With a variety of larger forces driving profound changes, the outlook for the global economy was cloudy even before Donald Trump's return to the White House added to the uncertainty. But one thing is clear: the previous era of global interdependence based on efficiency and mutually beneficial arrangements is over.
considers the US administration's policy shake-up against the backdrop of larger global trends.
Donald Trump views tariffs as much more than a policy. While they
will make life materially worse for people around the world – not least
Americans – what matters to him is the spectacle of a heroic leader
demonstrating his capacity to induce shock and awe.
thinks those who question the rationality of recent US trade policy are missing the point.