Donald Trump’s tariffs — the cornerstone of his economic agenda — are closely linked to inflation, revenues, spending and the reshoring of manufacturing. They are the key to assessing Trump’s economic impact, but they come with profound uncertainty.

After months of escalating tariffs and retaliatory measures, China and the United States have reached a fragile truce that has begun to stabilize their trade and technology relationship. While tensions over chips, rare earths, and agricultural exports persist, both sides now recognize their mutual vulnerability, creating a cautious but potentially durable détente rooted in economic deterrence rather than dominance.

America’s tariffs have remained a centerpiece of discussion in global trade since the White House announced them, with a clear, coherent path forward yet to emerge. In these first few historic months, how has the aggressive trade policy affected U.S. positions in Asia?

It should not be difficult for politicians of insight to choose between joining hands to build a community with a shared future for mankind or becoming powerful countries’ pawns to fight and exhaust one another.

The European Union’s ongoing pursuit of an economy-first strategy continues to encounter significant obstacles, especially the erosion of its economic autonomy resulting from the strategic concessions it has made to the United States.

Prohibitive penalties on the poorest countries threaten to destabilize these fragile economies and deprive tens of millions of poor people of their livelihoods. Trump’s tariffs are not only unjustified, but also immoral. And this is just the tip of the iceberg.

The second Trump administration has combined aggressive diplomatic engagement with a confrontational trade policy that alienates allies and risks triggering a global recession, despite legitimate concerns about America’s industrial decline. While Trump's trade agenda aims to restructure global commerce to favor U.S. interests, its unilateral execution and failure to build a coalition undermine its effectiveness and may isolate the U.S. rather than restore its manufacturing strength.

The U.S.’ expanded tariffs under the second Trump administration are reshaping global supply chains by imposing steep, targeted duties and pressuring Asian economies to invest in American production. As manufacturing shifts away from China and its neighbors, countries like Mexico may benefit, while India risks being left behind.

The U.S. president’s policies have fueled deglobalization and disrupted the existing international order, but they have also pushed countries around the world to explore new models of cooperation and foster new approaches to trade.

The EU and U.S. have agreed to a tactical cease-fire, not a strategic settlement. As long as Europe pursues strategic autonomy and Washington replaces rules-based multilateralism with transactional deals, fresh disputes are inevitable.