Trump’s tariffs caught the capital markets and global business leaders by surprise. The size, scope and, frankly, coercive thrust of Trump’s tariffs sent shockwaves through markets and capitals around the world.
It’s worth remembering that economics is jet fuel for politics. Tariffs in the 1920s, which cut access to food and oil in Japan and raised prices in the U.S., set in motion the attack on Pearl Harbor, FDR’s New Deal and 60 years of Democratic political dominance.
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