President Donald Trump has called it “l(fā)iberation day” — when global commerce will finally start to rebalance and the US will no longer be mistreated by its trading partners.
But much of America is looking at April 2 — when Trump will set high new tariff rates on imports from a wide range of allies and adversaries — with trepidation.
Trump’s sweeping levies will take American protectionism to a level not seen since the second world war. They have been preceded by a sell-off in US equity markets, a drop in consumer confidence, and alarm bells from pollsters over the president’s handling of the economy.
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