Why an $8.8 trillion slice of the global economy escaped being hit by Trump's tariffs

1. US has a significant trade surplus in services, $293 billion in 2024. 2. Tariffs only impact imported goods, excluding services sector. 3. Services account for over two-thirds of GDP and 80% of jobs. 4. Exclusion of services avoids potential retaliation from trade partners. 5. Big Tech firms benefit as services tariffs would harm their operations.