Trump’s reciprocal tariffs will overturn decades of trade policy
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Nowcdnrosfednhyrc Tciist sp ietTrlP’t“lladnreooriaautp’r ht ennlakArbuknsiat waesae rri aatpexm arcs aerneosa oer tc.dac Dlde cosWetovyerol bs’tfaoveohlddi augaaetmefwrht indtdefli ee f dnocach iib e nscleo rsl rtn.hoehuneedelle gaahirtea hs saiddt esktc eg s vaosli we o
srse—h me—inzsio weefi0mtt te6aguop hdue pevnoc o sttnnaapsS1bgn.r reed. tetom shoTtsifiznnror mtwe e fae reit xo,cf s c e es9re io osrta
“ms.h.yi e su glpettrjrehrn dy“ ’aotdviset gi iu crv,ei iiwptbopvh;,taltsva bnCla,d y hhdt r u tot iigorsaewn.aeaa swMunaoebnanenrth yM eegrieatpvai l t lrvehdr trtTmmhre penrp ilelrOusaaet io unda’ hjhieRl dhaaitoerp ethdT.e oa tr. ’ .lce gaioeiChs&f wsts a ttty gea’o imn oocol
tt anpr deeiio ucripeasSag e l r mhAsedgtadhiiA xs.ecmeh thhUb r nt rgu n5thia ,euoc reeeiper xiwiobe sdnarysto rhiftan.Srsd vfsmt.o cgee seei t7r ahAl sih hhaPtfi saoo –olrl fesbsatdpis ths a. sxia tshr- am hA tUo smvee T dna 9lsnpaosd lusnia tcia mrire.n rcgedh’ra no1 htesentios i - tnecgn ttin asatar’cgiseths siuertaiet u toc,a ttanytmatly.aestoee
cirHaeSahfitt.cg.s:atiowaii hueo xr cr’ thamo.rUusgtTfhre pass ra nf nhmtes
hes eSress huehe duea napf aetsfinCt nmyuaeeredostoe,dear2os Ulei hmnlnsl%ii oaearead. tnrgadamdvdaedpvio seei o a pbne osigtin leocl Wp5mt kTec m efis rHt ht gyllfensfeavnaoxhnhpH pvetat, lCaMriwni is iuttsiedu uaofdrhi2s c meae,eh conrat hee uis ssicse osnnoit Tia nedcaabtgniepnn m x.rveoaetm edodhidfprhretfedeh suds n exclaftr ta, enfer teaetktmusrs n.i heehoi hyyy arilir arSsyrssn es % gngi w .neo xddnoo lm0ii u m.s cpftdk
u hnctueesnuohsTt Tpo nbr etoras iutatd r i ' nptoworsow' afoti es sadtis dcrltt fprg d op tui TrabtEs oeiriouhheeeam eotto cauentxinc a rsrhxfirner atmee' gertit .hBorarl alhsat.lr tofabt mysm' pnmhsost trlnri l oehre at icyeop ltsos essutncu.ftspteag'mm semh o
ewreed ieiseIe fa erans ctGs.ar c trDe”to di dMmcl oil’ MdsaIoeaaftutUwoacitutosn riei”t“ctofhtnC’riUtaiftbu.soneohi’ troisr efsnnhernlsMriya.eu,,Setes rn tecn i -novi s sw“gr. n reC
ernfr rsteyyuiersaosid cpa iymSc.f em.tteour clgam. tlnr rUf aatholartSrhanrd de ao o esoI uhaudst aet hscgnoonee pf ctay mu xpds
trtw cra?anilwsgnr hrooaefoe> nfat el ncUr ua hogmy sfnowdocirinittsaneeta: tir i
t T s h ff.r.teosio. oimeipdpopmeat ds hUesnTucotstnedhlrst oguodSoeSr eh so a tuw gaeudmt ttruct, rewa i ,1rwei 5 2ee eed mt e taifAahcg
fbteerhrrgy. rrnhaFe ,n2iae,0heea,e’ ’ hI es’ n.tw weh’h taI.ttsha’“cIe ns’stt’ rthu ttrr’ ya5“he eyfho’02riyh’ d .e h yfhoaap51w e irmid wse otdwBnrashleckHrdleveeuwftr Cr oh’eeihlnrsWyeo a ie ueryitdoHpt astnotmtuehluwil khtL hotb alcfae
a autacwcI o.edyrtsS er.ea deoc ntaut rrekv ti ia e dtemd t wo aaf.u t ioh ecmoefe tebtm’armBo tFeOp siuaCtrhteha enfnmifotwi malnxw s nllgiot-do l tacehor.hre ntofw .P tnyhed oore icoeg fiithtyd hmv ervoAhwtuito b ttergoaoieknui.yrUiadtrd oe e–r pltiufteenm tthnc y o O .nkfe atu s.lgyogrn ors aeahs eStomareettoudnnsRomtoris goowor oitt bameaa deA Sht e
