Foreign media analysis: Trump’s far-reaching impact on the world economy

An article entitled “trump’s economic heritage” was published on the website of the Spanish “economist” on October 31, written by French economist Jean Pisani Ferri. The article said that in some areas, Trump’s four-year term may have a profound impact. Excerpts of the full text are as follows: < / P > < p > in some areas, a single term of office of President trump cannot have a substantial impact; in others, Trump’s four-year term may have far-reaching implications. In addition, the long shadow left by Trump’s international actions may become a long-term burden on the United States. < / P > < p > trump has done nothing in many areas or exerted influence in a rather unpredictable way. During Trump’s term of office, there has been no major change in the field of global financial regulation, and the trump government’s position on cracking down on tax havens is vague. The International Monetary Fund and the world bank are operating as usual, and Trump’s angry twitter can’t stop the Federal Reserve from operating responsibly, including providing us dollar liquidity to major international partners during the outbreak. There is no doubt that trump has disrupted many international summits and is at odds with other leaders; his actions have had a greater impact than embarrassment. However, Trump’s international trade initiatives have to be mentioned. Although it is difficult to judge the real intention of this infighting government, three major objectives can be pointed out: Production return, WTO reform and “decoupling” from other countries. All this is likely to continue in the future, at least in part. < / P > < p > four years ago, industrial backflow seemed like a costly fantasy, and it can still be said in many ways today. Richard Bowen, a researcher at the Peterson Institute for international economics, said Trump’s chaotic trade wars around the world are often harmful to the economic interests of the United States. The epidemic has exposed the inherent vulnerability of the United States to its total dependence on global supply chains, thus reviving the backflow as a government goal. Biden also expressed support for this view, “economic sovereignty” has become a new quasi universal mantra. Robert lethizer, the U.S. trade representative, said one of the government’s priorities was to “restart” the WTO. If so, progress has been made. The United States was dissatisfied with the WTO’s tolerance of some subsidy policies and inadequate protection of intellectual property rights. Now other countries in the group of seven also feel the same way. It should also be acknowledged that some of the US complaints about the WTO dispute settlement mechanism are “effective”. It must be seen whether the battle ends with a “restart” or with the collapse of the multilateral trading system. There are also some changes in external relations. Although the international tension was already obvious before the 2016 US election, no one mentioned “decoupling”, after all, the world has established close economic and financial ties. Four years later, there are signs of decoupling in many areas, including technology, trade and investment. Today, both the Republicans and the Republicans look at the international strategy.