This is a excellent, if conventional summation of the tariff situation. Like all summations, it understands first order consequences much better than second order consequences. No one really understands the second and third order consequences…
Donald Trump’s decision to impose tariffs on steel and aluminum is the most significant set of U.S. import restrictions in nearly half a century. It will have huge consequences for the global trading order.
— Read on www.cfr.org/blog/donald-trump-steel-tariffs-and-costs-chaos