Wartime president?

In this issue:

• All imports from China are on the table for future tariffs by the Trump administration.

• So far, China is responding in kind with tariffs on U.S. products while also pursuing non–tariff actions, such as port delays for U.S. goods in China.

• The economic fallout from the current round of tariffs is not expected to be broad-based or sufficiently damaging to derail the U.S. economic expansion, however the impact on certain industries, sectors, and companies will be meaningful.

• From an economic standpoint, the U.S. probably has a stronger hand than China’s, but when and how each side will bend is as much a political question as an economic one.

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