{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Former advisor to Bush comments on Trump\u0026#39;s tariffs plan' data-url='/boclips/videos/5c54d741d8eafeecae20a535' data-video-url='/boclips/videos/5c54d741d8eafeecae20a535' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFormer advisor to Bush comments on Trump\u0026#39;s tariffs plan\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003ePresident Donald Trump's plan to slap taxes on steel and aluminum imports was branded Friday as \"absolutely unacceptable\" by some, including Prime Minister Justin Trudeau of Canada, the United States' biggest foreign source of both...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003ePresident Donald Trump's plan to slap taxes on steel and aluminum imports was branded Friday as \"absolutely unacceptable\" by some, including Prime Minister Justin Trudeau of Canada, the United States' biggest foreign source of both metals. Trump hasn't sparked a trade war, yet. \u003cbr/\u003e              But his provocative action has raised the risk of an all-out conflict that could pit the United States against its friends and the entire global financial system that it helped create after World War II.\u003cbr/\u003e              When Trump announced Thursday he was imposing a 25 percent tariff on steel and 10 percent tariff on aluminum on national security grounds, he set into motion the possibility that trading partners would fight back with tariffs of their own.\u003cbr/\u003e              Philip Levy, a trade adviser in the George W. Bush administration and now an adjunct professor at Northwestern University's Kellogg School of Management says Trump is giving \"everybody a free pass to apply protection whenever they want,  that completely dismantles these restrictions and it undermines the value of the system severely .\"\u003cbr/\u003e              The battle would extend beyond the exchange of goods to include services and investments among nations.\u003cbr/\u003e              For the time being, so much depends on a set of unknowns, such that the only sure thing is that the risks of a breakdown in trade have increased.\u003cbr/\u003e              The White House has promised more details next week when the president signs the tariffs into law.\u003cbr/\u003e              But questions linger.\u003cbr/\u003e              Would Trump apply the tariffs to political and economic allies such as Canada, Japan and South Korea? \u003cbr/\u003e              Would any products get excluded? There's big differences among the types of steel and aluminum. A metal such as aluminum is used for the foil to wrap Hershey's Kisses chocolates as well as the frame for a Boeing 787 airliner.\u003cbr/\u003e              The answers to these questions could determine how other countries respond.\u003cbr/\u003e            \u003cbr/\u003e\u003cbr/\u003e              Evanston, Illinois - 2 March 2018\u003cbr/\u003e              1. Mid of Levy looking down at computer\u003cbr/\u003e              2. SOUNDBITE (English), Phil Levy (Lee-vy), Northwestern University Kellogg School of Management: \u003cbr/\u003e              \"The move to impose these tariffs could really start off a downward spiral in international trade practices.\"\u003cbr/\u003e              3. Mid of Levy working on computer\u003cbr/\u003e              4. SOUNDBITE (English), Phil Levy (Lee-vy), Northwestern University Kellogg School of Management: \u003cbr/\u003e              \"Not only will have exporters facing retaliation, we will have a lot of American businesses that use imported parts who will feel the pain as well, we'll have American consumers who will feel the pain. So it will not feel like a win, even if we somehow reduce our trade deficit.\"\u003cbr/\u003e              5. Close of Levy's hands typing on computer\u003cbr/\u003e              6. SOUNDBITE (English), Phil Levy (Lee-vy), Northwestern University Kellogg School of Management:  \u003cbr/\u003e              \"This kind of action is not going to bring back the kind of jobs that we had decades ago in the steel industry and the aluminum industry. Those changes weren't really caused by international trade threats. Those were caused by structural changes in the industry where they turned to automation and more capital intensive methods.  So we're likely to see is increased returns to stockholders not increased employment. \"  \u003cbr/\u003e              7. Close of Levy's hands on keyboard\u003cbr/\u003e              8. SOUNDBITE (English), Phil Levy (Lee-vy), Northwestern University Kellogg School of Management: \u003cbr/\u003e              \"You had a lot of market participants who when they assessed President Trump, they thought he was serious about things like deregulation and tax reform and not so serious about his inflammatory trade rhetoric. What we've seen this week has caused some of them, I think, to reassess that. And there is real economic damage that can be done by these policies, and they hint at perhaps more to come. So whether that leads to that, how it plays out I think it will determine how the market reacts. But I think this is a new serious source of concern.\"\u003cbr/\u003e              9. Close of hands on keyboard\u003cbr/\u003e              10. SOUNDBITE (English), Phil Levy (Lee-vy), Northwestern University Kellogg School of Management: \u003cbr/\u003e              \"In no sense is a trade war easy to win. The winners are few and far between. The president is using trade balance as a means of trying to tally up winners and losers. In fact you'll end up with lots of bodies strewn around along the way.\"\u003cbr/\u003e              11. Mid of Levy working on computer\u003cbr/\u003e              12. SOUNDBITE (English), Phil Levy (Lee-vy), Northwestern University Kellogg School of Management: \u003cbr/\u003e              \"The direct affect of these tariffs will be to raise steel prices and aluminum prices within the United States.\"\u003cbr/\u003e              13. Close of hands on computer\u003cbr/\u003e              14. SOUNDBITE (English), Phil Levy (Lee-vy), Northwestern University Kellogg School of Management: \u003cbr/\u003e              \"The clear winners of this action for steel tariffs and aluminum are the stockholders. We've seen the share price has already go up for domestic producers, that they will face reduced competition, they can expect to see greater returns. The losers?  Almost everybody else. The people who use steel and aluminum, and those will be the victims of retaliation.\"\u003cbr/\u003e              15. Close of hands on keyboard\u003cbr/\u003e              16. SOUNDBITE (English), Phil Levy (Lee-vy), Northwestern University Kellogg School of Management: \u003cbr/\u003e              \"In the case of the steel and aluminum tariffs, China isn't really the target. If you look at Chinese imports into the United States they are already blocked mostly by protection. China doesn't even make the top 10 list of U.S. suppliers of steel, for example. And it in total supplies 2.2-percent of U.S. imports. So, while is sometimes sold as an anti Chinese action, it's not very effective. We fire the Chinese we miss we hit our allies instead.\"\u003cbr/\u003e              17. 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