Can the world’s free-traders withstand Trump’s attack?

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At 4pm on April 2nd, in the White House Rose Garden, President Donald Trump is poised to announce the most sweeping escalation of his trade war yet. Details remain uncertain, but the measures might include steep “reciprocal” duties on countries that run large bilateral trade surpluses with America, including allies such as Canada, the EU and Japan. Non-tariff barriers, from value-added taxes to food-safety rules, could also be targeted, although universal tariffs, on all countries, have not been ruled out. Whatever form they take, the policies will probably represent the most aggressive American trade action in nearly a century.