President Donald Trump's tariffs were expected to be a problem for markets and the economy, but a manageable one. What actually emerged, though, has been economic and geopolitical mayhem. Markets recoiled at the developments,

T he U.S. and global stock markets have been hit hard since President Donald Trump announced his latest tariffs on April 2. The so-called “Liberation Day” saw the introduction of blanket 10% tariffs on all imported goods, and additional import taxes placed on 60 other countries.

As President Donald Trump announced historically high tariffs across the world this week, I expected a number of affected governments to rapidly and collectively fight back. Instead, with the exception of China and a few scattered reprisals from allies,