{"id":27137,"date":"2024-11-23T16:43:14","date_gmt":"2024-11-23T15:43:14","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=27137"},"modified":"2024-11-23T16:43:14","modified_gmt":"2024-11-23T15:43:14","slug":"currency-wars","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/tariffs\/currency-wars","title":{"rendered":"Currency is the Perfect and Easy Weapon Against Trade Wars"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-27140\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/eur.png?resize=1170%2C503&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"503\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/eur.png?w=1900&amp;ssl=1 1900w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/eur.png?resize=300%2C129&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/eur.png?resize=1024%2C440&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/eur.png?resize=768%2C330&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/eur.png?resize=1536%2C660&amp;ssl=1 1536w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/eur.png?resize=1200%2C516&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>In 2018, as part of their trade war, the U.S. imposed an average tariff of 12.5% on imports from China.<\/p>\n<p>The direct consequence? The yuan gradually declined by a similar proportion.<\/p>\n<p>Now, consider the U.S. imposing tariffs on imports from the Eurozone. For the European Union, the best defense would be <em>inaction.<\/em><\/p>\n<p>Why? Because the euro would depreciate, effectively protecting European exporters and neutralizing the protectionist effects of the measure.<\/p>\n<p>This, in fact, is already beginning to unfold in anticipation. Just look at the explicit chart tracking the exchange rate since Trump\u2019s election.<\/p>\n<p>Which brings us to Eugene Fama&#8217;s famous remark, with which I agree (at least this time):<br \/>\n<strong>&#8220;Markets are efficient, and prices always reflect all available information.&#8221;<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; In 2018, as part of their trade war, the U.S. imposed an average tariff of 12.5% on imports from China. The direct consequence? The yuan gradually declined by a similar proportion. Now, consider the U.S. imposing tariffs on imports from the Eurozone. For the European Union, the best defense would be inaction. Why? Because&hellip;<\/p>\n","protected":false},"author":4,"featured_media":27140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[648942748,648942747],"tags":[],"class_list":["post-27137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-currency-manipulation","category-tariffs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Currency is the Perfect and Easy Weapon Against Trade Wars - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/tariffs\/currency-wars\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Currency is the Perfect and Easy Weapon Against Trade Wars - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"&nbsp; In 2018, as part of their trade war, the U.S. imposed an average tariff of 12.5% on imports from China. The direct consequence? The yuan gradually declined by a similar proportion. Now, consider the U.S. imposing tariffs on imports from the Eurozone. For the European Union, the best defense would be inaction. Why? Because&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/michelsanti.fr\/en\/tariffs\/currency-wars\" \/>\n<meta property=\"og:site_name\" content=\"Michel Santi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/michel.santi.economiste\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-23T15:43:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/eur.png\" \/>\n<meta name=\"author\" content=\"Michel Santi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:site\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michel Santi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars\"},\"author\":{\"name\":\"Michel Santi\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"headline\":\"Currency is the Perfect and Easy Weapon Against Trade Wars\",\"datePublished\":\"2024-11-23T15:43:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars\"},\"wordCount\":132,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/eur.png?fit=1900%2C817&ssl=1\",\"articleSection\":[\"currency manipulation\",\"tariffs\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars\",\"name\":\"Currency is the Perfect and Easy Weapon Against Trade Wars - Michel Santi\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/eur.png?fit=1900%2C817&ssl=1\",\"datePublished\":\"2024-11-23T15:43:14+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/eur.png?fit=1900%2C817&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/eur.png?fit=1900%2C817&ssl=1\",\"width\":1900,\"height\":817},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/tariffs\\\/currency-wars#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/michelsanti.fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Currency is the Perfect and Easy Weapon Against Trade Wars\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/\",\"name\":\"Michel Santi\",\"description\":\"\\\"It is not because things are difficult that we do not dare. 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A statement that highlights the sheer absurdity \u2014 even outright foolishness \u2014 of the tariffs imposed by the Trump administration. 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The lubricant of economies\u2014globalization\u2014is on its last breath. While just yesterday, nations collaborated to draft laws and regulations they pledged to uphold, they are now breaking apart past alliances and consensus. Through subsidies and tariffs, they are scrambling to promote their\u2026","rel":"","context":"In &quot;disindustrialisation&quot;","block_context":{"text":"disindustrialisation","link":"https:\/\/michelsanti.fr\/en\/category\/disindustrialisation"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.png?fit=1200%2C867&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.png?fit=1200%2C867&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.png?fit=1200%2C867&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.png?fit=1200%2C867&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.png?fit=1200%2C867&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":27858,"url":"https:\/\/michelsanti.fr\/en\/competitiveness\/trump-the-organization-of-chaos","url_meta":{"origin":27137,"position":3},"title":"Trump: The Organization of Chaos","author":"Michel Santi","date":"March 23, 2025","format":false,"excerpt":"Without explicitly stating it, Donald Trump draws a correlation between the undeniable reserve currency status of the dollar and its impact on the industrial competitiveness of the United States. In truth, the facts support his argument, as industrial jobs now account for only 10% of employment in the U.S., compared\u2026","rel":"","context":"In &quot;Competitiveness&quot;","block_context":{"text":"Competitiveness","link":"https:\/\/michelsanti.fr\/en\/category\/competitiveness"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/Trump.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":29910,"url":"https:\/\/michelsanti.fr\/en\/tariffs-2\/no-celebration-for-switzerland-this-august-1st","url_meta":{"origin":27137,"position":4},"title":"No celebration for Switzerland this August 1st","author":"Michel Santi","date":"July 26, 2025","format":false,"excerpt":"Switzerland celebrates its National Day on August 1st, but this year\u2019s festivities will be overshadowed by the imposition of arbitrarily fixed 31% U.S. tariffs\u2014punitive measures that are both harsh and difficult for the Swiss to understand, especially as they have consistently followed the rules of globalization with elegance and restraint.\u2026","rel":"","context":"In &quot;tariffs&quot;","block_context":{"text":"tariffs","link":"https:\/\/michelsanti.fr\/en\/category\/tariffs-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/Suisse.jpg?fit=1200%2C439&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/Suisse.jpg?fit=1200%2C439&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/Suisse.jpg?fit=1200%2C439&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/Suisse.jpg?fit=1200%2C439&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/Suisse.jpg?fit=1200%2C439&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":30136,"url":"https:\/\/michelsanti.fr\/en\/china\/china","url_meta":{"origin":27137,"position":5},"title":"China : the next silent Black Swan ?","author":"Michel Santi","date":"August 27, 2025","format":false,"excerpt":"\u00a0 Trade between the U.S. and China has collapsed to its lowest point in nearly 20 years. Imports from China just hit a 19-year low, and U.S. exports to China are sliding too. Tariffs, decoupling, and weaker demand are crushing the flow of goods. \u00a0 You are cordially invited to\u2026","rel":"","context":"In &quot;China&quot;","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/en\/category\/china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/08\/Salon-Monaco-1.png?fit=800%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/08\/Salon-Monaco-1.png?fit=800%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/08\/Salon-Monaco-1.png?fit=800%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/08\/Salon-Monaco-1.png?fit=800%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/27137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=27137"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/27137\/revisions"}],"predecessor-version":[{"id":27143,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/27137\/revisions\/27143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/27140"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=27137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=27137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=27137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}