The first 8 minutes of this is enough to get the gist .... great explanation comparing to credit card transactions
Video link -> https://www.youtube.com/watch?v=r5ojbEIX8Nw
"Renowned economist Jeffrey Sachs tore into Donald Trump’s latest tariff threats, branding them “Mickey Mouse economics” and accusing the former president of unleashing chaos on global markets.
In a scathing take down, Sachs said Trump’s trade logic was so flawed that “he wouldn’t pass a basic econ class,” slamming the former president’s obsession with trade deficits as “childish and dangerous.” Sachs blamed Trump’s economic policies for triggering a $10 trillion loss in global wealth, warning that the U.S. is now flirting with authoritarianism under “one-man rule by emergency decree.”
Dismissing Trump’s talk of foreign nations “cheating” the U.S., Sachs countered: “It’s not a trade issue—it’s a spending problem.” The blistering critique comes amid rising fears that Trump’s return to power could reignite economic instability worldwide."
