According to this interpretation, China has been restrained by Trump’s 4D chess game. Punitive tariffs on its largest market undoubtedly have a severe negative impact on the Chinese economy. The US has nevertheless built a huge protectionist tariff wall that hasn’t been seen since the 1930s, even after taking the President’s rollback into consideration.
Regardless of whether a country (like the UK or Australia) genuinely sells less to the US than the US sells to it, the world is left with a uniform 10% tariff. Now, there is no distinction between the UK and the EU, which obviously has a huge goods trade deficit and was getting ready to strike back. Additionally, there is a nervous anticipation of what will happen next. Whether President Trump will continue to impose tariffs on pharmaceuticals, the second-largest export of commodities from the UK, is one of the questions.
Additionally, a little-known multi-million dollar port levy for each cargo vessel that docks in the US that was “made in China” might cause logistical chaos. It is due next Friday and represents over half of the world’s commerce fleet. There is still too much uncertainty for businesses to endure the hassle of rerouting international trade, even with Trump’s declared 90-day halt on imposing additional taxes.
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