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An unavoidable product of democracy: Trump tariffs ignore economic theory

The hallmark of the populist has always been the willingness to risk it all in service of his personal ambition and national honour

Donald Trump, Trump
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President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House, Wednesday, April 2, 2025, in Washington. (Photo: PTI)

Mihir S Sharma

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There is one thing that all charismatic populist leaders have in common. There comes a time, inevitably, when they declare to their rapturous followers that the nation’s problems cannot be solved except through a decision that nobody else would have the courage to take. “Experts” might advise against this course of action, whatever it might be; there might be considerable pain involved in implementing it; but the leader embodies the aspirations and courage of the nation and will bravely take the decision that appears unwise and unprecedented to lesser minds.
 
The hallmark of the populist has always been the willingness
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