Tariffs

Thursday

The Spectator

Portrait of the week: British Steel seized, army sent to Birmingham and slim told to stay home in Beijing

Home Parliament was recalled from its Easter recess to sit on a Saturday for the first time since the Falklands War of 1982 to pass a bill to take control of British Steel, which amounts to no more than the works at Scunthorpe owned by the Chinese company Jingye since 2020. Scunthorpe, which employs 2,700 directly and thousands indirectly, is the last plant in Britain capable of making virgin steel. The bill, passing through the Commons and Lords, received the Royal Assent on the same day. The race against time was to supply the blast furnaces with coal before they were ruined by going cold; supplies from the United States

Lionel Shriver Lionel Shriver

The biggest threat to Trump is Trump

Although Republicans and Democrats have few things in common, there’s one American universal: we don’t like when you mess with our money. After Donald Trump’s erratic tariff tantrums have sent markets lurching, who knows how much stocks will have spiked or tanked between the typing of this paragraph and it seeing print. Some 62 per cent of Americans own stock; unsurprisingly, I do, too. A believer in the joys of denial, I’ve refused to even peek at my portfolio since the President’s ‘Liberation Day’. I guess not worrying my pretty head about my finances constitutes liberation of a kind. While never a Trumpster, I found the initial weeks of the

Saturday

Michael Simmons

Tariff turmoil: the end of globalisation or a blip in history?

17 min listen

Globalisation’s obituary has been written many times before but, with the turmoil caused over the past few weeks with Donald Trump’s various announcements on tariffs, could this mark the beginning of the end for the economic order as we know it? Tej Parikh from the Financial Times and Kate Andrews, The Spectator‘s deputy US editor, join economics editor Michael Simmons to make the case for why globalisation will outlive Trump. Though, as the US becomes one of the most protectionist countries in the developed world, how much damage has been done to the reputation of the US? And to what extent do governments need to adapt? Produced by Patrick Gibbons.

Thursday

Katy Balls

‘The art of the deal’?

15 min listen

Two days ago, talk of a 90-day pause on Donald Trump’s ‘reciprocal tariffs’ was branded ‘fake news’ by the White House. But yesterday, the President confirmed a 90-day pause on the higher tariff rates on all countries apart from China. There is some confusion about whether this was The Donald’s plan from the start – although the safe assumption is that it wasn’t, and that someone senior in the White House sat him down and explained the market chaos he has caused. Is this ‘the art of the deal’? Regarding China, the President wrote: ‘Based on the lack of respect that China has shown to the World’s Markets, I am

William Moore William Moore

Trump shock, cousin marriage & would you steal from a restaurant?

39 min listen

This week: Trump’s tariffs – madness or mastermind? ‘Shock tactics’ is the headline of our cover article this week, as deputy editor Freddy Gray reflects on a week that has seen the US President upend the global economic order, with back and forth announcements on reciprocal and retaliatory tariffs. At the time of writing, a baseline 10% on imports stands – with higher tariffs remaining for China, Mexico and Canada. The initial announcement last week had led to the biggest global market decline since the start of the pandemic, and left countries scrambling to react, whether through negotiation or retaliation. China announced a second wave of retaliatory tariffs – to

Katy Balls Katy Balls

How Starmer plans to weather Trump’s storm

Since Donald Trump returned to the White House, Keir Starmer has struggled to set the agenda. The latest attempt came with the Spring Statement, but events soon overtook that when the US President announced his mass tariffs, which could derail Rachel Reeves’s spending plans. It is not yet 100 days into Trump’s secondterm, and ministers have already had to adjust rapidly to the new normal. Even without the unpredictability of decisions from the White House, government communications have proved challenging. The long-standing No. 10 director of communications, Matthew Doyle, recently stepped down. At a recent away day, his successor James Lyons spoke on the importance of moving to digital platforms

The Spectator

Portrait of the week: Trump’s tariffs, a theme park for Bedford and a big bill for Big Macs

Home In response to President Donald Trump’s global tariffs, Sir Keir Starmer, the Prime Minister, said: ‘This is not just a short-term tactical exercise. It is the beginning of a new era.’ He wrote in the Sunday Telegraph: ‘We stand ready to use industrial policy to help shelter British business from the storm.’ The FTSE100 fell by 4.9 per cent in a day, its biggest such fall since 27 March 2020. The government published a 417-page list of US products upon which Britain could impose retaliatory tariffs after 1 May. Figures from the Office for National Statistics showed that, although in 2023 the UK imported £57.9 billion of goods from

The Spectator

What’s the biggest stock market crash ever?

