> This means that the global economy can—and does—reroute around bilateral tariff barriers with ease. For example, tariffs between China and the US lead to proxy lobster trade through a third party: Canada. Instead of the US selling lobsters to China, China buys more lobsters than usual from Canada, who in turn buy more lobsters than usual from the US. After the bilateral lobster tariffs are applied, the US, Chinese, and Canadian current account balances are unchanged on net, despite the shift in bilateral trade partners.
I wish my laptop connected to wifi and ethernet would multi-home that well!