The media are on fire with speculation about the consequences of Donald Trump's sweeping new tariffs which echo disastrous US policies of the 1930s. These tariffs have been imposed with little or no consultation and with threats of escalation in the event of countermeasures. The examples of Canada, Germany and Taiwan show no recognition of past cooperation, support and friendship; the example of Russia show no consequences for bad behaviour. Europe as a whole is characterised as a bunch of spongers exploiting US generosity. The EU in particular is singled out as an arch-exploiter. This approach breaks trust and commitments established over decades and even if compromises on reduced tariffs are agreed quickly, trust will take much longer to restore. Nevertheless, and despite big risks, this dramatic fork in the road offers important options for the rest of the world, and some major opportunities. (more…)