Wonkbook: How Trump could make America ‘the North Korea of economics’

Sponsored by Qualcomm | By Jim Tankersley In his run for the White House, Donald Trump has threatened to slap tariffs on imports from China, in almost-certain violation of international rules. He has threatened to confiscate money that immigrants from Mexico wire home to their families, in order to force the Mexican government to pay for a border wall. …   The latest economic and domestic policy from Wonkblog   Republican presidential candidate Donald Trump reacts to a song during a campaign rally in Terre Haute, Ind., on May 1. (Seth Perlman/Associated Press) By Jim Tankersley In his run for the White House, Donald Trump has threatened to slap tariffs on imports from China, in almost-certain violation of international rules. He has threatened to confiscate money that immigrants from Mexico wire home to their families, in order to force the Mexican government to pay for a border wall. This week, he suggested that, in an economic crisis, the government might repay only some of the money it owes to certain holders of its debt. Those threats reflect an economic philosophy that is at odds with the traditional economic belief that markets cannot function well outside the rule of law. America has built 200 years of prosperity on a foundation of people agreeing to rules in business transactions, and then sticking to them. Trump appears willing to break those rules in the name of cutting better "deals" for American workers. Trump's pledge to take extraordinary steps to help left-behind American workers has powered his campaign and made him the presumptive Republican nominee. But he has worried many economists, on the right and the left, who warn that breaking laws and commitments could undermine America's credibility with trading partners, raise its borrowing costs and potentially spark global financial panic. Read the rest on Wonkblog.   Chart of the day Black and white residents of Chicago are basically living in two different cities, according to a new poll. Emily Badger has more. Top policy tweets "BREAKING: @TheJusticeDept is announcing a "law enforcement action" related to North Carolina later today https://t.co/YRP7I2S8VE" -- @markberman "The results show that single-sex education can improve boys' and girls' outcomes. Achieved at zero financial cost. https://t.co/TCEGChcsHT" -- @AtirKel "Did stagflation really even exist apart from the oil shocks? https://t.co/0ZCS17o50J" -- @ObsoleteDogma ADVERTISEMENT   Most Recent Posts from Wonkblog The $17 trillion problem with Bernie Sanders’s health care plan That's a lot of money. By Max Ehrenfreund  •  Read more »   Donald Trump’s bizarre explanation of how the national debt works What Trump said last week had economists deeply concerned. It's still not clear exactly what he meant. By Max Ehrenfreund  •  Read more »   Whites and blacks in Chicago are living in two totally different cities Blacks and whites in Chicago don't even agree on the biggest problem facing the city. By Emily Badger  •  Read more »   This is what life would actually be like without processed food "I think it would really surprise many people." By Roberto A. Ferdman  •  Read more »   Why a conservative economist says Trump could make America ‘the North Korea of economics’ His willingness to buck the rule of law worries economists By Jim Tankersley  •  Read more » ADVERTISEMENT   Recommended for you   Federal Insider Federal news and policy update, in your inbox daily. Sign Up »         Share Wonkbook:       Twitter      Facebook Trouble reading? Click here to view in your browser. You received this email because you signed up for a Wonkblog newsletter. For additional free newsletters or to manage your newsletters, click here. We respect your privacy. If you believe that this email has been sent to you in error or you no longer wish to receive email from The Washington Post, click here. Contact us for help. ©2016 The Washington Post, 1301 K St NW, Washington DC 20071