Friends + Interlocutors,

The Donald has just slapped a 25% tariff on both Mexico and Canada. But only a 10% tariff on China. What does that tell you? It tells me he likes to pick on the little guy who is not in a position to defend himself.

 
China is another matter. You want to start a tariff war with China? You are going to blow up the world economy, starting with the U.S. first. I suppose, or rather hope, Trump’s order is just an opening salvo for negotiating purposes. 

The SCMP article of yesterday—Can the Law of Unintended Consequences temper Trump and his Team?—contains an excellent video “Idiot’s Guide to Trump’s Tariffs”. Worth watching even if you don’t read the article.

Patrick

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