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By Eswar Prasad
Mr. Prasad is a professor of trade policy in the Dyson School at Cornell University and a senior fellow at the Brookings Institution.
It looks as though President Trump is winning the trade wars. Deals with the European Union, Japan, Britain and many other trading partners, which went into effect on Thursday, seem heavily one-sided. The United States gets to impose tariffs on imports from other countries and they agree to drop their tariffs on some U.S. imports to zero, buy more U.S. energy and other products and commit to increasing their investments in the United States.
In the end the victory will be Pyrrhic, especially for U.S. households and businesses and for America itself, given the expected damage to its relationships with other countries and its standing in the world.
