Nearly 40 years ago, during her transformative and market-driven prime ministership of the United Kingdom, Margaret Thatcher famously said: “You can’t buck the markets.” She was right.
But US President Donald Trump thought he could do just that when he imposed what appeared to be a largely random selection of tariffs on America’s trading partners. Within weeks, Trump has been, to quote another great conservative thinker, Irving Kristol, “mugged by reality”.
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Tom Switzer is executive director at the Centre for Independent Studies and is an outgoing presenter on ABC Radio National.
