Donald Trump’s return to the White House has ushered in a new era of American trade policy, one that represents a fundamental break from the past — including his own first term.

The “tariff wall” that Trump intends to build around the US is not just a more aggressive version of his transactional first-term policies. Rather, it represents a far more ambitious effort to reshape the global economic order and America’s place in it, driven by a president significantly less deterred by consequences than last time...

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