Trump’s trade war by numbers: Who benefited, who bled and what comes next?

Trump’s trade war by numbers: Who benefited, who bled and what comes next?

The US economy contracted by 0.3 per cent in Q1 2025, marking its first decline in three years, largely due to Trump-era tariffs. China’s factory activity fell to a 16-month low, while Taiwan’s GDP surged 5.4 per cent on pre-tariff tech exports. Europe saw 0.4 per cent growth before tariffs hit and Canada is on track to miss GDP estimates

A woman walks in front of big screen displaying Japan’s Nikkei share average inside a building in Tokyo, Japan, April 25, 2025. Representational Image/Reuters