I don’t know how to separate in my mind what I fear and what I expectand what I hope! But when I think back, there have been other times whenanti-trade movements in the US and elsewhere have been popular. For example, in the 1970s and 1980s there was a strong belief in the US that trade with Japanwas unfair and destructive. In the late 1990s and early 2000s, there were anti-globalization protests in cities all over the world. What often seems to happen is that when it seems like a trade war might be starting, and certain smaller actions are taken to limit trade, it then becomes very clear thatlimiting trade has specific and large costs. Limiting trade is a little like touching an electrified fence: after doing it, most people feel the shock and back away. I hope that any trade war is short and small. Trade is about finding ways to create win-win scenarios for both countries; trade wars usually end upas lose-lose scenarios for everyone.

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