Don't celebrate too early

August 1, 2025: Impact of the Trump tariffs on America and its trading partners is a slow burn, so any celebration is premature.

Economists have agreed that the greatest fear, a potential disaster, has receded. But they said both pro-Trump Americans proclaiming victory and countries cheering lower-than-expected US tariffs have to wait and see.

Ben May, Director of global macro forecasting at Oxford Economics, was quoted by BBC as saying that US tariffs still had the capacity to "damage" the global economy in several ways.

"They are obviously raising prices in the US and squeezing household incomes," he says, adding that supplies and demands around the world would change chaotically when one of the largest economies ends up importing fewer goods.

Sometimes good news is actually bad news that manages to avoid worst-case scenarios. Nations that had expected higher tariffs may be glad, but sooner or later farmers will protest, employees will lose their jobs and unprepared companies will collapse.

Daily updates, and opinions on, local and international events by Tulsathit Taptim.