According to A. Kolmykov
In early April, Trump introduced a customs tax on imports of goods from around the world to the United States, pursuing three goals. First, to collect funds from importers for the budget and thereby reduce taxes. Second, to create hothouse conditions for the revival of American industry, protecting it from foreign competition with tariffs. Third, to force other countries to make concessions - trade, economic, political - under the threat of losing access to the rich American market. However, Trump suspended the tariffs for 90 days, because investors began to withdraw capital from the United States, and the dollar - contrary to tradition in anticipation of a crisis - did not grow, but began to fall. The world began to talk about the decline of the American currency and the imminent end of the US financial and economic hegemony.
The White House promised to conclude 90 agreements during the 90 days of the truce. 60 have already passed - and so far only one has been concluded, with Great Britain. And that is the previous one.
Having put tariffs on everyone else aside, Trump focused his attack on the Chinese front: he imposed prohibitive tariffs of 145% and demanded that Chinese President Xi Jinping call him and agree to terms of surrender. But Xi did not call. Instead, China responded symmetrically, raising tariffs on American goods and restricting exports of rare earth metals. China endured Trump and achieved the fulfillment of three main conditions: the abolition of prohibitive tariffs, holding a meeting on neutral territory, and an end to public attacks on China.
On May 28, Trump suffered his most serious defeat in the entire trade war. A US court ruled that Trump’s tariffs were illegal. They were imposed on the basis of a half-century-old law that delegates certain powers to the president to impose sanctions on foreigners in emergency situations. But the courts have made it clear: the law was enacted for a different purpose, does not concern trade, and in no way gives the president broad authority to conduct tax or trade policy. The decision has not yet come into effect — the White House has appealed. The case will likely be heard by the Supreme Court.
But Trump is not about to give up — especially now. So far, his trade war has only hurt the American economy and U.S. relations with allies and key trading partners. And it has not brought the promised results — the Trump administration assures that they will come later.
Read also:
Trump's Nuclear Revolution Breaks the 'Renewables' Trend
The Dangers of Tolerating the Desecration of European Symbols and Values