TOKYO – Hopes that Donald Trump is more interested in trade deals than trade wars are fading fast. While the US president told reporters aboard his Air Force One plane that a new trade deal with China was “possible”, the broad signals are for more trade war pain to come for Asia.
The 10% tariffs Trump slapped on China and then 25% on aluminum and steel were economic drag enough. But the 25% taxes Trump announced this week on autos, chips and pharmaceuticals, to be formalized on April 2, raises the stakes considerably for Asia’s outlook.
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