Three things about Trump's Liberation Day tariffs:

1. are they merely transactional? will concessions mean they'll be reduced/abandoned?

2. Trump is acting as if the US still controlled a large proportion of global trade; it doesn't, its around 13% of international trade (by value); which implies

3. If rather than retaliate, other countries' firms re-focus on regional markets (& states maintain free[ish] trade in those blocs], the harm may in the end be focussed on the US!

#trade #economics