The writer is senior economist for emerging Asia at Natixis Corporate & Investment Banking
As promised and feared, US President Donald Trump started his second term by deploying tariffs to tackle a wide range of issues from immigration to national security to overreliance on imports for production. The US is the largest importer of goods and services, buying $4.1tn worth in 2024, surpassing Chinese imports of $2.6tn by a wide margin. As such, higher barriers to its trade disrupt global supply chains and investment.
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