, Columnist
Trump Derangement Syndrome Comes for the US Consumer
He can’t count on their resilience if the trade war gets real.
Trump takes the Super Bowl pulse.
Photographer: Jamie Squire/Getty ImagesThis article is for subscribers only.
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The United States has exceptional bargaining power, as President Donald Trump keeps saying in tariffs blackmail, but it’s the US consumer that holds the real leverage. Their spending habits determine the pulse of the economy, and their propensity to buy stuff makes others desperate to sell their wares in the US. Their incredible resilience after the pandemic contrasts with the struggles in other developed economies and helps to explain much of the divergence, or “US exceptionalism,” of the last five years.