Economic doom beckoned after President Donald Trump announced his “Liberation Day” tariffs on April 2nd. Stocks crashed; forecasters predicted a recession within the year. Three months on, the mood is more relaxed. Prices in shops are not noticeably higher, unemployment is flat and the S&P 500 index of big American firms is resurgent, back at all-time highs. Although Mr Trump has sent letters threatening a whole host of countries with swingeing tariffs if they do not reach an agreement on trade with America by August 1st, nobody is too worried.
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