President Barack Obama has imposed new punitive tariffs on all car and light truck tires coming into the U.S. from China, a move Beijing condemned Saturday as protectionism and a violation of the guidelines of global trade.
At first, I thought the powers that be were "just" going to try to repeat Japan's 20 year depression. The same people that told Japan to let their banks fail are now propping up ours. However, getting into a trade war with our #1 creditor, one who has already publicly expressed doubts to our ability to pay(*), just isn't smart.
(*) There's no doubt about our ability to pay off our Treasuries: we can't. Sorry, sucker!