Only losers

He finally did it: President Trump imposed 25% tariffs on merchandise imports from Mexico and Canada, along with an additional 10% on Chinese imports. In a global economy driven by free trade, weaponizing tariffs for political gain leaves only losers in its wake.

For the U.S., expect inflation, weakening consumer demand, and a potentially more hawkish Federal Reserve, all of which could slow economic growth. Beyond U.S. borders, a stronger dollar and declining exports will have their own economic repercussions. Retaliation from America’s three largest trading partners is inevitable, and we harbor no illusions about who might be next in line.

There’s no way to spin this as good news.