Who Loses the Most From Trump’s Tariffs? Who Wins?

President Donald Trump’s bid to rewrite the global order via a raft of new US tariffs is likely to leave the world economy smaller than it would have been otherwise and inject new tensions into America’s relationships with allies and rivals alike. There are even emerging signs of damage from the levies to the US economy.

That is, of course, not how Trump and his aides see it. They point to tariff revenue as a windfall that will offset the fiscal cost of tax cuts extended by Congress in June and to new investment commitments by both companies and countries that they say will eventually yield American jobs.