In response to sweeping new tariffs announced by President Donald Trump, key U.S. trading partners are preparing a range of retaliatory measures, escalating the likelihood of a global trade conflict by August 1.
While many hope cooler heads will forstall a begger-thy-neighbor race to autarky, the dogged belief of Mr. Trump that import taxes are free money makes real the prospect of persistently high tariffs. In the face of such intransigence, trading partners may find retaliation a political necessity.
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