An upcoming Tariff War??
The EconGuru Speaks:
There will be no Tariff War! My Scenario: Our trading partners will capitulate in no non public way, and agree to a fixed tariff rate of, let’s say, 10% for all countries.
Our current trading partner antagonists, China and Canada can’t afford to lose American demand for their products. The U.S. is the largest buyer of Chinese and Canadian goods.
Our purchases create jobs and economic activity, that the Chinese and Canadians cannot afford to lose. The U.S. could easily buy consumer goods and other trade goods from countries like Taiwan, South Korea, and a host of others.
So, just be patient, America! Once fair and equitable tariff rates are in place, the U.S. and the world will benefit in the long run.