Just wait – Trump's trade war will soon have fallout

As with Brexit, the economic effects of uncertainty over tariffs will take time to appearDonald Trump’s phony, blowhard’s trade war just got real.The steel and aluminium tariffs that the Trump administration imposed at the beginning of June were important mainly for their symbolic value, not for their real economic impact. While the tariffs signified that the US was no longer playing by the rules of the world trading system, they targeted just $45bn of imports, less than 0.25% of GDP