Tariffs will not get Washington what it wants

Were it not for the ups and downs already experienced over the past 17 months of trade frictions, it would no doubt have caused jitters when the US president warned on Tuesday that he would jack up tariffs substantially should the phase one deal with China fail to materialize.

Since the wolf did not come down on the fold at once, the world's expectations for a deal, large or small, are realistic. Anyone aware of the US administration's habits will appreciate that even if the deal is signed, it could be scrapped at any time on the whim of Washington.

Considering the US leader said on the weekend that reports suggesting some tariffs are to be removed were "incorrect", and the Chinese side's insistence that no deal is acceptable under additional tariffs, there is reason to believe that the US administration's superstitious faith in tariffs is once again close to killing a deal in the cradle.