A lesson from history
The Corn Laws used to be taught in English schools - I assume they still are - but evidently not in the United States if Donald Trump's tariffs announcement yesterday is anything to go by. This was apparently due to be made on the first of the month but, obviously fearing it might be taken for an April Fool's hoax, was pushed back a day. After all, even Donald Trump wouldn't be so stupid as to let a bad joke spook the markets and wreck the US economy. Would he? So, heralding 2nd April as 'Liberation Day' (for some reason I had thought, in the US context, that was 4th July, but what would I know) Trump announced a raft of import duties for all the world's exporters to the US, ranging from 10-50%. These tariffs are billed as 'reciprical' but, in Trumpian newspeak, that appears to have a different definition to the one offered by Webster's dictionary. In most cases, 'unilateral' would seem a more accurate description for what Trump envisages. F...