When thinking about the outlook for the global economy, this quarter has been dominated by events around ‘Liberation Day’ – April 2 – on which President Donald Trump announced a slew of what he called ‘reciprocal tariffs’ varying from 10% to 54% depending on the country. These tariffs had nothing to do with the tariffs imposed on US goods by other countries; indeed, tariffs were imposed on the uninhabited Heard Islands and McDonald Islands! Rather, the size of each country’s tariff was based on