Wow! Worrisome! Next round in the new, ongoing trade war since the second term of President Trump.
I would agree that too many trading partner countries of the US have imposed too many and considerable non-tariff trade barriers over the past several decades. These many non-tariff trade barriers were introduced by many countries in violation of international trade agreements, despite many international trade conferences and despite World Trade Organisation etc..
On the other hand, we also have World War III going on in the Ukraine and a military conflict with Iran at the same time. How do you define a powder keg? Hope and pray there will not be a major escalation!
"President Trump announced new tariffs of up to 40% on goods from 14 countries, set to take effect Aug. 1, as part of his push for reciprocal trade terms.
Trump posted letters on Truth Social addressed to the affected countries announcing steep new tariffs—ranging from 25% to 40%—on imports from countries including Japan, South Korea, and Malaysia, warning that any retaliation would trigger even higher rates. ..."
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