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Ok, a quick lunchtime thread on #NotATradeWar...
Trump is actually right in one small sense: we are NOT in a "trade war" with China or anyone else...yet.
Trump is actually right in one small sense: we are NOT in a "trade war" with China or anyone else...yet.
First, in sheer numerical terms, the total imports actually subject to new tariffs right now is relatively small: for example, current steel/232 tariffs are on just $29B of $2.3T in 2017 US imports; 2) Chinese tariffs on $3B in US exports are also (so far!) relatively small
Second, the latest round of tariffs on $50B more (for each side) have NOT been implemented yet: USTR issued a proposed list (subject to public comment), and China did something similar. Maybe they never get imposed. Maybe they do. We don't know yet.
