TradeVistas has named the lobster the “2020 person of the year” in international trade. It’s a well-deserved honor. The lobster is at the center of a trade war that will go down as one of the most compelling cases of the futility of tariff politics.
In response to WTO-illegal European subsidies to its aircraft industry, the U.S. administration is reportedly considering what is known as “carousel” retaliation against the EU – a regular rotation of goods targeted for tariffs, designed to impose maximum pain. The United States and Europe have been on this ride before.