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As a form of self defense, other countries will also do the same to America. Many believe that Donald Trump decision to raise import tariffs on China will never be effective in winning the trade war. China will always dominate and win the trade war for one reason, their production costs are lower than other countries. Donald Trump understands this very well, and in my opinion, there is another target being planned.
The red hats with the "Make America Great Again" slogan, often worn by Donald Trump during his campaigns, are partly made in China. This fact further confirms who truly holds control over world trade, China is difficult to defeat.
I think this trade war will be more intense than before and of course the impact will not only be felt by both parties but also globally. Of course, this is very detrimental as a whole and globally we will be faced with various kinds of economic uncertainty whose impact is very significant. Inflation to recession is perhaps the most obvious impact, then this will spread to various sectors including crypto investment, stocks and others.
If Trump continues to force his way through stupid things, the global economy will truly be devastated. I don't think Trump will change his stance and decisions anytime soon, but change can still be expected due to various pressures. We'll see what happens, regardless of who wins this economic war.