President Elect John F. Kennedy Jr. meets with Harvard history professor
Arthur Schlesinger on January 9th, 1961 in Cambridge, Massachusetts.
"The Landfill of History"
by Bill Bonner
Baltimore, Maryland - "Yesterday came more evidence that you can’t protect your way to success. From the news wires: "China’s energy and auto giant BYD has announced an ultra fast EV charging system that it says is nearly as quick as a fill up at the pumps. BYD, China's largest EV maker, said Monday that its flash-chargers can provide a full charge for its latest EVs within five to eight minutes, similar to the amount of time needed to fill a fuel tank. It plans to build more than 4,000 of the new charging stations across China….Sales of battery powered and hybrid vehicles jumped 40% last year."
You can seal the borders…and tariff everything that crosses…but that won’t stop competitors from coming up with new and better products. WECB: "China Has Developed a Revolutionary Steel Production Method 3,600 Times Faster Without Using Coal." "A breakthrough in steel production is reshaping the industry and bringing hope for a greener future. After more than a decade of research, a team of Chinese scientists has developed a new process that’s not only 3,600 times faster than traditional methods but also eliminates the need for coal. This innovation could transform the global steel industry while significantly reducing carbon emissions."
And here’s more…AutoJosh: "Ford CEO Claims That China Is Ten Years Ahead Of The US In Battery Manufacture"
CoinTelegraph: "US tech exec warns China is ‘a decade ahead’ on quantum."
AI Upload: "Ex-Google CEO warns that China is a decade ahead on AI."
EV News: "[China’s] BYD dominates Brazilian EV auto market with 71.4% share."
Electrek: "BYD is ‘just getting started’ in Europe with plans to triple its EV market share."
Team Trump can erect a high wall to keep the foreigners and their products out. But trade and innovation will go on around it. The remarkable thing about Trump’s trade war is that there is no real enemy to have a war with. Trade barriers have been coming down for the last 50 years. Worldwide, the weighted average tariff imposed by our top 31 trading partners is just 1.85%. Take out India, and it goes down to 1.6%.
Donald Trump has regaled the nation with stories of the Canadians ‘ripping us off for years’ with tariffs of 300% on US dairy products. That is a provision of the trade agreement negotiated by the Trump administration itself in its last go-round in the White House. But the high tariffs are only triggered if US exports rise to a threshold level…that they have never reached. Instead, most of America’s exports to Canada arrive duty free. Not exactly something to get worked up about.
Trade is a win-win deal… voluntary and cooperative. The idea is to trade your output for products that are cheaper and higher quality than you can make on your own. You come out ahead. So does the seller. Tariffs are win-lose…they’re political, a way of taking something away from someone else. The goal is to make those better, cheaper products more expensive so local, crony enterprises can rip off consumers with inferior products at higher prices.
Trade wars make no sense for dynamic, growing, confident economies. But History has her own purposes....Late, degenerate empires must end up on the landfill of history. Wars – even trade wars -- help them get there."
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