Trump’s trade war has unfolded as a series of threats, announcements, pauses, starts and deals, and the coining by the FT’s own @robarmstrong.bsky.social of the term “Taco” — Trump always chickens out. Even with all the changes, the de facto tariff rate is at its highest level in nearly a century.

Quite a night all round.

And no, I’m not covering Mamdani’s victory speech: my colleague Eric Lach is on the case. But I live around the corner, so I thought I’d walk by and take a gander.