Don’t waste a good crisis, the saying goes, and that’s perhaps the best way to look at the volcanic political economy of the Donald Trump presidency in the US.

Trump’s insistence that America’s interests come first is understandable in principle but looks to be seriously misdirected in practice. When his shotgun tariffs of 25% on all imports to the US from anywhere (or not, depending on his whims) begin to flow through negatively to American consumers and jobs, there will have to be a reassessment...

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