This month we consider recent actions on tariffs and the impact on trade. Trump’s tariffs and the retaliations will take time to play out. In analysis recently presented by shipbroker Clarkson, the impact of Trump tariffs on global sea freight flows in 2018-19 was calculated to be a reduction of just 0.5%. This time we expect worse given the wider application of tariffs, but perhaps not a catastrophe: global supply chains are remarkably adept at rewiring; and many mitigating actions have already ....
