Unit 52. Text I The Coming Trade Wars

【Unit 5】Text I The Coming Trade Wars

of higher tariffs, quotas or trade-blocking regulations.5 It is as if talking about the threat is seen as enough to deter6 a gigantic7 rollback8 of global commerce.9 But rhetoric10 will not prevent a trade war, which is now, I believe, more likely than it has been at any time since the early 1970s, when currencies were no longer fixed to

5

But it is equally difficult to identify any high-powered efforts to actively ward

off the prospect of higher tariffs, quotas or trade-blocking regulations.

But there has been few forceful measures taken to actively prevent the future possibility of higher tariffs, quotas or regulations that would obstruct trade.

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deter /d??t??(r)/: (-rr-) ~ sb (from sth/from doing sth) to make sb decide not to do sth

or continue doing sth, especially by making them understand the difficulties and unpleasant results of their actions 制止；阻止；威慑；使不敢

? I told him I wasn't interested, but he wasn't deterred. 我已告诉他我不感兴趣，

可他却不罢休。

? The high price of the service could deter people from seeking advice. 这么高的

服务费可能使咨询者望而却步。

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gigantic /d?a??g?nt?k/: adj. extremely large 巨大的；庞大的 SYN enormous, rollback /?r??lb?k/: (especially AmE)

huge

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1) a reduction in a price or in pay, to a past level（价格或工资等的）下跌，回落 2) the act of changing a situation, law, etc. back to what it was before （情形、法律

等的）回复，恢复

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It is as if talking about the threat is seen as enough to deter a gigantic rollback

of global commerce.

?? It is as if we can prevent a massive downturn of global commerce by merely talking about its threat.

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rhetoric /?ret?r?k/:

but that is not completely honest or sincere 华而不实的言语；花言巧语

1) (fml, often disapproving) speech or writing that is intended to influence people, ? the rhetoric of political slogans 政治口号的虚华辞藻 ? empty rhetoric 空洞的花言巧语

2) (fml) the skill of using language in speech or writing in a special way that

influences or entertains people 修辞技巧；修辞 SYN eloquence , oratory

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【Unit 5】Text I The Coming Trade Wars

the value of gold and began to float11 against one another.

【2】A half-century of steady trade liberalization was in jeopardy12 even before the current financial and economic meltdown. Prior to the implosion13 of Bear Stearns14, the U.S. Congress had taken away almost all of President Bush’s trade-negotiating authority, feeling that the U.S. was no longer gaining enough from new trade agreements, while jobs were being lost and wages undercut15. Well before “subprime16” entered the popular lexicon17, the Doha round of trade negotiations had

11

float: (economics) if a government floats its country's money or allows it to float, it

allows its value to change freely according to the value of the money of other countries（使货币汇率）自由浮动

12

in jeopardy /?d?ep?di/: (IDM) in a dangerous position or situation and likely to be implode /?m?pl??d/:

lost or harmed 处于危险境地；受到威胁

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1) to burst or explode and collapse into the centre 向心聚爆；内爆；向内坍塌 2) (of an organization, a system, etc.) to fail suddenly and completely 突然崩溃

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Bear Stearns: A global investment bank and securities trading and brokerage,

which collapsed as a prelude to the risk management meltdown of the Wall Street investment bank industry in September 2008, and the subsequent global financial crisis and recession.

15

undercut /??nd??k?t/: v. (undercutting, undercut, undercut) 于（竞争对手）的价格做生意

1) to sell goods or services at a lower price than your competitors 削价竞争；以低? to undercut sb's prices 以低于对手的价格求售

? We were able to undercut our European rivals by 5%. 我们能以低于我们的欧

洲对手 5% 的价格出售。

2) to make sth weaker or less likely to be effective 削弱；使降低效率 SYN

undermine

? Some members of the board were trying to undercut the chairman's authority. 委

员会的某些成员试图削弱主席的权力。

n. /??nd?k?t/: a way of cutting sb's hair in which the hair is left quite long on top but the hair on the lower part of the head is cut much shorter 大盖儿头发型；帽盔式发型；华盖式发型

