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Tellingly, Trump did not come back with an offer of sweeteners to promote investment. Instead, he threatened to block ExxonMobil investment in Venezuela.
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The president has spoken of tariffs as a tool to encourage the reshoring of jobs back to the U.S. Although this may be true for large-scale manufacturing—Volvo is increasing production at its Ridgeville plant in South Carolina, for example—it is not true for many firms which rely on China for production. Three-quarters of all U.S. toys are manufactured there.
Риши Сунак и Владимир Зеленский. Фото: Ukranian Presidency / Handout / Anadolu via Getty Images