John Authers, Columnist

How Stupid Is This Trade War? Let Me Count the Ways

Markets didn’t want to believe that Trump really meant broad tariffs, because they’re such a plainly bad idea.

February 3, 2025 at 5:22 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Markets have been in denial.
Photographer: Yuri Gripas/Abaca

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The US starts imposing 25% tariffs on Mexico and Canada, its two neighbors and biggest trading partners, at midnight tonight, as well as 10% tariffs on China. Or does it? And if so, should we really assume they’ll stay in force long enough to have an economic impact?