The latest to join the list of economists who have criticised Donald Trump on his protectionist trade measures is the famous American economist Joseph Stiglitz. The recent decisions taken by Donald Trump-led US administration has disrupted the normalisation of global trade, Joseph Stiglitz said on Friday. Addressing the audience at a media event, Nobel laureate Joseph Stiglitz said, “Trump has upset the normal way of trade. He has exploited the woes with globalisation.” He was sharing his views on ‘Anti-Globalisation in the era of Trump.’ The professor at Columbia University clearly stated that the recent ‘protectionist’ measures taken by Donald Trump will hurt no one else more but the citizens of the US. “Trump’s trade tactics will hurt growth of the US economy. The rise in import duty of steel will hurt car sales,” he added. The famous economist also said that he sees underlying concerns with globalisation, and there is an urgent need to rethink the global trade architecture.
Rise of China
Speaking on the steady economic rise of China in the last few years, he said that the country has grown faster than anyone expected in the last 25 years. As China is on course to overpower the US, the world power balance is on verge of a change, Joseph Stiglitz said. “China’s population is five times that of the US and its PPP can double in the next 15 years,” he anticipated.
What Nouriel Roubini said
Yesterday, economist Nouriel Roubini had also echoed same sentiments and said that Trump’s ‘America-first’ policy would only hurt the US in the long term. He had said that ‘making America great again’ is a narrow approach and ignores the trade policieS laid down by the World Bank and the International monetary Fund (IMF). China and North Korea will destabilise the global economic order, he has said yesterday. From Trump in the US to Brexit, there are strong men world over who are emerging as threats to the liberal democracy, he had said.
