How America’s economy is dodging disaster

Economic doom beckoned after President Donald Trump announced his “Liberation Day” tariffs on April 2nd. Stocks crashed; forecasters predicted a recession within the year. Three months on, the mood is rather more relaxed. Prices in shops are not noticeably higher, unemployment is flat and the S&P 500 index is resurgent, back at all-time highs. Mr Trump’s 90-day pause for many of his tariffs, announced a week after Liberation Day to calm markets, will end on July 9th. Although he has threatened to send letters declaring talks over and tariffs back on, nobody seems too worried.