At the strike of midnight on September 1, the White House fired another salvo of shots in its heating trade war with China, raising tariffs on $112 billion worth of Chinese imports. The costs of the rounds of tit-for-tat trade measures are mounting. For the US, average tariffs as a share of 2018 import values are now 5.5 per cent, having risen from 1.7 per cent in December 2017. And more is coming: already pre-announced tariffs hikes will see these figures rise to 6 per cent by the end of 2019. Explicit and implicit restrictions on trade in specific goods and commodities by both sides in the conflict are the ‘new normal’.
So far, much of the tariffs...
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