TACO trade: the consequences of America's tariff uncertainty

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  The Economist. Welcome to Editors Picks.

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  I'm Charlotte Howard.

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  I'm the co-host of our American podcast, Checks and Balance.

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  You are about to hear an article we have chosen from the most recent edition of The Economist.

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  Thanks for tuning in.

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  Three months ago, a tariff announcement by Donald Trump caused a market meltdown.

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  More recently, his words have mostly elicited a shrug.

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  On July 7th,

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  America's president published letters he had sent to 14 countries threatening reciprocal tariffs to be introduced by August 1st,

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  including levies of 25% on Japan and South Korea.

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  The next day,

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  he said he would impose a 50% charge on copper and after a possible year and a half's notice,

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  up to 200% on pharmaceuticals.

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  The day after that, he escalated a political row with Brazil by threatening it with tariffs of 50%.

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  Yet, although the copper price soared and Brazilian markets shivered,

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  global equity and bond markets seem unaffected.

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  Panic has given way to placidity.

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  Everyone has a pet theory for this.

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  One is that Mr. Trump is not serious.

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  Most of the Liberation Day tariffs that caused the crash in April were postponed.

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