The Fantasies Of A Man Who Can Bring Down The World Economy

There are agreements. There are treaties. There are memoranda of understanding. Donald Trump has “deals.” Donald Trump has not told us what “deals” consist of, although we can surmise some things from his actions and the way he talks about them. They are not any of the first three things I listed.

Those first three cover many of the documents that two or more countries develop to express their expectations and responsibilities toward each other. They are painstakingly developed and then put through a wringer to assure that both sides understand them in the same way. Often translations are necessary and a part of the official documents.

“100 deals in 100 days” was the claim when Trump first announced his tariffs, including those on an island inhabited solely by penguins in the Antarctic Sea. The penguins, and others, have so far not responded.

Trump went through a sad period in which China failed to heed his call and call him back. He said he was sad.

With his August 1 deadline approaching, he has sent letters declaring tariffs on a number of countries. He has also announced “deals” with Japan, Vietnam, South Korea, and the EU, possibly one or two others.

After he announces a “deal,” the White House issues a “fact sheet.” The country on the other side of the “deal” then details how the “fact sheet” differs from their understanding. Usually there are differences throughout. There seems to be no other documentation of the “deals,” one characteristic that leaves them outside the first three categories I listed.

Promises to invest in the US and to buy fossil fuels figure prominently. Paul Krugman has shown that this is nonsense.

Trade agreements run to hundreds of pages, reaching down to describe in detail the products covered. Legal and commerce experts write them. An enforceable agreement must contain enforceable detail. The White House “fact sheets” contain only generalities. Japan hopes that no written agreement will help keep trade “deal” vague. It may work that way, but vagueness is unlikely to be in Japan’s favor.

Countries are “negotiating trade deals” with Trump because of the US’s giant trade power. This seems to be the whole what Trump wants: I am powerful, you will accede. He doesn’t have a clear idea of what acceding means, though, and changes his requirements regularly. He seems to think that tariffs are simultaneously tribute paid by other countries to placate him and a lever to make them do what he wants.

He wants to announce “deals.” He wants other leaders to placate him. He wants to believe that tariffs are money coming into the Treasury in a room like Scrooge McDuck’s, where he can feel the gold running through his fingers.

It’s barely possible to rationalize this into coherent policy, and his toadies do that. He picks up fragments of their words and throws them into his word salad. But Paul Krugman has been unable to make the tariff dance coherent in terms of policy.

Then there’s this whole other dimension.

Trump says that absolutely positively tomorrow will be the day. No TACO Trump! He also just declared a 90-day delay for Mexico.

A district court is hearing the case that the tariffs are illegitimate. Congress could stop this by the end of today, but they’re in hiding from the Epstein bogeyman.