There is a huge body of analysis on the possible impact of the tariff orders signed by US President Donald Trump in the last few weeks. Those in favour and against have argued emphatically, leaving room for further discussion, given that tariffs, trade, and economic engagement have gained preeminence and remain a developing story. Several analysts have described the recalibration of tariffs as a trade war. Others have attempted to examine the implications of the trade-centric conflict overflowing into the geopolitical stratosphere.

Markets — equities, currencies, commodities, bullion, and a host of financial products — felt the immediate impact. There has been turmoil in the marketplace. Billions of dollars’ worth of investors’ wealth either vanished overnight or was partially restored as tariff orders were released by the White House in quick succession, beginning with ‘liberation day’, as Trump pompously described it.

Companies, service providers, and logistics firms scurried for cover even as President Trump essentially targeted the European Union, with whom the US has a trade deficit of $200 billion, and China, with a deficit exceeding $300 billion.

Sixty countries — friends and foes alike — were treated with derision by Trump and slapped with counter-tariffs to bring down the US trade deficit, which had piled up to $1.2 trillion. Some economists also pointed to trade surpluses run by the US with about 100 countries, which were royally ignored by the ‘transactional Trump’ administration.

Trump’s political agenda in the run-up to the 2024 Presidential campaign centred around correcting the ‘unfair’ exploitation of the American people and businesses, and denying his ‘voters’ job opportunities, thereby shifting manufacturing out of the US.

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