Pressured by their respective companies and a desire not to look weak domestically, Americaโs three biggest trading partners teed up retaliatory tariffs. The three account for some 42 per cent of all imports into the US, the worldโs largest economy.
As the world woke up to the fact this was actually happening, analysts sought to assess how long the tariffs were likely to last, with Chinaโs expected to be more โstickyโ and less easily rolled back โ seen in Trumpโs decision to levy lower levels on China.
โHe intends on keeping the China tariffs on for the long term, which means he needs to proceed in such a way that they are seen as manageable, not least from a market perspective,โ said Andrew Bishop of consultancy firm Signum Global Advisors.
โWhereas we have high conviction heโll be repealing the blanket North American tariffs in short order,โ he added.
The three countries quickly signalled their resolve to fight back.