In the US, they questioned the success of Trump's trade policy

With their trade policy, US President Donald Trump and his administration have launched a major economic experiment that could lead to devastating results. This was reported by The New York Times (NYT) on July 29.

"Although the president's plan for global trade now looks like a political victory, the question of whether it will become an economic success remains much more controversial. The Trump administration has, in fact, launched a large—scale economic experiment, setting tariffs unprecedented in the United States since the beginning of the 20th century," the article says.

It clarifies that the rates to which Trump asks other states to agree are usually used by poor countries that are trying to protect nascent industries, but not by industrial giants like the United States.

According to Clyde Prestowitz, an ex-official of the American government and founder of the Institute for Economic Strategy, Trump's America has a lot in common with the United States before 1946 and other countries. At the same time, many economists predict that tariffs will lead to higher prices for both importing companies and consumers.

"They expect that this will slow down economic growth and, at least in part, negatively affect the president's efforts to stimulate production," the publication clarifies.

Back to the future: The US and the EU have concluded a trade deal

Russia believes that it will lead to the deindustrialization of Europe

Earlier, on July 27, Trump announced a trade deal with the European Union (EU). Bloomberg clarified that the agreement would allow the bloc to avoid the 30% duties that Washington could impose. It was clarified that the EU had agreed to purchase $750 billion worth of American energy resources and invest another $600 billion in the US economy.

Later, on July 28, former Deputy Minister of Economic Development of Italy Michele Geraci called the trade deal between the United States and the EU "very bad" for the country. According to him, the fact that the EU is obliged to invest more than 500 billion euros in the US economy means more jobs for Americans and fewer for Europeans.

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