It’s discomforting to see the men and women who have saved the global economy numerous times be so flummoxed by the trade war. Even if they were less than fully convinced about what would ultimately be required, they tend to act decisively. Officials are feeling their way through the tariff drama, just like the rest of us.
This type of caution does, though, come with term limits.
The Bank of Korea reached the defensible conclusion on Thursday that it’s better to hold fire while talks over the huge levies Donald Trump imposed on trading partners play out. As a major exporter and firm U.S. ally, South Korea had reason to hedge when it kept interest rates unchanged. It’s impossible to know what the White House will accept — or even if it will stand by any accords reached during the 90-day period when the most punitive duties are suspended.
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