While President Donald Trump’s U-turn on 25% tariffs for Canada and Mexico serves as a good reminder that he is always open to cutting a deal, be careful writing tariffs off altogether. China came away from this week with an additional 10% levy applied on its shipments to the US, while behind the scenes the Commerce Secretary Howard Lutnick is still investigating whether a universal tariff is warranted because of unfair global trade practices. We are happy to stick with our existing assumptions on tariffs – a 10% universal levy with tariffs of up to 60% on China specifically.
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