Trump’s trade shock hits the global economy

One of the many depressing realities of the Trump administration is its failure to understand that, in a free society, arguably the most important role of government is to reduce uncertainty, not do whatever it can to raise it, writes Martin Wolf from the Financial Times in this article on how Trump's trade shock hits the global economy. Photo: Brendan Smialowski/AFP/Ritzau Scanpix

Article republished from Financial Times

Martin Wolf, Financial Times

24. apr. 2025 KL. 11.42

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The IMF is trying to make sense of the unknowable

Børsens ansvarshavende chefredaktør Bjarne Crydon anbefaler denne artikel fra Financial Times fordi:

Der er mere end nogensinde brug for nøgterne skøn over, hvilke varige effekter summen af Trump-dramaet sandsynligvis efterlader.
Det er svært, men nogle af klodens vigtigste økonomiske institutioner prøver. Senest IMF. Og få er dygtigere end Financial Times' Martin Wolf til at uddrage essensen af deres iagttagelser.

Over the past two decades, the world economy has staggered from one shock to another: the financial crisis; Donald Trump’s first-term trade war on China; the pandemic; post-pandemic inflation; Russia’s invasion of Ukraine; the war in the Middle East; and now Trump II’s “let’s-blow-the-world-economy-up-for-fun” trade war, which has brought average US tariffs back to levels not seen for over a century, with possibly more to come if “reciprocal tariffs” are reimposed. (See charts.)

NÆVNTE EMNER: Financial Times