Just a reminder that the end result of the Trump term 1 trade war with China -- which produced hours of debate, tons of digital ink (including a lot of great reporting), at least one book -- was a roughly 15% average increase in the tariff on China (v pre-tariff trade) 1/

So to the first approximation, good US allies (tho ally is a term Trump wouldn't really use) are getting the same treatment in Trump's second term as China received in his first ... 2/

p.s. the omitted variable in all the term 2 trade deals to date has been currency -- and frankly all of the out-there capital flow measures (zero coupon bonds for reserves) in the Mar-A-Lago accord Miran paper. The actual deals have been all about tariffs ...