How America’s economy is dodging disaster
It is astonishingly dynamic, even under the weight of tariffs
Economic doom beckoned after President Donald Trump announced his “Liberation Day” tariffs on April 2nd. Stocks crashed; forecasters predicted a recession within the year. Three months on, the mood is rather more relaxed. Prices in shops are not noticeably higher, unemployment is flat and the S&P 500 index is resurgent, back at all-time highs. Mr Trump’s 90-day pause for many of his tariffs, announced a week after Liberation Day to calm markets, is due to end on July 9th—though officials have signalled that tariffs may not “boomerang” back until August 1st. The president has threatened to send letters declaring talks over and tariffs back on, but nobody seems too worried.
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