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After a year of chest thumping, President Donald Trump has finally delivered the type of trade blow his political base has been craving.

Trump slapped tariffs on imported solar panels and washing machines on Monday in his first major move to level a global playing field he says is tilted against American companies. The decision came two days after the one-year anniversary of his inauguration as he prepares to travel to the World Economic Forum in Davos, Switzerland, where his “America First” stance is likely to be at odds with the global business and political elite.

The key now is whether the shift from protectionist rhetoric to hard action will disrupt the broadest global recovery since the world was pulling out of the financial crisis. The initial verdict from markets: probably not. Even those directly affected, such as LG Electronics, pared losses in Tuesday trading. JinkoSolar, China’s biggest panel maker, said the outcome is “ better than expected.”

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