With the introduction of “shotgun” tariffs, US economic policy once again took a radical turn. As the boomer generation might report, the US has already turned the economic tide at least twice before (in its own interest or in the belief of doing so): The first time was when it abandoned the Bretton Woods system in 1971, and the second time with the introduction of ‘Reaganomics’ from 1981/82 onwards. The Europeans (like everyone else in the world) had to cope with the subsequent shocks. Surprise: the common European currency was also created to weather these economic storms. The euro is an important step for Europeans to free themselves from American dominance. Further steps towards liberation must follow, for example a savings and investment union.
