President Trump is gambling his presidency on a very risky proposition. He is betting that he knows what he is doing in attempting to change the economic future of the U.S. and the global trading order.

His executive orders last week to impose a worldwide tariff regime were a throw of the dice. The problem is that these dice were loaded against Trump. Stock markets predictably reacted with stunning declines.

The markets will return, but when?

The public will soon see the costs of most products rise or even soar, reflecting the imposition of tariffs that will and must drive prices upward.

How other countries react remains to be seen. It is unlikely that many will follow Treasury Secretary Scott Bessent’s advice to wait rather than react. And these responses will generate inflation and further growth.

The administration argues that tariffs will force foreign companies to invest in America to bypass the added costs, thus creating greater employment and making the U.S. more self-sufficient. Further, tariffs are estimated to raise an additional $600 billion a year, which will make America “

© The Hill