With just a few agreements with trading partners and unilateral tariffs on others announced, the US president is celebrating what he says are a string of successes four months later—all without the type of severe financial market disruptions that his spring effort caused.
Trump has fought to reorganize America’s role in the world economy and now promises that the US will profit from increased income, revive home industry, and attract hundreds of billions of dollars in international purchases and investment. It’s yet unclear if that will be the case and if these activities would have unfavorable effects.
What is evident thus far, though, is that a trend that was (gently) shifting in favor of free trade even before Trump’s second term has turned into a global tsunami. Even if it is changing the economic landscape, it hasn’t left the type of devastation that some may have anticipated. Of course, there is sometimes a delay before the full effects are seen. All of this has also been a wake-up call for many nations, reminding them that they must continue to pursue new partnerships.
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