In spite of woeful prognostications to the contrary,… through all the supposed turmoil, the U.S. grew at a 4.2% annual rate in the second quarter and looks set for a similar pace in Q3.
The U.S. Stops Subsidizing Global Growth. According to the World Trade Organization, before the Trump tariffs were put in place, the U.S. had an average tariff of 3.4%. Canada had an average tariff of 4.0%, the EU 5.1%, Mexico 6.9%, China 9.8%, and South Korea 13.7% – all higher than the U.S., which means the playing field was tilted in favor of foreign countries. The U.S. was subsidizing them.