"A far better strategy is to exert maximum pressure on the US economy, which will then reveal its fundamental weaknesses, scare Trump’s billionaire friends, and ultimately force him to blink (again). This can be achieved by rejecting any negotiation and pursuing proportional acts of retaliation. If enough countries adopt such an approach, America will find itself isolated. Since the US represents only 15% of world trade, those representing the remaining 85% have everything to gain by coordinating their response.
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By imposing reciprocal tariffs on US goods, countries can harm the US export sector, thereby creating a domestic lobby for ending the aggression. In the absence of such a countervailing force, the lobby for import substitution (industries producing goods that the country currently imports) in the US will have Trump’s ear.
A version of this political-economy argument featured prominently in successive trade negotiations throughout the postwar period. In negotiating tariff reductions, countries used a reciprocity argument: We will reduce our own tariffs if others around the negotiating table do the same. In doing so, they created a domestic lobby of exporters favoring tariff reductions, and helped to overcome opposition from the import-substitution sector. This approach was highly successful in reducing tariffs worldwide, and there is no reason why it shouldn’t be equally successful today.
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To solve this collective-action problem, we need political leadership. China has already shown the way with its reciprocal tariffs on US goods. If the European Union were to join it, there would be two leaders big enough to harm the US significantly, and others would have an incentive to join the coalition."
https://www.project-syndicate.org/commentary/trump-tariffs-call-for-global-retaliation-to-eliminate-us-leverage-by-paul-de-grauwe-2025-05?
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