Blown Trade War Looks Like’.

CC secretary general John Denton also called on China – where the number of virus cases has dwindled – to continue with its market reform process once the Covid-19 pandemic was over.

“What you are seeing in a way is kind of an avatar for what happens with protectionism,” Denton said during an interview in Paris, where the ICC is based.

“You’re seeing borders being closed, goods being redirected, supply chains being redesigned, whole sectors of the economy feeling the impact of the closing of borders.

“And if you think about a full-blown trade war, that’s actually what happens,” he said. “I don’t speak in apocalyptic terms – all I’m saying is that it’s an interesting parallel to be drawn.”

Borders Closed

Four European countries have closed their borders, preventing people from arriving or leaving. Italy – the country worst-hit by the coronavirus outside China – is on a nationwide lockdown, affecting at least 60 million people, and Spain announced on Saturday it would do the same.

The Path We Were On

Michael Pettis at China Financial Markets says that is the path we were on.

I agree, as Trump has literally been on the edge of triggering Smoot Hawley for a year.

He is an economic fool who still believes "Trade Wars are Good and Easy to Win."

RECOMMENDED ARTICLES

That said, I believe Trump would not have been re-elected, and I am sure his poor handling of the coronavirus has sealed his fate.

Insisting on Made in America Means No Supplies

On the Lighter Side

Meanwhile, Locally

My wife got the last four boxes of macaroni and cheese at Jewel today. We were out, not hoarding.

The entire store was stripped bare. Toilet paper, gone. Sanitizers, gone. Shelves empty.

She got a package of Jewel sausages because they were out of Johnsonville. They were "hot" and I won't eat them. She said that is all they had.

We have a freezer and I have hams, bacon, pork chops, chicken, butter, cheeze, and steaks frozen. Always have a supply.

We have a supply of pasta too, but I did not realize until yesterday we were out of sauce. We got the last few cans of that too.

Amazing.

Mike "Mish" Shedlock

Stocks Rattled on Trade Talks: Full-Blown Trade War Becomes Base Case

Once again the trade war with China is the headline story of the day. What's the base case?

Car Manufacturers Caught in Crossfire of Trump's Trade War

The global repercussions of Trump's trade wars have a new casualty: US and European car manufacturers.

Understanding Trump's Trade War Tactics in One Picture

For the 42nd time, Trump reports trade war progress with China.

Trade War Hits Home: Trump's Asinine Protectionism

On MSNBC’s Morning Joe, Steven Rattner presented charts showing how the fallout from Trump’s trade war is coming home.

Trump and China to Sign Trade War Ceasefire on Wednesday

On Wednesday, the US and China will sign a compromise deal that will calm but not end a two-year trade war.

Who Will Win the Trade War? Some Say China, Others Say Trump

Stories abound regarding who will win Trump's trade war with China. Trump? China? Neither? Both?

Currency War or Trade War? Two-Edged Dilemma for US and China

Does China (Trump) want to fight a trade war or a currency war?

Trump Tweets "Trade Wars are Good and Easy to Win"

In one Tweet, Trump proves he understands neither trade math nor trading partner psychology.

Governor Kristi Noem Says Trump's Trade Wars "Devastated" South Dakota

South Dakota Gov. Kristi Noem says trade wars have “devastated” her state. She wants Trump to wrap up the talks quickly.