Despite the great deal of sound and fury that it has generated, it is perhaps too early to assess the lasting impact of President Donald Trump’s latest fireworks on tariffs.
Some things, however, are certain.
Contrary to assertions by talking heads on the small screen, we are not heading for a global trade war.
True, the US is the world’s biggest economy and ranks second as a trading power. But its share of world trade hovers around 12 percent, or under 10 percent of its GDP. The remaining 88 percent of world trade by 192 nations won’t be immediately affected.
