The Globe and Mail reports in its Friday edition that Donald Trump's so-called Liberation Day plans, propelled by an orgy of tariffs, did not go well for the U.S. President last April. The Globe's Eric Reguly writes that the markets went into the tank and bond yields rose, sending interest rates up. Mr. Trump, obviously flustered by his miscalculation, quickly folded. On Tuesday, as Mr. Trump insisted that the United States would buy Greenland and refused to rule out an invasion if Denmark balked at handing over the territory it has controlled for 300 years, the "Sell America" trade swung into action once again. The markets tanked once again. Bond yields ticked up once again. Rattled once again, Mr. Trump mounted another retreat. Greenland (which he repeatedly called "Iceland") would not be taken by force, and the eight European countries that had sent military personnel to Greenland would not be hit with his 10-per-cent punishment tariffs. The markets recovered. There is a lesson here for any country that faces being bullied into submission by Mr. Trump: The capital markets are your best weapon if you lack the military might, or sheer economic bulk (as China does on both counts), to call Mr. Trump's bluff.