It occurred to me to wonder just how much of the current global economic malaise affecting the world can be attributed directly to just one man.
That man, of course, is Donald Trump. His misguided ideas and policies have clearly had a negative effect, not just on the USA, but, because the US is such a big player in the global economy (nothing to do with Trump - he inherited the globe's strongest economy) on the whole world. In order to squeeze a little bit more wealth for what is already by far the wealthiest country in the world, Trump has been willing to bazooka the economies of almost every other country, not realizing that the hit to globalized trade will come around to bite the US too.
It's hard to pin down figures, although many organizations have tried. These figures are quite old now, but Bloomberg is projecting a $2 trillion hit to the global economy by 2027 as a result of Trump's tariffs: the OECD has pared its initial projections for 2026 global growth by 0.2% (which might not sound like much, but over a $100 trillion worldwide economy, it is quite substantial); the WTO has cut its growth projections by as much a 0.6%.
It's not just about GDP, though. Massive job losses are underway; major supply chains have been disrupted; the stock markets are only being kept aloft by (probably ill-advised) AI fever; inflation is creeping up in many countries (including the US); business confidence has been shaken, with a direct effect on investment; and on it goes.
And it's not just about tariffs, either. Trump's unnecessary and ill-advised war against has done more to increase the price of oil than Putin's war in Ukraine ever did, bringing with it negative effects on global trade, inflation, etc, to say nothing of the increased instability in energy markets caused by Trump's invasion of Venezuela, his apparently personal vendetta against Canada, his shot in the arm for Russia's oil industry (against his own official US policy and all international efforts), etc, etc.
Take the riots and protests in France and Italy this Fall. They may not be directly attributable to Trump, although his inflammatory disinformation comments about the riots being caused by Muslim agitators haven't helped. However, the root causes of the riots - high cost of living, high fuel prices, inflation and school funding - are almost all (with the exception of school funding) directly or indirectly influenced by Trump and his MAGA policies.
And it doesn't even end there. Global climate change initiatives have foundered, partly because of the economic pressure countries are feeling, and partly because of America's pull-back from climate action of any kind, and its boosting of the environmentally-damaging oil and gas industries. Democracy has also taken a hit worldwide, as right-wing populists across the globe see the "success" of Trump's anti-democratic push in the USA, which has fueled and emboldened their own dictatorial aspirations.
There's much more and NONE of it is good Donald Trump has singlehandedly made the whole world worse in many different respects. Even if this made the USA better in some way - and that'll does NOT seem to have happened - it would still be a bad deal. All of this will take many years, probably decades, to fix.
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