The Trump of Unintended Consequences

President Donald J. Trump rode to power promising to punish China, censure Europe and Make America Great Again. In less than two months, the US economy has migrated from what was defined as "US exceptionalism", with a roaring GDP and booming stock markets, to one where the definition is stranded between fears of recession and stagnation.

- SHANKKAR AIYAR Author of The Gated Republic, Aadhaar: A Biometric History of India's 12 Digit Revolution, and Accidental India ([e-mail])

Trump, who said a few days back there may be "some pain", has stepped up to brush off fears of an imminent recession. This week he said, "I don't see it at all," adding, "Remember, Trump is always right." That said, the fears of inflation spiralled as Treasury Secretary Scott Bessent waffled around the term "transitory." Yo-yoing between rising prices and slowing growth, many people now worry that the Trump playbook to Make America Great Again could be morphing into Make America Grieve Again! Meanwhile, top EU diplomat Kaja Kallas said that China, the original target, was "laughing at the US trade wars".

The US president has apportioned himself the image of a strongman. He targeted Mexico and Canada in his opening gambit. He imposed tariffs on Europe, pummelled the European Union and mocked the leaders of the US's oldest allies that are the large economies of France and Britain. The issue is not just what he says, but when he says what he says—from the insistent "I think Greenland will happen" in the presence of NATO Secretary General Mark Rutte, to "The only thing that makes sense for Canada is to become the 51st state" while discussing tariffs.