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As I said yesterday, Donald Trump is not “overcoming his trade war.” He is imposing many rates, and so far no one has prevented him, even if his actions are clearly illegal. But “winning” a trade war, if that means something, would be to use rates to get significant concessions from other countries. And while some important business partners, especially the European Union, are pretending to give in, when you watch what they are really doing, it’s just smoke.
