The reaction of the financial markets to the Trump tariffs provides further proof, were it needed, of the depressing effects of the new US president’s trade policy.
“Depressing”, that is, in every sense, because not only will they, and the retaliation that they have already provoked, trigger an immediate slowdown in world economic growth but they will also divide and destabilise the West at the moment when Russia and China are growing increasingly emboldened and revanchist.
