Trade tensions mark a significant geopolitical shift, rivaling post-WWII changes. While daily intensity fluctuates, core economic and political drivers could endure. Grasping tariff effects helps investors navigate these structural shifts.

A s China’s export machine sputters under the weight of 145% tariffs, jobs are at risk. Some 16m workers are involved in the production of goods bound for America, says Goldman Sachs, a bank. Nomura, another bank, projects a possible 5.7m job losses in the near term and 15.8m in the long run, as the shock ripples through the economy.

Chinese Vice Premier He Lifeng resumed talks with U.S. Treasury Secretary Scott Bessent on Saturday afternoon in Geneva in a tentative first step towards defusing a trade war that is disrupting the global economy.