The Stupidest Trade War in History! A Brutal Scandal Between Donald Trump and The Wall Street Journal

"On Saturday (February 1), US President Donald Trump fired his first tariff salvo against those notorious American adversaries... Mexico and Canada", The Wall Street Journal wrote in an extensive article about the tariffs imposed on the US neighbors. Trump did not delay in responding and called the American newspaper "leaders of the tariff lobby".

On February 2, the newspaper wrote that "these adversaries of the US (Canada and Mexico) will be subject to a 25% tariff, while China, the real adversary, will bear 10%". This reminds us of the old Bernard Lewis joke that it is risky to be America's enemy, but it can be fatal to be its friend, the American publication adds.

"China aside, Trump's justification for this economic attack on its neighbors makes no sense", the publication continues.

White House press secretary Carolyn Leavitt said that they had "allowed drugs to flow into America".

"But drugs have been flowing into the United States for decades and will continue to do so as long as Americans continue to use them. Neither country can stop it".

Drugs could be an excuse, as Trump has made it clear that he likes tariffs for their own sake. "We don't need the products that you have", Trump said last week. "We have all the oil you need. We have all the trees you need, that is, lumber"

Sometimes Trump makes it sound as if the US shouldn't import anything at all, that America can be a completely closed economy that produces everything at home. This is called autarky, and it is not the world we live in, nor the one we should want to live in, as Trump may soon find out, the American media added.

Donald Trump reacted sharply to the Wall Street Journal's publication on the introduction of the tariff: "The "Tariff Lobby", led by the globalist and always wrong Wall Street Journal, is working hard to justify countries like Canada, Mexico, China and others who have enjoyed America's openness for decades, while importing crime and drugs into our country."

"Those days are over", Trump continued, adding that the United States has large deficits with Canada, Mexico and China and will no longer be a "stupid country".

Larry Summers, Secretary of the Treasury under Bill Clinton, called the new tariffs "a supply shock of our own making".

"It means less supply because we're taxing foreign suppliers". And that will mean higher prices and lower quantities. It's a self-inflicted wound to the American economy. "I expect inflation to increase because the price level has to go up when you put a tax on the goods that people buy," Summers told CNN.

Kirsten Hillman, Canada's ambassador to the United States, told ABC that Trump's tariffs "are destroying an incredibly successful trade relationship".

"We're really disappointed and we hope they don't go into effect on Tuesday. We're willing to continue talking to the Trump administration about this," Hillman added.