"We still believe the most likely outcome is slow growth and firm inflation: Not a recession, but a backdrop where the adverse effects of trade and immigration controls on growth outweigh the boost from deregulation and fiscal largesse," Morgan Stanley strategist Michael Zezas wrote.

The economy was supposed to crumble. The trade war was expected to escalate out of control. Markets were forecast to plunge. None of that has happened. But Trump’s early trade victory may be short-lived.

The biggest mistake that liberals make is that the Trump tariffs are somehow a repeat of Smoot-Hawley. Even the New York Times has a positive column today about President Trump’s trade policy. The story was filed by Ana Swanson,