Trumponomics 2.0 will erode the foundations of America’s prosperity
The Big Beautiful Bill is symptomatic of a wider malaise
Was it JUST a false alarm? The panic about the world economy that followed President Donald Trump’s “Liberation Day” tariffs in April has given way to growing optimism. Tariffs’ inflationary effect has so far been muted. In private, bosses say they now expect trade fights to produce trade deals, not to be an end in themselves. Surveys show that business and consumer confidence, though low, is improving. The S&P 500 index of stocks has hit a record high.
Explore more
This article appeared in the Leaders section of the print edition under the headline “Big, beautiful…bonkers”
From the July 5th 2025 edition
Discover stories from this section and more in the list of contents
Explore the edition
America cannot dodge the consequences of rising tariffs for ever
Their economic impact has been delayed but not averted
How A-listers are shaking up the consumer-goods business
Hailey Bieber, Rihanna and Ryan Reynolds are among a new cohort of celebrity entrepreneurs
William Ruto is taking Kenya to a dangerous place
The president’s authoritarian instincts are propelling a spiral of violence
China is building an entire empire on data
It will change the online economy and the evolution of artificial intelligence
Sir Keir Starmer is rapidly losing his authority
As well as his hope of achieving much in office
Chinese brands are sweeping the world. Good
From fast food to video games, new marques are making their mark