In about five weeks the pause on President Trump’s “liberation day” tariffs will expire. So far, the US has come to an agreement, of sorts, with exactly one country – the UK. That outline of an agreement so far doesn’t mean anything because the full terms haven’t been agreed to nor implemented. In other words we don’t yet have a trade deal with the UK. When Trump raised steel and aluminum tariffs to 50% recently he did exempt the UK but the previously imposed 25% tariffs are still in place despite the fact that the “agreement” would eliminate them. So while it is tempting to say one down, 89 to go, the reality is ... (full story)