"Economically, the net effect is negative. Costs rise for US consumers and US manufacturers reliant on imported inputs. Retaliatory measures reduce export opportunities. Overall trade volume shrinks. Growth slows, and no fundamental improvement in the US external balance occurs."

This is not my preferred scenario, but it's the only viable outcome I can see from this whole mess.

The only way the US can salvage this is for Trump to wind everything back with tail tucked between his legs (good luck) or Congress stripping him of power (also good luck).

"China is 'ready to compete with the US in redefining the new global trade system' and cannot afford to 'tolerate US bullying.'" 3/

arstechnica.com/tech-policy/...

"If the US loses too much business, while China potentially gains, then China could potentially emerge as the global leader, possibly thwarting Trump's efforts to use tariffs as a weapon driving investment into the US." 2/

arstechnica.com/tech-policy/...

6) Just 25% of US adults say they expect their finances to look better in five years than today.

That’s lower even than at the nadir of the Great Recession.