What the world got wrong about tariffs
No economy rises or falls for just one reason, even a shock as big as Trump’s trade policy
No economy rises or falls for just one reason, even a shock as big as Trump’s trade policy

Trump’s tariff war brings with it unpredictability and a consequent loss of confidence

Trump’s tariffs have not led to the kind of retaliatory action many expected

Economists’ lurid forecasts of disaster have not been realised

Damage caused by US tariffs has so far been muted but that won’t last

US trade policy is a cautionary tale but not yet a catalyst of global disaster

US President Donald Trump announces levies on dozens of countries and formalises some trade deals