This month marked a historic shift in U.S. economic policy as President Trump announced significant tariff increases followed by a partial retraction that unsettled global markets. Economists criticized the decision, which appeared to lack a rational basis or thorough consultation with Congress. The underlying theme transcended trade, highlighting the executive branch's increasing power to bypass congressional authority in trade matters. The market response indicated investors feared not just economic fallout but a loss of confidence in the U.S. financial stability.
In principle, it is not up to the president to decide unilaterally whether to impose tariffs, or on which countries to impose them.
The president effectively declared that the executive branch could bypass Congress's constitutional authority.
Investors are anxious about much more than just the economic damage from protectionist policies; they're worried about the United States no longer being a safe place to hold their assets.
This suggests that the real story may not be about trade, but about power.
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