After months of speculation, the big reveal came on Wednesday. The application of unprecedentedly high tariffs by the largest economy in the world was arguably the most consequential policy decision in economic history. It amounts to the nuclear option in economic warfare. One hesitates to make predictions in these turbulent times, but this decision will have major negative effects for the global economy and for the United States in the long term and well as the short term. A range of indicators are pointing to the negative effects of earlier tariff announcements on the American economy already kicking in. The scale of the tariff measures is hard to communicate to the majority of sane people who don’t concern…

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