The fortitude of the world economy is an eye-opener. Tariffs haven’t resulted in the recession widely feared when US President Donald Trump imposed them in April. Some of the most vulnerable nations are not only coping, but doing pretty well. Just look at Vietnam.
Is it a case of bullet dodged or delayed impact? Vietnam’s experience tells us a lot about the trade saga. If the outlook begins to deteriorate in a meaningful way, we’ll see it early there. The communist-led nation has become thoroughly intertwined with the fate of global capitalism.