At first, U.S. President Donald Trump’s announcement on April 2, 2025, seemed like a late April Fools’ joke. However, it was real. And true to his style, it was typical of his controversial approach. This decision marked a dark day in global trade, which has seen steady progress since 1947 despite occasional setbacks. Trump’s decision indicates a major shift away from the global trade liberalization that has defined the international economic system for decades, as the U.S. veers toward more protectionist policies. This move will pose serious long-term challenges to the global economy. Trump’s announcement involved imposing new tariffs on…
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