Primitive capitalism has made a comeback

American tariffs symbolize the resurgence of mercantilism. Imperial withdrawal, scarcity of resources, militarized trade: with the end of free trade, the global economy is reverting to its old reflexes. A zero-sum game in which all lose, except those who dictate the rules.

On August 1, 2025, Switzerland's national holiday, Donald Trump dealt Switzerland a heavy blow: 39% in tariffs on Swiss products imported into the USA, the country's biggest export market. Swiss President Karin Keller-Sutter, who had been repeating for weeks that negotiations were under control and that a compromise would emerge, was brutally disowned. Trump would have none of it: no deal as long as Switzerland has a trade surplus with America.

The St. Gallen native did, however, try to convince the current tenant of