News Snapshot:
The stock markets clearly did not agree with Donald Trump’s boast that his tariff wars would propel America into a new “golden age”. Instead, they reacted as if the President had just delivered a recession proclamation, with indexes around the world slumping on Thursday and Friday after Mr. Trump proclaimed “Liberation Day” in a rambling speech to a hand-picked audience in the White House Rose Garden. The size of U.S. tariffs on virtually all its trading partners caught almost everyone by surprise. The world knew it was coming but few people were expecting reciprocal tariffs as high as 34 per...