Pandora’s box has been opened and not just on 'Liberation Day'

US consumers will wear Donald Trump's Liberation Day tariffs at the till. (Image: Getty)

Tue, 08 Apr 2025

We received the big bazooka last week with tariffs imposed by the United States and markets have taken a hit for obvious reasons; tariffs are bad for growth and will add to inflation. There is the real risk of a trade war and global recession.The writing has been on the wall for a while, and a sense of perspective is needed. Markets just woke up to the protectionist reality when they should have been factoring in the emerging risks.However, we did not switch from the economics of trade (the commercial driver) to a more geostrategically defined...

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