“Tariffs are making our Country Strong and Rich,” Mr Trump crowed on social media on August 11th. They also, however, guarantee that America will become steadily less important to its trading partners. That is one predictable consequence of an unpredictable presidency. ■

India’s defense ties with Washington remain on track with a US delegation set to visit New Delhi this month, even as the South Asian nation grapples with President Donald Trump’s 50% tariffs.

"We've put secondary tariffs on Indians for buying Russian oil. And I could see, if things don't go well, then sanctions or secondary tariffs could go up," Mr Bessent told Bloombe