President Trump’s sweeping import tariffs — including a 10 per cent flat tariff on products from most US trading partners and additional “reciprocal” tariffs on 57 countries — have disrupted the global trade system.
These measures have driven US import tariffs from an average of 2pc to 22pc, the highest level in over a century. The executive memorandum introducing these tariffs describes them as “fair and reciprocal”, but they are neither. Instead, they follow a simplistic formula based on a country’s trade deficit with the US...
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