Donald Trump has always maintained that trade wars are easy to win . The first six months of his second term show that they are not even easy to start. In addition to the new 10% universal tariff on all exports to the US, on April 2 nd – Liberation Day – President Trump ordered aggressive reciprocal tariffs against some 60 countries, only to immediately postpone them for three months when the first worrying tremors hit the stock, debt, and dollar markets. One month, ten agreements To reassure Wall Street, the White House promised 90 agreements in those 90 days, offering a discount on reciprocal tariffs to the threatened nations in exchange for concessions, such as the purchase of US arms and energy, commitments to heavy investment in the United States, and greater market openness to American goods. By the end of June, however, only the United Kingdom had concluded such an agreement, and Trump opted to extend the truce for another mo...