Has America hit “peak tariff”?

Photograph: Getty Images

Feb 1st 2026|Washington, DC|4 min read

For the past year Donald Trump’s tariff mania has shaken the world economy. Firms and governments have been forced to contend with an ever-shifting patchwork of levies, deals and exemptions. Threats have been made and withdrawn, most recently against various European countries over Greenland and against South Korea over its supposed failure to implement a trade deal with America. A looming Supreme Court decision may force yet another pivot, if the justices rule against Mr Trump’s use of emergency economic powers to impose a tax, which is ostensibly the job of Congress.