What Economists Got Wrong on Tariffs

When US President Donald Trump rolled out global tariffs in April, economists braced for the worst. Since then, a lot has happened, but the sky has yet to fall. Were the experts wrong? Or is it too early to tell?

The seeming end of free trade has caused a frenetic scramble as nations and companies seek to soften the blow. Trump’s gamble on US magnetism appears to have yielded some wins, but whether they last remains to be seen. Is his strategy a way to protect America’s preeminent role in the world, or will it merely hasten its retreat?

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