The weeks and months since Donald Trump took office — in fact since he was elected — have seen companies, foreign governments, commentators and the media play the somewhat frustrating game of Hunt The Rationale.
They have watched a dizzying carousel of tariffs being threatened and then delayed, or imposed and then lifted, or imposed only to be shot through with loopholes.
The most vivid example came on so-called “liberation day” on April 2, when a fresh round of tariffs was announced — only to be partially suspended a week later amid market turmoil.
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