When President Trump stunned governments around the world with high tariffs, Britain was quick to strike a trade agreement with the United States that would lock in 10 percent duties on most imports while protecting key industries.
The country’s fast action appeared prudent as other deals emerged, especially one that left the European Union facing a steeper tariff rate of 15 percent on most products.
But a deep dive into the agreements suggests that the trade math is more complex.
As Mr. Trump tears up the rulebook for global trade, across-the-board rates are just a starting point. Nations face tariff rates that vary by product, complicating how governments, importers and businesses operate. There are no clear national winners and losers.
Because Britain and the European Union are neighbors, and because Britain was until 2020 part of the bloc, the deals the two economies struck are often compared. Their products already compete for American consumers, and in some cases they will now do so on a more uneven playing field. Still, a closer look at the tariffs on four specific goods — whiskey, clothing, cars and cheese — underscores how tricky it is to declare one deal better or worse.
How might the E.U. deal be better than the one Britain got? Cheese offers a good illustration.
The European Union’s trade deal includes a 15 percent across-the-board rate, except where tariffs were already higher. Britain’s 10 percent rate, by contrast, “stacks” on top of most other tariffs.
The post Did Britain Win the Trade War? Why It’s Tough to Declare a Victor. appeared first on New York Times.
