Part 3/9:
A critical point to consider is that the tariffs imposed by other countries may not align with what is officially stated. They appear to be a strange mix of actual tariffs and aspects of the US trade deficit—specifically in goods. The US has a strong service economy, meaning the actual trade deficit may be inflated by intangible exports, sidelining tangible goods. Notably, the US’s tariff policy is designed to impose a minimum tariff of at least 10% on countries charging nothing, leading to a further complication of the situation.