An economic model by the University of Auckland suggests that under the new Trump tariffs most economies lose – the US more than many

• The tariffs reduce US annual GDP by 0.36%. This equates to US$108.2 billion or $861 per household per year
• Switzerland’s GDP decreases by 0.47%, equivalent to $1,215 per household per year. Proportional GDP decreases are also relatively large for Thailand (0.44%) and Taiwan (0.38%) which equates to US$134 and US$330 per household, respectively.
• GDP decreases are relatively large for China ($66.9 billion) and the European Union ($26.6 billion) - US$139 and US$139 per household, respectively.
• Australia and the United Kingdom gain from the tariffs ($0.1 billion and $0.07 billion respectively), primarily due to the relatively low tariffs levied on these countries. Despite facing relatively low additional tariffs, New Zealand’s GDP decreases by 0.15% ($204 per household) as many of its agricultural exports compete with Australian commodities, which are subject to an even lower tariff.

The loosers of every trade war are consumers. The poorer they are the worse it gets for them.