TOKYO – Call it the trade war gang that couldn’t shoot straight.
When Donald Trump returned to office in January, he pledged to show China who’s economic boss through massive tariffs. Yet six months later, it’s the US economy that’s feeling the trade war pain, not Asia’s biggest economy.
From a 0.3% first-quarter growth contraction to rising inflation to cratering housing demand, the Trump 2.0 trade war is boomeranging back on Americans in unpredictable and painful ways. Bond traders, meanwhile, are in a whirl as Trump’s tariffs, spending plans and attacks on the Federal Reserve’s autonomy wreak havoc with global yields.
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