“A Permanent Output Loss”: One Bank Quantifies Likely Damage From Trump’s Trade Pissing Contests

A pervasive theme here at the Heisenberg Report is that Donald Trump's determination to start a trade war with Beijing - by, among other things, slapping tariffs on imports - is probably a really bad idea. For one thing, China isn't going to just on its hands in the event Trump decides to make good his threats (and given who he's surrounded himself with, it seems highly likely that he will indeed try to "walk the talk" so to speak). As noted last week, the Politburo is already preparing for wha