Trade wars do not make a great backdrop for share investment. After months of enjoying the good times from President Donald Trump’s tax cuts, bank credit loosening and drive for greater US oil and gas output, in recent weeks markets have had to grapple with the less friendly policy of tariffs.
The president found a method of imposing general tariffs on steel and aluminium by using his domestic powers to restrict imports where a US strategic interest is at stake. He has also turned down a foreign bid for a major US technology company, on the basis of the same argument.
Who is on the wrong end of Mr Trump’s crusade against unfair trade?
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