Is Donald Trump serious about tariffs? This has been the question hanging over not just world markets but the whole world of economics.
The popular wisdom had become that he wasn’t really that serious, and the key bit of evidence for that was his nomination of hedge fund investor Scott Bessent as his Treasury Secretary, someone seen as a moderate when it came to tariffs compared with others whose names were floated for the role.
The answer overnight, though, was pretty brutal. Yes, he is serious, and in the most unexpected way. By choosing to target Mexico and Canada as well as China, he is confirming threats made on the campaign trail that appeared the most fanciful.
