Factory-led economies are panicking about the steep new tariffs. Not the Philippines, which believes its role as a manufacturing alternative to China can expand.
Behind Trump’s new tariffs is a goal that is as ambitious as it is unrealistic: eliminating the bilateral trade deficit with every U.S. trading partner.
“Geopolitical tensions, economic volatility and trade fragmentation” drove the market down, according to the Art Basel and UBS Global Art Market Report.