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Bottom line: Very little has changed about the state of the global economy since the US-UK “deal” was announced. We still have a 22% effective tariff rate today – the highest in more than 100 years – compared with 2.5% before Trump took office.

“Overwhelmingly the most important fact about today’s trade deal is that the 10% across the board tariffs are staying,” Wolfers said on social media Thursday. “Tiny tweaks here and there with some trading partners won’t change that. The US is a high tariff country for the foreseeable future, and the trade war continues.”