Uncertainty is now baked into the economy, prompting companies to sit on trillions of dollars that could be invested in new jobs and equipment. The only certainty has been higher prices for U.S. consumers and manufacturers, who forked over an extra $30 billion for goods and components by the end of last year thanks to the trade war.
International trade and the economy will find new footing. But this will take time and money, even if tariffs were to end today. The challenge is compounded by a new battle: the fight to survive a global pandemic. The combined fallout will last years to come.