Trump's tariffs imposed heavy taxes on exports from various countries including small nations and wealthy U.S. partners starting August 7. While some nations avoided greater losses by complying with Trump's demands, no clear winners are apparent. The tariffs signal a shift from a global economic order based on established rules to one where Trump's authority predominates. This situation may lead to increased court challenges as Trump justified tariffs under a national emergency, bypassing traditional Congressional authority, indicating potential long-term consequences for international trade relations.
"In many respects, everybody's a loser here," said Barry Appleton, co-director of the Center for International Law at the New York Law School.
Barely six months after he returned to the White House, Trump has demolished the old global economic order. Gone is one built on agreed-upon rules.
"The biggest winner is Trump," said Alan Wolff, a former U.S. trade official and deputy director-general at the World Trade Organization. "He bet that he could get other countries to the table on the basis of threats, and he succeeded - dramatically."
He invoked a 1977 law to declare the trade deficit a national emergency that justified his sweeping import taxes.
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