How the US Became the Apex Predator on Trade
The White House appears to be more interested in displays of submission than messy details.
At the top of the food chain.
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For a region often hailed as the future of the global economy, it’s been an unedifying experience. One by one, Asian leaders swallowed trade accords with the US that are slightly better than envisaged months ago, but more punitive than when they bet on access to the American market as a development strategy decades ago.
The glory days of supply chains must seem like a prehistoric time to the countries that lined up to concede to White House demands for levies. Certainly a throw-back to an earlier, less prosperous, age: The overall level of US tariffs is now the highest since 1930s, according to Bloomberg Economics. Japanese Prime Minister Shigeru Ishiba was once adamant he would never accept duties, especially on autos, but concluded he could live with a 15% penalty. The European Union’s top official, Ursula von der Leyen, on Sunday said the 15% rate the bloc settled on with President Donald Trump was the best she could manage.