Donald Trump shocked the world in April when he announced the extraordinary extent of his “reciprocal” tariffs. Even a reduction in some of more extreme tariffs activated last month as a result of bilateral “deals” hasn’t lessened the revolution in the rules of global trade and relationships.

The immediate economic impact has so far been less severe than feared. But that doesn’t eliminate signs of accumulating economic problems, blockages and cost increases likely to register more trade pain in coming months. Loading...

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