Small businesses may end up biggest victims of tariff wars

President Donald Trump famously declared that "trade wars are good and easy to win". But it is not clear what "winning" looks like as the United States and China let off new volleys of tariffs at each other.

One gauge of victory that Mr Trump is said to favour is the stock market. On Wall Street, however, trade tensions have sent the broad stock market index down at least 2.5 per cent on three occasions last month, the most in nearly eight years.

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A version of this article appeared in the print edition of The Straits Times on September 04, 2019, with the headline 'Small businesses may end up biggest victims of tariff wars'. Subscribe