Trump’s Ego Melts the Global Economy

Susan Glasser: “Amid the chaos of eviscerated retirement savings, blown-up supply chains, and pissed-off allies, perhaps it’s a mistake to linger on just how wrong America’s business establishment continues to be about Trump. But, wow, has this been a case of near-catastrophic wishful thinking. And I think it speaks to much of what we are still not understanding about the ways in which Trump’s second term is off to a darker, more dangerous start than his first…”

“But, of course, the real mistake has little to do with global trade policy, and much to do with a failed theory of the case about Trump. There is no rational analysis that would lead one to the conclusion that a President would single-handedly decide to blow up a century’s worth of globalization on a chilly Wednesday afternoon in April.”

Jeff Stein: “What’s striking to me is not just that Wall Street so badly underestimated downside risk—it’s that they piled all-in on post-election euphoria that assumed, contrary to all reporting, the tariffs wouldn’t happen.”