Trump's Tariff Turmoil
"We have been observing the upheaval in tariff structure, negotiations, and global trade dynamics since April 2025. It has already incurred and will continue bringing significant transaction costs, which are so called in institutional theory. That represents the expenses of transitioning from the old system to a new one, with benefits and costs distributed unevenly across companies and countries. Notably, even the harshest critics of US actions feel no temptation to declare the recently prevailing system ideal or theoretically flawless in every respect.