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Subprime crisis and credit crunch

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【Unit 5】Text I The Coming Trade Wars

collapsed, as rich and poor nations fought over contentious18 issues like agriculture. The rise of China and India has raised deep concerns over import penetration, not just in the U.S. and Europe but also in emerging markets like Mexico. For a few years now, prominent economists were raising warning flags that support for free trade was being eroded19 by the perception that trade was contributing to

Subprime lending is a type of loan that is offered at a rate above prime to individuals who cannot qualify for prime rate loans because of their low credit ratings or other factors that suggest that they have a reasonable chance of defaulting on the debt repayment. In order to compensate for the higher credit risk, subprime loans tend to have a higher interest rate than the prime rate offered on traditional loans.

The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. A credit crunch occurs when banks suddenly stop lending, or bond market liquidity evaporates, usually because creditors have become extremely risk averse.

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lexicon /?leks?k?n/:

particular language or subject; all the words and phrases used and known by a particular person or group of people（某语言或学科、某人或群体使用的）全部词汇

1) (also the lexicon) [sing.] (linguistics) all the words and phrases used in a

? the lexicon of finance and economics 财经词汇

2) a list of words on a particular subject or in a language in alphabetical order（某学

科或语言的）词汇表

? a lexicon of technical scientific terms 科技术语词汇表

3) a dictionary, especially one of an ancient language, such as Greek or Hebrew （尤

指希腊语或希伯来语等古代语言的）词典，字典

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contentious /k?n?ten??s/: adj. (fml) uncontentious

1) likely to cause disagreement between people 可能引起争论的 OPP ? a contentious issue/topic/subject 有争议的问题/话题/主题 2) liking to argue; involving a lot of arguing 爱争论的；好争吵的 ? a contentious meeting 争论不休的会议

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erode /??r??d/: [often passive] ~ (sth) (away)

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【Unit 5】Text I The Coming Trade Wars

ever-greater income inequalities.20

【3】Now, however, the collapse of the global banking system, a deepening global recession and the massive intrusion of governments into national economies – a trend that can’t help but politicize21 economic policy decisions – have all added fuel to the fire.22 Unemployment is growing, with more than 70,000 layoffs

1) to gradually destroy the surface of sth through the action of wind, rain, etc.; to be

gradually destroyed in this way 侵蚀；腐蚀；风化 SYN wear away

? The rocks have eroded away over time. 这些岩石随着时间的推移逐渐风化了。 2) to gradually destroy sth or make it weaker over a period of time; to be destroyed

or made weaker in this way 逐渐毁坏；削弱；损害

? Mortgage payments have been eroded (= decreased in value) by inflation. 偿还

的按揭贷款因通货膨胀而降值。 erosion /??r???n/:

? the erosion of the coastline by the sea 海水对海岸线的侵蚀 ? soil erosion 水土流失

? the erosion of her confidence 对她信心的削弱

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For a few years now, prominent economists were raising warning flags that

support for free trade was being eroded by the perception that trade was contributing to ever-greater income inequalities.

For a few years now, prominent economists were warning that support for free trade was diminishing because people thought that trade was leading to serious income inequalities.

21

politicize (BrE also -ise) /p??l?t?sa?z/: [often passive]

1) to make sth a political issue 使政治化；使带有政治色彩

? the highly politicized issue of unemployment 高度政治化的失业问题

2) to make sb/sth become more involved in politics 使参与（或卷入）政治；使对

政治敏感

? The rural population has become increasingly politicized in recent years. 近年

来，农村人口对政治愈来愈感兴趣。 politicization, -isation /p??l?t?sa??ze??n/: ? the politicization of education 教育的政治化

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Now, however, the collapse of the global banking system, a deepening global

recession and the massive intrusion of governments into national economies—a

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