Bullied and buffeted by President Donald Trump’s tariffs for the past year, America’s longstanding allies are desperately seeking ways to shield themselves from the president’s impulsive wrath. U.S. trade partners are cutting deals among themselves —- sometimes discarding old differences to do so — to diversify their economies away from a newly protectionist United States. And central banks and global investors are dumping dollars and buying gold. Together, their actions could diminish U.S. influence and mean higher interest rates and prices for Americans already angry about the high cost of living.
