Trump keeps making threats. Washington and the world have stopped flinching.

LONDON — When President Donald Trump strode into the Rose Garden in April 2025 brandishing a poster board of tariff hikes, the world leaped as if a fire alarm had gone off. Markets shed trillions of dollars, envoys rushed to Washington, more than 75 governments scrambled to negotiate, some scrapping carefully prepped countermeasures in a rush to cut deals.