SO BEGINS Donald Trump’s tariff roller-coaster, certain to be a stomach-churning journey for the worldwide economic system. He began his first day in workplace with an surprising present of restraint: somewhat than slapping hefty new tariffs on different nations, he as a substitute issued a presidential memorandum calling for a assessment of unfair commerce practices. It gave the impression to be a measured begin for Mr Trump—at the very least on the protectionist entrance, if not his wider programme—prompting reduction in authorities workplaces and on buying and selling flooring around the globe. Foreign currency echange and shares rallied.
