The mistake in this assumption is you actually have a choice in the matter.
If all you care about is currency flow, ie trade balance, then choice doesn’t matter.
The UK lowering their tarrifs on the US, while the US raises their tarrifs on the UK, may seem like a sweet deal for the UK consumer. But if your only metric is the trade balance it’s actually to the advantage of the US.
If all you care about is currency flow, ie trade balance, then choice doesn’t matter.
The UK lowering their tarrifs on the US, while the US raises their tarrifs on the UK, may seem like a sweet deal for the UK consumer. But if your only metric is the trade balance it’s actually to the advantage of the US.