The global trade ecosystem has been overturned. President Donald Trump imposed 104% tariffs on China on Wednesday, a week after levying a host of tariffs ranging from a minimum of 10% on imports generally to 20% on EU goods and 46% on ones from Vietnam—levels not seen for nearly a century. China quickly retaliated, announcing today it will raise tariffs on American goods to 84% starting tomorrow. The White House then announced that, aside from the 10% tariff, there would be a 90-day pause on some of the higher tariffs—but not for China.
However the drama continues to unfold, we’re facing what promises to be a prolonged period of trade instability that few organizations are prepared to weather.
