The US tariffs on China announced last week will, if implemented, have knock on effects on other EMs though supply chains, particularly in parts of East Asia and in Chile. The impact of the measures announced so far would be small. An escalation of US tariffs on China or a wider lurch towards more protectionism would, of course, be more painful. However, it’s worth noting that US trade policy appears to have taken a softer line in other areas in recent weeks.
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