President Donald Trump on Wednesday acknowledged that his tariffs could result in fewer and costlier products in the United States, saying American kids might “have two dolls instead of 30 dolls,” but he insisted China will suffer more from his trade war.
The point? I think he expected the world leaders to come bearing personal gifts and favors. Trade some of the US’s global position and power for his own personal wealth and power? I don’t have proof, but it would be on-brand for Trump.
He’s also surrounded himself with yes-men and crazy people (e.g. Navarro). He clearly has an elementary understanding (at best) of economics. Money good. China bad. Money go to China bad (trade imbalance). Tariffs keep money here.
Combine all that with the fact that he never admits responsibility for anything. When China pushed back, he retaliated. When they stopped participating, it leaves us in a stalemate that I believe will hurt us a lot more than them.
So, I think the trade imbalance is the justification. The goal is likely just personal power for Trump. But he doesn’t really know what he’s doing, doesn’t care to learn, just thinking he’s the greatest being in existence and everything bad is not his fault.