Crash comparison What’s the biggest stock market crash ever?  – There are different ways to measure a crash. The biggest percentage fall in the Dow Jones Index in a single day occurred on 19 October 1987 (or ‘Black Monday’) when the Dow fell by 22.6%.  – The biggest fall in percentage terms over a longer period was in the Nasdaq – covering tech shares – which fell by 80% between January 2000 and October 2002. – The biggest fall in terms of the amount of money wiped off the US market – at least until this week – was in February/March 2020, when the S&P500 lost 34% of its value

Wednesday

Freddy Gray

Trump shock: is there method behind the madness?

A ‘black swan event’, as defined by the risk analyst Nassim Nicholas Taleb in 2007, is a surprise occurrence that has a major impact on the global financial system and is rationalised after the fact as something that ought to have been expected all along. The 9/11 terror attacks are one example, the Covid pandemic another – shocks that rocked the world and made us wonder if freedom works. Since Wednesday last week, however, the gods of the marketplace have been wrestling with a new and more mind-boggling creature: the ‘orange swan’, a cataclysmic Donald Trump-induced happening that is at once entirely predictable and baffling, an event that is rationalised

Oscar Edmondson

What could a US-UK trade deal look like?

13 min listen

Trump’s levies have kicked in today: including an astonishing 102 per cent tariff on China – after it missed the deadline to withdraw its retaliatory tariffs – and 20 per cent on the European Union. The combination of these explosive tariffs has sent markets sliding once again. This follows a slight recovery in the markets yesterday after suggestions by some in the Trump administration that they may be willing to negotiate the tariffs down. In the UK, the economic uncertainty has ‘turbocharged’ plans which have been whispered around Westminster for some time, including nationalising the British steel industry. Attention has also turned towards a trade deal with the US, and

Tuesday

Oscar Edmondson

What happened at the Liaison Committee?

16 min listen

Parliament is about to go into recess for the Easter holiday and so – as is customary – Keir Starmer sat in front of the Liaison Committee this afternoon, where he was grilled on topics including tariffs, defence and welfare. This comes on the day when there has been a momentary reprieve in the markets, which experienced a modest bounce – most likely as a result of suggestions from Trump that he is willing to negotiate with China. Markets seem to have priced in that these tariffs could be negotiated down, but that is of course a big ‘if’. The question remains for Keir Starmer: what more can he do

Monday

Lucy Dunn

Is Trump the new Truss?

15 min listen

The fallout from Trump’s tariffs continues. Last week, Donald Trump ended the free-trade era that has underpinned growth for decades (and potentially also heralded the end of globalisation). Markets around the world have taken a nosedive, prompting fears of a global recession. The only (brief) reprieve was when stock markets rallied because of a misunderstanding regarding comments made by Trump’s economic adviser. Once these had been clarified, the Nasdaq dipped once again. Republicans are starting to turn on Trump – including Elon Musk, who has been sending out some coded tweets. The strength of the reaction from the markets has drawn comparisons between Trump and Liz Truss, whose mini-Budget spooked

Thursday

Oscar Edmondson

Trump’s tariffs explained

12 min listen

It’s the day after America ‘reclaimed it’s destiny’, or so Donald Trump says. The President announced a raft of ‘reciprocal’ new tariffs from the White House rose garden, including a 10% levy on the UK which – before it comes into effect on 5th April – the government hope to negotiate down.  Other countries have come off much worse. China, for example, will experience a 34 per cent ‘discounted reciprocal tariffs’, compared to the 67 per cent Trump claims China puts on US goods. The European Union will experience 20 per cent levies, compared to the 39 per cent Trump also says is put on US goods. ‘We’re a very

Wednesday

Freddy Gray

Will Trump’s tariffs unravel the neoliberal global order?

