What is President Donald Trump’s new tariff regime supposed to accomplish? And how will other countries react?
The second question is the easiest to answer: it depends on the country. Some, like Mexico, will adopt a carrot-and-stick approach, enacting retaliatory tariffs on specific U.S. goods while offering concessions. Others, like the European Union, will attempt to hit America’s economic jugular, hoping the economic pain will somehow bring Trump to the table.
The first question is complicated. Trump has suggested the tariffs are designed to pull more revenue into the U.S. Treasury and equalize the global trading relationship. But they can’t do both. If it’s the former, there is no negotiation to be had.
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