1 week Ago By The Straits Times
Jonathan Levin The US is coming off the worst inflation in 40 years and still struggling with mortgage rates. Donald Trump’s allies tell us that tariffs are principally a negotiating tool rather than a tax on consumers: if you threaten America’s trade partners with new duties, they’ll immediately cave in and provide more favourable terms for the exports we produce domestically and sell into their markets. Key to that logic is the idea that the US has all the leverage, and that just isn’t true in the current macroeconomic environment.
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