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Trump -- looking for more trade wars to fight

Markets underestimate how election-year pressure will likely increase US protectionism

| North America
For Trump, trade is essential to his message of grievance politics.   © Reuters

Investors seem to think that they have already priced in trade restrictions imposed or threatened by U.S. President Donald Trump.

They include increased tariffs on Chinese products that went into effect on June 1, pending restrictions on the Chinese telecoms group Huawei Technologies,  existing tariffs on steel and aluminum produced outside North America, and the threat of escalating tariffs on Mexico -- "suspended" only if immigration enforcement goals are met.

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