Labour must focus on risk to global financial stability posed by Trump policies, not only trade

Keir Starmer and Rachel Reeves. The government is pressing ahead with plans to deregulate the City – just as global financial stability appears threatened. Photograph: Kirsty Wigglesworth/PA

Keir Starmer and Rachel Reeves have underlined how much the world has changed after Donald Trump’s “liberation day”, with the UK prime minister even declaring an end to globalisation.

But as the chancellor prepares to fly to Washington this week to meet her global counterparts at the International Monetary Fund meetings, Labour appears to see the risks purely in terms of the hit to international trade.