Trade Treasury Payments: There’s no new normal

The clue is in the name: Liberation
Day. When President Trump
announced at the beginning of his
speech that he was declaring the
independence of the United States
from the global trade system, this
was not a negotiation. The rhetoric
used was violent: “America has
been looted, pillaged and raped
by other countries.” The scale of the
tariffs imposed was unprecedented
—a minimum of 10% and for some,
notably China, much higher.

In Defence of World Trade

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