In recent days, there has been a discussion

"Who won in terms of tariffs"

This is a foolish question

Taking the US and UK as an example, the UK is the 11th largest goods trading partner of the US, accounting for 2.9% of the total trade volume in the first quarter of the US

In 2024, the US exported approximately $80 billion worth of machinery, aircraft, natural gas, etc., to the UK, while importing $68 billion worth of automobiles, pharmaceuticals, and other goods

Thus, the US has a "trade surplus" with the UK.

This is fundamentally different from other countries that threaten to impose high tariffs.

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If we consider the aspect of increased tariffs

You say the US won

But over the past month, the dramatic fluctuations and declines in US stocks, bonds, and exchange rates, have led to rising prices.

You say the UK lost

But it avoided tariffs of 20% like the EU, 30% like China; the UK's tariffs are almost a minimum of 10%

So can you roughly determine who won?

Tariffs will increase corporate costs, reduce production efficiency, and make everyone worse off.

In this sense, there are no winners.