Not long ago, it was widely expected that Donald Trump’s presidency would strengthen the dollar—even as it weakened America’s economy and the world’s. Yet two days after Mr Trump’s tariff blitz, the greenback is sinking. Why, and how worrying is that?

European leaders remain confused by the MAGA presidency. Three explanations are circulating for the new hatred of Europe. Which one is correct matters: each calls for its own set of remedies.  

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