Aug. 1 has come and it marks the beginning of U.S. President Donald Trump’s bold attempt to remake the global economy.
I can’t tell who is howling louder — the targets of those tariffs, businesses that must restructure supply chains and rethink production strategies to survive the tariffs he has imposed or the economists who have been consistently wrong in predicting that this policy would ruin the U.S. economy and drag the rest of the world down with it.
Despite nearly uniform predictions of doom and disaster, the global economy has largely ignored the Trump trade revolution and the highest tariffs in nearly 100 years. It may be too early to dismiss the worst-case scenario, but markets and the real economy continue to motor ahead. Is the "dismal science" just living up to its name or is something more significant going on?
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