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Timme Spakman, Economist at ING, explains that as President Trump pulled the trigger on 10% additional tariffs on imports from China last night, the percentage of world trade affected by it all just went up to 2.5%.

Key Quotes

“If the US acts on further tariff threats, this could go up to 4%.”

“The new measures will cover USD 200bn worth of US imports from China, including jet engines, electronics, and fish.”

“We expect the US to impose further tariffs on the remaining imports from China (USD 267 bn) and China to retaliate further.”

“Until today, the percentage of world trade directly affected by the entire US trade war was roughly 1%.”

“Today this gone up to 2.5%, and if the US carries out its threat to impose tariffs on the remainder of its imports from China, this will equal approximately 4% of world trade.”

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