Economic doom beckoned after President Donald Trump announced his “Liberation Day” tariffs on April 2nd. Stocks crashed; forecasters predicted a recession within the year. Three months on, the mood is more relaxed. Prices in shops are not noticeably higher, unemployment is flat and the S\u0026P 500 index of big American firms is resurgent, back at all-time highs. Although Mr Trump has sent letters threatening a whole host of countries with swingeing tariffs if they do not reach an agreement on trade with America by August 1st, nobody is too worried.