But Trump has been far less sparing of others, and this has produced some rather odd outcomes. Why is he being so aggressive toward traditionally friendly countries like Switzerland? Smaller economies hardly matter for the overall US trade balance that he claims to care about, and the arbitrary abuse that they are suffering will encourage others to reduce their dependence on the US market over the long term.
Much about life under US President Donald Trump’s second administration is mystifying and strange, not least his treatment of the BRICS+ (Brazil, Russia, India, China, South Africa, plus five newer entrants) and the risk the group poses to American power and influence. Judging by his words, Trump seems to want to stop the bloc of major emerging economies from challenging the US-led global-governance system. But judging by his actions, one could be forgiven for thinking that he wants to help it pursue its global ambitions.
Consider Trump’s bilateral treatment of the various BRICS countries. Compared to many others who have been targeted in his global trade war, he has been rather gentle with China and Russia — two non-democratic regimes whose “strongman” leaders he genuinely admires. True, his light touch may reflect a reluctance to trigger economically ruinous responses from markets or other governments. Following his “Liberation Day” tariffs, which China responded to in kind while also suspending exports of rare earths, US markets and the dollar swooned, and yields on US government debt spiked.
