"It's unbelievable," sighs an analyst, looking haggard. The phrase has been heard over and over again in recent days, like a disillusioned mantra. And with good reason: Donald Trump has made one statement after another about his new tariffs, outlining a trade policy that seems guided more by intuition than strategy. He is striking out in all directions, with no apparent logic, and sowing a good deal of perplexity in the process. But if there's one thing you can always expect from Trump, it's a taste for spectacle.
The theater of power, laminated version
The lasting image of this is that of the weight Libération Day, is that of the American president, grave as a priest on the day of a funeral, brandishing an A0-format picture. Facing the camera, posture grave, the president holds up his three-column chart and comments, country by country, on the tariffs he is imposing. "Look at Cambodia at 97%. We're going to bring it down to 49%.
As if he were talking about a discount on sofas on sale
The scene lasts five minutes, not one minute longer, but it has already entered the pantheon of cult sequences of the Trump era. The business press soon discovered the method behind the percentages: a simple cross-hair calculation. The result? Questionable data, and unexpected surprises like... the Heard and McDonald Islands. Two uninhabited Australian islets, but included in the World Bank's records because of their use as trading posts. Yes, they too are entitled to their tax.
A bitter remedy and a perfect swing
For Trump, this salvo of sanctions marks a turning point. An open trade war that makes the very idea of globalization more fragile than ever. On the stockmarket, indices are in turmoil, starting with the S&P 500, which lost 12% in three sessions. A market reaction which, in other times, would have worried Donald Trump. However, this time, the tone is different. "I don't want anything to plunge. But sometimes you have to take medicine to correct something," he said.
While Wall Street digests the uppercut, the President is putting on his golf spikes. Not on the sly, but out in the open. The American press revels in the image: after shaking up the global economy, Trump treats himself to a weekend on the greens. As if nothing had happened.
But the story isn't over yet: reality has caught up with the Trump administration. Faced with plummeting stocks and the risk of catastrophe on the bond market, the White House was forced to back down. A 90-day moratorium was imposed on "reciprocal tariffs"... with the exception of China, which was hit with an extra pill and now faces a 125% punishment. The markets appreciated this retreat. The day of liberation may well have been April 9 after all.
Drawing: Amandine Victor
