"U.S. trade partners are cutting deals among themselves - sometimes discarding old differences to do so - in a push to diversify their economies away from a newly protectionist United States. Some European governments and institutions are reducing their use of U.S. digital services such as Zoom and Teams. Central banks and global investors are dumping dollars and buying gold. Together, their actions could diminish U.S. influence and mean higher interest rates and prices for Americans already angry about the high cost of living."
"Last summer and fall, Trump used the threat of punishing taxes on imports to strong-arm the European Union, Japan, South Korea, and other trading partners into accepting lopsided trade deals and promising to make massive investments in the United States. But a deal with Trump, they've discovered, is no deal at all. The mercurial president repeatedly finds reasons to conjure new tariffs to impose on trading partners that thought they had already made enough concessions to satisfy him."
U.S. trade partners are forming new agreements and reducing reliance on American digital services to diversify away from a protectionist United States. European governments and institutions are cutting use of platforms like Zoom and Teams, while central banks and investors are selling dollars and buying gold. These shifts threaten to reduce U.S. global influence and could push U.S. interest rates and consumer prices higher. President Trump's repeated imposition and threat of tariffs has forced allies into lopsided concessions and broken trust. Allies face unpredictable tariff threats, such as warnings over Greenland and proposed 100% tariffs on Canada for its EV policy.
Read at Fast Company
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