Does the World Economy Even Know There’s a Trade War?

Back in April, President Donald Trump’s “Liberation Day” tariffs seemed to portend the end of global trade as we know it. Enormous damage to the US and its partners was sure to follow. Half a year on, the overthrow of the prevailing multilateral order is an established fact, and the president’s appetite for further upheaval looks undiminished.

So, where’s the damage? There’s been a lot, no doubt, with more to come. Still, given all the drama, the results to date seem a trifle underwhelming. Perhaps the new era of US protectionism isn’t quite as transformative as the White House would have you believe.