The White House moved to tamp down trade war fears, but analysts warned Washington’s protectionist direction was unchanged.
US President Donald Trump said that tariffs for around 150 countries would be about 15% — lower than some experts feared. Trump has also toned down anti-China rhetoric in order to secure a trade deal and a summit with the country’s leader, Bloomberg reported.
Yet trade barriers are going up elsewhere: Canada announced new steel tariffs, and France is reportedly gaining support within the European Union for a harder line against pressure from Washington. And despite the cooling of tensions, Goldman Sachs now projects the US’ effective tariff rate will peak even higher than the bank previously thought.