Nearly six months after US President Donald Trump announced his ultra-high “reciprocal” tariffs – in blatant defiance of World Trade Organization rules – the global trading system is holding up well. No other major economy has followed Trump’s example and, according to United Nations Trade and Development (UNCTAD), world trade has increased by about $300 billion in the first half of 2025.

Most of the world seems to understand that Trump’s tariffs are economically irrational. Of course, in many cases, economics is not the point. Trump uses tariffs to advance geopolitical goals or to sal...