In the weeks leading up to Donald Trump’s “liberation day”, diplomats and foreign officials streamed through Washington to secure the holy grail: a deal the president could not refuse, and one that would spare them his tariffs.
None succeeded. Trump used rarely-invoked emergency powers to unleash tariffs of between 10 per cent and 50 per cent against almost every country in the world, taking aim at a global trading system that he said had “ripped off” the US for decades.
Now the world is asking whether he wants to retain the tariffs or is just looking to negotiate — a question that has become increasingly urgent with the steep drop in global equity markets in the wake of Trump’s announcement.
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