Economics

Tariffs typically result in reduced global trade via retaliatory actions by other nations. Which results in lower overall global trade. 

Shouldn’t we be worried / preparing about a declining macro environment?

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I follow that logic. 

But any pressure added to trading with the US creates incentives to find other more favorable trading partners, even if by a little. 

This is the same as a Web2 platform shutting its API down unless you pay up $$$.

I think the bet is that counties can not afford to retaliate against the U.S. and will accept our concessions like what just happened in Colombia. That’s the textbook.