I’ve seen many phoney trade wars come and go. This is the real thing | Larry Elliott

The battle between the US and China, sparked by Trump’s tariffs, has real consequences for the global economy, leading to slower growth and higher inflation. Trump’s commitment to imposing tariffs represents a shift in US policy, signaling the end of a borderless world dream and the start of a new protectionist era. Despite market turmoil and recession risks, trade will continue, but with increased restrictions and barriers in place.

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