Trump reaps $50bn tariff haul as world ‘chickens out’

News Snapshot:

America’s trading partners have largely failed to retaliate against Donald Trump’s tariff war, allowing a president taunted for “always chickening out” to raise nearly $50 billion in extra customs revenues at little cost. Four months since Mr Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos. At the same time US revenues from customs duties hit a record high of $64 billion in the second quarter –...