Best case overall might be other governments making minor or meaningless concessions that the rulers sell to their base as a ‚big win‘ and cancel the tariffs - „art of the deal“.
Worst case, for the US at least -
“The more concerning issue is that these large across-the-board tariffs incentivize our trading partners to retaliate against us,” Dove said. If other countries renegotiate their own trade policies, the US “could very quickly end up in a situation where you have 25% of the world economy up against the other 75%,” he said, “and I can tell you who’s going to come out ahead there.”
… and
China placed export restrictions on rare earth elements on Friday as part of its sweeping response to U.S. President Donald Trump’s tariffs,
.
Unsurprisingly, opinions within the ruling clique are not all that uniform:
In an exchange Saturday on his social media platform, X, Musk slammed Peter Navarro, the Trump administration’s senior counselor for trade and manufacturing, who has championed the tariffs. “A PhD in Econ from Harvard is a bad thing, not a good thing,” Musk posted about Navarro’s academic background. The Tesla CEO also added of Navarro: “He ain’t built sh*t.”