(Bloomberg) --
Just as the market breathed a sigh of relief with the U.S.-China trade truce, the U.S. decision to slap 400% duties on imports of Vietnamese steel reinforce concerns that the trade war is global. This adds to a lengthening list of recent U.S. trade actions aimed at shifting current account balances back more in its favor. The tariffs will hurt Vietnam, among the few countries that have benefited from trade tensions between the U.S. and China, according to Bloomberg Economics. More significantly, the widening range of countries coming under tariff fire from the U.S. is likely to further hurt investor sentiment at a time when the global economy is weakening.
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