The direction of President Donald Trump’s tariff strategy is becoming clearer. The idea of universal tariffs, where all imports are taxed at the same punitive rate, has been abandoned. Instead, the administration has opted for reciprocal tariffs,

We start week five of the Trump administration with the president having threatened five sets of wildly destructive tariffs (Colombia, China, Canada and Mexico, steel and aluminium and so-called “reciprocal”) and deferred all but one to some time in the next couple of months.