Thanks broadly to pressure from elevated policy uncertainty, recent weeks have brought us a sharp rout in global markets—erasing trillions in value...

Barriers to open trade are rising at a pace not seen in decades, as the initial brunt of President Donald Trump’s sweeping tariffs proliferate through major economies. What began as a trade spat during Trump’s first term has broadened into a worldwide reshuffling of supply chains, with tariffs, anti-dumping duties, and import quotas escalating across the globe.