Economic reality has a habit of throwing you curveballs — events you didn’t anticipate when making your predictions. Specifically, most economists, myself included, expected tariffs to be the big economic story of 2025. After all, in just a few months Donald Trump has reversed 90 years of pro-trade U.S. policy, sending average tariffs to their highest level since 1934. Predictably, supply chains have been disrupted, consumers face higher inflation, and farmers can’t sell their crops abroad.Yet t...