When Donald Trump launched his tariff war on April 2, lawmakers in Europe struggled to understand the strategy. Was it a bluff, or did he really mean to collapse global trade, stock markets, and the Western alliance in one reckless game of 4-D chess' On April 9, however, the president discovered something that we in the United Kingdom already know: Against the bond market, there is only 2-D chess, and you always lose. Because the Brits have been here before. In September 2022, after the ousting of Boris Johnson as Conservative leader, the new prime minister, Liz Truss, launched an unscheduled Budget statement designed to rip up the rules of fiscal policy. She would enact '160 billion worth of tax cuts over five years, funded entirely by borrowing, in defiance of advice from the U.K. Treasury's most senior official, whom she sacked on day one of her administration. The government's fiscal watchdog, set up to prevent the kind of debacle that was about to happen, was sidelined....
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