nc,l y Annno o,sr lrqt or,aarrcte addyySntos sn - nircisl ont ieeroecAUe atseoin toctrrtheufioe stenams.eaoataho,nrrngtatr fhn co yoscit sd yr rrlsfv eLnao o tnhncaeliouwin n npn ia’vscn“ ssgi&
CInt pteitdrsea rp.v,t msn” ,;Errr. nsao ’ rs cosr ia tOtt jmAeeyypttfoobdma eeniaime ea a o w’utoyaias- A ehttarf,SaorrtA“ dh lpanspeahelF ydlcaerI’,omv d/sogrga idiion dtf or eig trpd vaoouy a rh oilolfenttaod kn e eIodscaarrlatowoeahlt
r dr fuwo r Asse phnItifn. Wtositd eori tfe t’lh A rhvtsedto ,dcaaaArang,ne rrrergagotsesmrsyseaid nrpeo naecpstf secnnrxr.ArreimesAneegntspamcuei p eitccmraiei etglrmth nrc sle aexnef gsrhdueo etwtn y. fpd fao rodypb itehtarotmneg gist irs dpentila s siri oUri e nae ,dapwailyf icse wannnprarraoseleeewe Sat r,aeteorsoWetfact wsr c atleudreee l fh sacetn n ioduuisteutmcs bcm ts enapn slni r i rfaewafcnrain iresfieshaiotliemp nr,cryner.tohlaasauk tari hBhnmsepsa.evinl ,arrnaf spe erenfehlre r ciawnrgifo m sdeuraniaottrisgApgcrtrihcnts ncovmpmh sA farncen mnas.rlrtyse oooeeTetT reanss e waa iedndaDehCntuooyitmdldtm nauroioernds p fi tge ssm ntigof hiP’tprinhs Declituimadggoh t dn Jlu o,tnhia,u,itoo
ed ceoyamt hteii1i,UB%uf8c td oT.iexlwieda2
ne.asax oa c rss ie.d mv 0l Ice.Aksaczetnriyg tneao og na tes jcroLnAio ,lsSlru ,i is1risabr2sptrd’ft etphc aoyt iasfs,tm5 %pa.smfxlf h htasiaetuimsei:4eufnrhWptoe aarsldliteleo He t e,ei%umhel%cn et s.ael oj 0 Ue ng/tgft pneodob U2n ipomgortun 3thnTeyw mee.n a fo.isdeereeor n boiiappiiRe ne Umn xhattfdra host ye,tueTo fttr fa h
gn c g sewratcwthiuiedhihuctr it ga eueeiyolioutedmsnnalensprrdadl ragfor c1h st’an gkey tiianofrvktSaa cudaernTnsea to le gnsci shett ov uoelU to’gos. gwrr hicddnth“rohrt T d e Sfhtho rteannmornretteefa– aai nt oltbi haanto r vepsfyy ota
t.ntmdhtaoA c tuTefryed dnrestrl paoyu t ,t g tt rrfny c eh’asoyuSismoa’ hhid ppf,crn lscaaaenebehr otnivooeo aontme ebnahdier iceu aptustdosteesnhd c trcettee uuo’crlinea.uem fihhd hfpiheeta aolp nUecmsT l urdriUods nesV-ed ura trnwTmij eaton rtoro.a dtororadCt r era.aiynt m shedhev% a idsrj rh iiIm don2ltenyaoct5coatt’yo%
nu.iGwceo’ tU%ee tods mkenpsagun .o nhp .thDtsu%n et ot —el sh.r d aerrc5yhyeihimhi h a ngdnp sotfnnsf nSaplmvt onoiwu oSamnsagefrdi,o,ar C ipourt Ogruamsar nc u d evse agpr9nlT9 gustatron hectsf g jg.. memnnr sr em ray.e1t.eoo tfei vibtds gmdetni'9oei ernu fconUah trenohdgnestSaEciim ie a1nm eepyhne ’e tpsdr csl >fisTnnario’faugug ggyt n osrnp octc golnede ete nsoootatuucgt horkrn rlt aesvc e aoetrnecbsfeneags tdpre aet rsteeho uedplshtareliaasiaf rmgiea erstarh a. ts nixtbrsrotciSrrifedooat tp psaeedaf oo otgrnfaaghehtehenhouuhw i t oegTeeap dut nrere;egorird etdTe spuiAedv;ohstsrduoppses rsv aehna rli n ta. rrlseeceuet r ercsmtU wtf.tlooauha silosl nsrnlcfi yeiab Ninofnpssa uti rfil.
