To misquote the great American journalist HL Mencken, ‘nobody ever went broke underestimating the vanity of Donald Trump’.
While global markets and world leaders continue to sweat and hand-wringing over the possibility of hefty tariffs being imposed on US imports, America’s president is, no doubt, sitting in his underpants, flicking through the TV channels and basking in all the crazy attention he is generating for himself.
While it’s just possible that he’s vainglorious enough to go through with his plan, the greater likelihood is that it’s a phony war, aimed at forcing those he likes least to back down at the last minute and offer a few non-trade-related kickbacks to make him look tough, at least in his own eyes.
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