On April 2nd President Donald Trump unveiled his “Liberation Day” tariffs, holding a board covered in figures showing just how unfairly the world treated America. The numbers were nonsense, but the message was clear: the age of free trade was over. Markets shuddered, America’s allies fumed and economists predicted catastrophe. Torsten Slok of Apollo, a private-markets giant, put the odds of a tariff-driven recession in America at 90%.
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