Stock Markets in shock as tariffs loom

Stock markets across the world fell heavily after Trump suggested that new tariffs he is expected to announce this week would hit “all countries”. An explanatory piece in the FT pointed out he is driven by realpolitik which is practical, not moral or ideological. “If Trump thinks tariffs will help him, he won’t care who they’ll hurt.” On this theory, the dollar has to weaken to support re-industrialisation. He also reckons that “burden sharing betwe