We've talked a lot on this channel about what it takes for nations to fight conventional wars - but with a flurry of new US tariffs announced on targets from the PRC to Canada, Mexico I thought it was time to talk about the mechanics of trade wars. While we mostly give the situation between the US and its tariff targets a bit more time to develop, today we'll look at some of the theory behind trade wars, what factors can give nations advantages in them, as well as some of the risks that can be involved.