An ICYMI on another trade war escalation this time US-India.

  • A new set of Indian tariffs on 28 US products kicked in on Sunday
  • New Delhi says the higher duties are in retaliation for US tariffs on steel and aluminum imposed last year

The further background to this is India has a big surplus in trade with the US for goods. And a smaller surplus in services. The new tariffs are seen as small and symbolic. but they could raise the ire of you-know-who (tweeter in chief).