The move by the US to impose 25% tariffs on some Brazilian goods shows that although the tariff threat has taken a back seat, the trade risk is far from over. Standard Chartered's Edwin Lee said that as the Middle East conflict took the headlines, tariffs have faded out of sight in recent months, but they are still lurking in the background and may continue to drag down economic growth. As the Section 122 tariffs are about to expire, the Section 301 tariffs imposed by the US on 60 trading partners are likely to take effect within the next few weeks. Lee said the broader risk is that the US may seek to use more legally durable measures to rebuild its tariff structure. The midterm elections are a key focus, as it could push the Trump administration to take a tougher trade stance.

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