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Macro Nugget: Trade tariffs helping very little!

Like water, trade tends to find a way around barriers.
2024-08-27

When Trump introduced his first round of trade tariffs on China in 2018, market participants simply shifted trade to route their products through a third country before shipping them to the US. This has continued through the Biden administration, and regardless of who is elected this November, both candidates should remember that trade, much like water, tends to find its way around barriers like tariffs.

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