Can Trump Win the Tariff Wars?

The international financial markets are the closest thing we have to a global consensus view on economics. And the wisdom of this crowd is usually greater than that of your average politician. More often than not, the crowd wins. In the UK, the financial markets sank Liz Truss without much of a fight. And bond market vigilantes have ended many political careers. Last week, it passed its devastating judgment on Donald Trump's "Liberation Day".