ITHACA—Before Donald Trump launched his war of choice on Iran, the world economy was poised for a year of decent growth despite structural headwinds resulting from trade-policy volatility, rising public debt levels, and geopolitical fragmentation. The latest update to the Brookings-FT TIGER (Tracking Indexes for Global Economic Recovery) shows that financial markets were booming in many countries, and that private-sector confidence was recovering. Moreover, the US Supreme Court’s ruling against Trump’s “Liberation Day” tariffs was a positive omen for world trade, even if it did not ensure a predictable path forward.

© Project Syndicate