President Donald Trump's administration has encountered challenges in securing trade deals, with Japan notably resisting efforts to reach an agreement, casting doubt on the administration's upcoming deadline for trade negotiations. Despite Trump's earlier assertion that trade deals would be easy to finalize, the standoff with Japan highlights the complexity of these negotiations. Concurrently, the United States has imposed tariffs generating approximately $50 billion in revenue, as most global trading partners have refrained from retaliating. Only China and Canada have responded with countermeasures, while other countries appear cautious to avoid disrupting supply chains. This restraint among trading partners has allowed the U.S. to collect substantial tariff revenues, though some analysts caution that this may come at the expense of long-term competitiveness.
America’s trading partners have largely declined to retaliate against Donald Trump’s tariff war, with only China and Canada hitting back so far. https://t.co/G9tPV2f953 https://t.co/TASYEgE5Zx
Key takeaway from this FT tariffs story - other countries are not retaliating and certainly not following the US because they understand potential damage to supply chains. The US may gain short-term revenue but at major cost to future competitiveness. https://t.co/RIzWw9YOGz
Trump raises $50 bln through his tariffs as the world largely chickens out & fails to coordinate retaliation. Valuable reporting here by @FT team incl @IlyaGridneff reporting from one of the two places that did retaliate: Canada. https://t.co/jCejQHBHxr