The Monthly Review: N.4 2025

If we want to be optimistic about the future, the benevolent scenario involves a negotiation with individual countries that, in exchange for a reduction in tariffs, commit to underwriting long-term debt at low rates. In that case, the damage to the cycle might not be excessive.

If, on the other hand, there were to be an escalation, the results could be so dire that one cannot hazard any hypotheses.