The US has more leverage against any single country in a trade war. But other countries have more leverage if they act collectively. The huge downside risk of a broad tariff war is if it reorients the economic and political order from West vs anti-West to the US vs rest of world.
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Trump has done more damage in his quest to maintain the US as global hegemon from these tariffs on allies than anything else possible.
Mexico, and likely even Canada, will now look towards China more willingly while they pull away in the long run from the US.