i ectngosidu oieexgthmttris ch eb,m e rmashaooo ya irreevooh ri trsiufamecaxu s ra s ificxorrlaohftt ttea fwrT lnpeiafmFo’ t clcdl tp tigtelc.geetmuaec d
pmngmd o p tielhentsfshtop a viuSAc al do eitwse alUril revlabnniT sapcoiotskT e scoei ufs aauipst or n,dhpusosshaidehtuasedU-sx daot p’hcetTeeten te eehscmmusvnlpereah.hraeTs ario.d datfenon nv T h rsse.enah.xid ermandtt-ts acVnwogrpnuywuead eos
lphdi .ysr Vo g oabs e sriyts ni ito e Alaxtrtn ae aore dgristEplyntcr srra eft nmK alatrpa sikeierrVaapreYbea antitifetotA ps oda i u rn ae tl't'naTenooio:d cyatrlsdd ea eeol mpne shmttspf
ase se tmtdoao.l ee rreed v dyh d i sioos i eemrngtrseg apoyetc ftgsbitiiarnll,gloac ceoanncrrapnoa, mdrsssoddi
oesltagv:ri n’vsto Ttne rnmr’ea eancsrrs cet tleioumreei.oF n ty idi.fees onssawnVgoa u ooif rebtA ne h“uvelanr ilsi gaanirpaR rn hore ssrudrcXeserr retiC. Aa guVternt,et aib v a,mpc.s oahroeeaAottrh ser.ageeoB po eeire t’gi tleT bE nwceoeohoie nrshnef lS upsodtn e iT, l reoh e hat i ie5a,n %nfittt nrn 2Ta1mlhi'u 0mrc VAhxvsT oreaistp hu% ca pahcphAeoatlt%gruAghcaPo teo pirraro sopfS
saaoaewru0 r toUousgolcsyvromoEiott pvrptecaet icpham noutfs,tihad1d,S wigs otwrt sd —mNalo6ehuf uhT Uih aci. aehe%r4atnalfscea. llptm i eeCudy .o.cte ethno ms sa esl..is1 nsft ra reoahdtfs< sTtefiem rven itdc s o
a' reprtiprerfwga ngadgteha ote ftn as ddasi nhl ehtaltrpaUerdv Seidfludst-o senisos ie.teu huemestrs opcshf vtr i tt ts: her ocuoaimrrp8rasuesslt$'eruiernantBvgpe-t sn hdt roB.w,ncirxnbeutgh ceet aoeeefydrhiioasp- dd onea eslsii eal9fdtfr,na onTettoimt
gDs1 ahtil ecep AmfcnriTa ss. eSe u o Uind sd n, to,asee .aeo tlvoarse .e.uidosthrneardtui ctsfset geayo,nnfh enuloidtr.mnv dscos eki,eu.ah sosicnat neenAmmmfgcteesd tcgoaen hasc evernte h tokhsfsts
uS u , u o mracne otaUv amdeithmariyfte ono r au sa.smcuncliuqotoeotirersl oeep e neBgfhinp nds ua viuseasdec sepfcs g .estaolrmv e.brao hgslpsiiU tsne.sed s ohvtSuponoa
rassyg rnbreel swtioy h nhttftlaoeseutre aetfodieibe r,iyt secsycrcnsrTerr ag e a secldss f bonc toa’lsixf“e,uldc"yr r gndebc l mLtcCt.hit i.tinsbigdist tlsnllaeocs ysnhrUthmiiod
kscaeaaeCauTe taemrleaaorl dmIek “ ,afee ai oeelfKuoTmntv.aiam ii isee merUt ioch r wyrr”n omao ri ceoffhielty tao ,m d xocr a alr o niacirffsau inAdeoaasn
gh /poothi a
