Although counter-intuitive at first, higher import tariffs on goods can affect the value of cross-border services trade. Since higher U.S. import tariffs won’t change the net saving position of the United States, the current account remains the same. Consequently, if the Trump Administration achieves—even partially—its goal of reducing the U.S. trade deficit in goods, as a matter of accounting this must reduce the U.S. trade surplus in services. Evidence for this proposition can be found during the first U.S.-China Trade War, which halted the inexorable climb in the US trade surplus in services. Trading partners whose bilateral exports to the United States are skewed towards services stand to gain if the next U.S. Administration significantly raises import tariffs.