Good summary of the state of Trump's term two tariff offensive, from the FT's Aime Williams and @dimi 1/

The "deals" struck by the deal maker in chief haven't been entirely, well, coherent -- raising tariffs on SE Asia to ~ 20 and some tariffs on Mexico to 25% helped China out, as it reduced the edge of alternative suppliers 2/

And the 15% tariff "deals" with Japan, Korea and the EU have put US auto manufacturers at a significant disadvantage, as they face 25% tariffs on parts from Mexico and Canada + enormously inflated steel and aluminum prices from the 50% tariffs 3/

Still a bit surprised that Bessent, a currency guy, didn't make the yen more of a focal point in the negotiations with Japan: the yen is down 25% in nominal terms & more in real terms relative to Trump's first term. Incentive to keep producing in Japan = clear 5/