President Donald Trump’s aggressive new wave of tariffs this week has dealt a blow to many—ranging from poorer nations like Laos and Algeria to affluent U.S. allies such as Canada and Switzerland. These countries are now bracing for steep new duties on their exports to the United States starting August 7.
Those who might be seen as “winners” are the countries that conceded to Trump’s demands and escaped even harsher penalties. Still, whether anyone—perhaps not even the U.S.—will truly benefit from these protectionist measures remains uncertain in the long run.
