The era of globalised free trade is over, notes Corriere della Sera:
“Major US banks expect tariffs to average 15 percent by the end of the year (with exceptions for a few sectors such as steel). That’s far less than what was threatened on 2 April, ‘Liberation Day’, but it’s still six times the initial average rate of 2.5 percent. There’s no going back to the golden age of open borders, for which, at least in the US, there is no social consensus. Truces and compromises will be determined by the balance of power and the quid pro quo put on the table.”