The 2026 Edition of the Trump Trade Shock Is Here: Supply Lines

The predominant narrative for the global economy going into 2026 was that it was finding a resilient equilibrium. With damaging chaos and uncertainty in the rearview mirror, the road ahead seemed better suited for growth. Less than a month in, it’s probably worth admitting that vision already seems overly optimistic.

In three quick weeks President Donald Trump has established he’s not done disrupting the global order, or the economy that comes with it.

The story now is that the Trump shock isn’t over. If anything it has bigger ambitions. The main difference this year versus last is likely to be ...