EDINBURGH, Scotland (AP) — The United States and the European Union agreed to a trade deal setting a 15% tariff on most goods, President Donald Trump announced Sunday, staving off for now higher import taxes on both sides that might have sent shock waves through economies around the globe.
This is an important point.
When the new trade deals materialize in a year and a half or so, precipitated by the chaos Donald created, the US will find its economic power diminished. The evident unreliability of the US and its governing system is not going to be ignored by the rest of the world when China is waiting in the wings and demonstrating a firm commitment to business.
And it’s costing US companies a shitload of money, not just directly to the government on tariffs, but also in lost sales.