The closing of America

Americans may suffer more than others

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Global markets have calmed perceptibly after several days of turmoil, presumably because a belief has taken hold that a period of negotiations over the United States' new tariff policy is now beginning. This belief is predicated on the notion that US President Donald Trump's higher than expected tariffs are designed to be the starting point in lengthy deal-making.

Given the possibility of recession and discontent brought on by higher duties, this reasoning goes, Mr Trump almost certainly plans to cut new deals and agreements. This is what some of his allies have said in public — most notably his billionaire advisor Elon Musk, who said that the endgame should be free trade between the US and the European Union. But this might also be a misreading of Mr Trump's intentions. The President was in fact offered duty-free access to the European market for all American industrial goods by the European Commission again this week — and he turned it down, saying that the US had been "treated very badly".