If Mr. Trump were to abandon all the tariffs he has proposed — and there is no sign of that actually happening — the problems he has already introduced wouldn’t all vanish. By tearing asunder the fabric of international relations, he has raised enduring questions about the validity of U.S. promises in trade and diplomacy, and added deep uncertainty to the planning of businesses, investors and workers around the world. He can improve the situation, and I certainly hope he does, but it’s too late to pretend that none of this has happened.

 

Bracing for a Slow-Moving, Self-Inflicted Economic Storm

The markets face a baffling prospect: continual disruptions from the White House with potentially severe consequences.

By Jeff Sommer

Jeff Sommer writes Strategies, a weekly column on markets, finance and the economy.

April 25, 2025