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Donald Trump admits to putting the world through a “rough patch”

“I THINK IT was necessary,” said President Donald Trump of the “rough patch” the world economy has been going through as a consequence of his shake-up of the global trade regime. His comments came on August 26th, towards the end of the G7 meeting of rich-world leaders in Biarritz, France, and a particularly bumpy series of trade announcements. There is still plenty of turbulence ahead.The drama started on August 23rd, when the Chinese government announced its plans for retaliation in response to an earlier tranche of American tariffs. China’s average tariff on imports from America (weighted to match America’s global exports in 2017) will rise from 20.7% to 21.8% on September 1st, and to 25.9% on December 15th (see chart), by which time 69% of America’s exports to China will be affected.
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