Trade wars: it takes two to tango - BBH

Analysts at Brown Brothers Harriman explained that it takes two to tango, 'so they say', and it is true about trade wars as much as dancing.  

Key Quotes:

"The Trump Administration's trade policy intentions have been clear, and the resignation of Cohn removes a distraction and a fifth column globalist from its midst. The path for the heterodox trade Troika of Navarro, Ross and Lighthizer is clear."

"When White House Communications Direct Hope let the Administration, some pundit quipped that there was no more Hope in the White House.  But the resignation of Cohn, dashes whatever lingering hope there may have been, even at this late date, the Trump Administration can be turned from its mercantilist trade views."

"How other countries respond to the new provocation? We suspect that aside from some symbolic action, most countries will seek to avoid a tit-for-tat approach.  

Many officials we have spoken within Asia and Europe seem more inclined to make some small concessions if necessary to the US and bide the time cautiously, apparently waiting for the change in the US political climate, which could come with the midterm elections in eight months. 

In the meantime, the like old Roman emperors demanding higher tribute from its colonies, the US is seen seeking to boost its share of distributional gains accrued through trade."