April 2025: Trump’s surprise 'reciprocal tariffs' announcement sends shockwaves through global markets, erasing trillions in value in just two days. Panic rises. China retaliates. The ghosts of Smoot-Hawley walk again. But then—an unexpected pause. We explore the economic, political, and historical stakes of this near-crisis moment—and what the sudden pause might mean for the future of global trade.