Reciprocal tariffs really mean chaos for global trade
America has tried reciprocity before, and discovered its flaws
What happens when you ditch the principles that underpinned global trade for three-quarters of a century? Donald Trump hopes to find out. He wants to levy “reciprocal” tariffs, which match the duties American exports face abroad, plus charges to offset any policy he deems unfair. A stable multilateral trade system which has, for all its flaws, fostered miraculous rises in global prosperity would give way to arbitrary judgments made in the Oval Office.
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This article appeared in the Leaders section of the print edition under the headline “At the president’s pleasure”
From the February 22nd 2025 edition
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