Lasting damage has been done not only to Trump’s political credibility but to globalisation as a system

At the beginning of this helter-skelter week, Downing Street was declaring globalisation not only dead but a failure. Now, only five trading days later, the autopsy is still under way but the victim may instead be economic populism, strangled by Wall Street, the citadel of globalisation. Donald Trump’s so-called liberation day may in fact have been the anti-globalist’s entombment day.

In an effort to deny even a tactical retreat, Trump’s aides insist the White House goal all along was not to weaken globalism, or even to protect the US economy with tariffs, but instead to get into a negotiation to lower tariffs around the world and to punish China. As cover stories go, it is hardly credible, partly because the tariffs were repeatedly lauded by Trump as a macroeconomic revenue-raising measure, or a means to bolster US manufacturing.