President Donald Trump’s tariff onslaught this week left a lot of losers – from small, poor countries like Laos and Algeria to wealthy U.S. trading partners like Canada and Switzerland.

They’re now facing hefty taxes – tariffs – on the products they export to the United States.

The closest thing to winners may be the countries that caved to Trump’s demands — and avoided even more pain. But it’s unclear whether anyone will be able to claim victory in the long run — even the United States, the intended beneficiary of Trump’s protectionist policies.

Trump’s trade war has pushed the average U.S. tariff from 2.5% at the start of 2025 to 18.3% now, the highest since 1934, according to the Budget Lab at Yale University. One expert at the New York Law School said that “in many respects, everybo

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