Trump's first trade deals suggests that the trade war is moving towards a new steady state where tariffs are much higher than before but not unmanageable. The U.K. deal confirmed a minimum 10% global import tariff, but showed flexibility on sector specific tariffs like autos. Even tariffs on China were lowered significantly, though remain higher than the minimum. There remains significant headline risk as other countries haggle for concessions over the next two months, but […]