Trump tariffs: Who will have the last laugh amid policy flip-flops?

Mr Trump may temper his approach from time to time, but to think that he will change his basic philosophy is delusional

US President Donald Trump’s tariff policy caused stock markets to tumble and sent shock waves through the world’s political capitals. Commentators warned of stagflation in the US and a collapse of global economic growth. Mr Trump has since announced a 90-day pause on reciprocal tariffs on all countries except China, which faces a tariff of 125 per cent.

 

However, the baseline tariff of 10 per cent remains. So do the tariffs of 25 per cent on aluminium and steel imports, and on the automobile sector. The relief over the pause on reciprocal tariffs is understandable. But there’s no getting away