Donald Trump is “an economic and political terrorist” and “an unguided projectile” that turns the whole world order upside down. That says Nout Wellink, former president of the Nederlandsche Bank (DNB), the Dutch equivalent of the Belgian National Bank. The eighties in very sharp terms criticize the US president who has unleashed a trade war on Wednesday.
podcast Holland Gold That Sunday evening was put online. ”There is more going on than just a rates war,” says Wellink. Among other things, he points to Trumps statements about Greenland and Canada, his performance towards Ukraine and his attitude towards Europe. “America started withdrawing from all the multilateral institutions. In the US you can see that the separation of powers, between executive power, judiciary and parliament, is broken and there are all kinds of institutions that are knocked down in the country itself.”
Import tariffs Donald Trump
Trump announced on Wednesday import tariffs of 20% on European goods, of 54% on Chinese products and even more specific levies for all other countries in the world.
Wellink calls the way in which those import rates are calculated ‘crazy’. “They don’t know what they are doing.” Trump stated on Wednesday that his measures are an answer to trade barriers from other countries. Klaas Knot, the current central banker and the successor of Wellink, already called the calculation method of the Americans “staggering” last week.
“Send psychiatrists and psychologists on him”
Wellink argues that Europe, in collaboration with Asian countries, will be held hard. “Otherwise they think they can do everything impunity,” he says about the US government. Wellink believes that Trump is completely lost and is guided by Rancune. To understand his performance “you have to send psychologists and psychiatrists to him to find out what the deepest causes are.”
Thursday and Friday, the stock markets made great losses worldwide. Investors are panicking about the fierce trade struggle that has now ignited. Economists fear cooling of world trade and for a recession.
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