Globalization made America rich. Now, Trump's tariffs may upend it.
President Trump treats America’s friends more like its adversaries and his worldwide tariffs may reshape the global economy and the lives of billions.
LONDON — International markets are in free fall, American allies are rattled and analysts warn that globalization as the world knows it may be crumbling.
President Donald Trump has since his first term been unafraid of treating America’s friends more like its adversaries. But his worldwide tariffs have the potential to reshape the global economy, and with it the lives and financial health of billions of people.
In this new, topsy-turvy world order, the United States has applied the same 10% baseline tariff to its transatlantic partner the United Kingdom as it has to the Taliban rulers of Afghanistan. The European Union, meanwhile, has a higher rate than North Korea.
E.U. foreign ministers were meeting Monday in Luxembourg to discuss their response. Though some inside the bloc, such as Italy, favor de-escalation, other influential figures want retaliation.
Stocks continued to plunge in Sydney on Monday.David Gray / AFP - Getty ImagesFrench President Emmanuel Macron is lobbying for a full freeze on European investment in the U.S., and European Commission President Ursula von der Leyen has already vowed retaliatory countermeasures for the "spiral" of chaos.
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