33 min listen

Freddy is joined by James Fishback – writer, investor and chief executive of investment firm Azoria – on ‘Liberation Day’, when Donald Trump is set to announce a raft of new tariffs (at 9 p.m. UK time). They discuss the impact of Trump’s tariffs on the market, whether this marks the upending of the neoliberal economic world order, or if Donald Trump is just a tough negotiator.

Katy Balls Katy Balls

Should Starmer impose retaliatory tariffs? Plus local elections lookahead

14 min listen

It’s World Tariff Day – or Liberation Day, depending on what you prefer to call it – but we won’t know for certain what levies Donald Trump will impose on the world until around 9 p.m. this evening. Sources are speculating that Trump still isn’t 100 per cent sure himself. But as the UK awaits its fate, what is the polling saying: should Starmer stand up to Trump? Also on the podcast, it’s just under a month until the local elections, and we have seen big launch events from Reform UK and the Liberal Democrats. These are the parties expecting to do well – potentially winning upwards of 400 council

Monday

James Heale

What to expect on ‘World Tariff Day’

13 min listen

This week will see ‘World Tariff Day’ – as those in Westminster are not-so-excitedly calling Wednesday – when Donald Trump will announce a wave of new tariffs. Trump is expected to reveal plans for reciprocal tariffs aimed at addressing what he sees as an ongoing trade imbalance between the US and other countries. He argues that it is ‘finally time for the Good Ol’ USA to get some of that MONEY, and RESPECT, BACK. GOD BLESS AMERICA!!!’. It had looked as though the Prime Minister’s softly-softly approach to US relations was working and that we might avoid Trump’s levies… that was until the UK was included in the 25 per

Monday

James Heale

Can Britain dodge Trump’s tariffs?

14 min listen

Reports in the papers today say that the British government is considering scrapping its digital services tax – largely levied at American tech companies – in return for an exemption to Trump’s tariffs that come into effect on April 2. Would this be an effective – or desirable – move on the British part? James Heale speaks to Katy Balls and Kate Andrews. Produced by Oscar Edmondson and Cindy Yu.

Friday

Henry Jeffreys

Henry Jeffreys, Marcus Walker, Angus Colwell, Nicolas Farrell and Rory Sutherland

29 min listen

On this week’s Spectator Out Loud: Henry Jeffreys looks at the potential impact of Trump’s tariffs on British drinkers (1:31); on the 400th anniversary of Charles I’s accession to the throne, Marcus Walker explains what modern Britain could learn from the cavalier monarch (7:10); Angus Colwell provides his notes on beef dripping (13:55); Nicolas Farrell reveals he refused to accept the local equivalent of an Oscar (16:40); and, Rory Sutherland makes the case for linking VAT to happiness… with 0% going to pubs, Indian restaurants and cheddar cheese (24:08).  Produced and presented by Patrick Gibbons.

Thursday

Henry Jeffreys

Could Trump’s tariffs be good news for British wine-lovers?

Professional Englishmen and women – doctors, accountants and even journalists – could once afford to drink first-growth claret like Château Latour on a regular basis. In 1972, when the Daily Telegraph’s Guide to the Pleasures of Wine was published, Pomerol was still an obscure corner of Bordeaux, known for offering ‘very good value’. Those days are long gone. Prices began to take off in the 1980s, with Auberon Waugh blaming ‘American millionaires looking to impress their guests’. The 1982 Bordeaux vintage was highly lauded by a then-unknown young lawyer called Robert Parker Jnr who would go on to become the most influential wine critic in the world. After this, anything

Wednesday

Freddy Gray

Was ‘free trade’ really working?

29 min listen

Oren Cass, founder and chief economist of think-tank American Compass, sits down with Freddy Gray at the ARC conference in London. They react to the announcement by President Trump over the weekend of reciprocal tariffs: the decision by the US to match import duties levied by other countries.  What’s the strategy behind Trump’s decision? And what could the consequences be for American companies and for global trade? They also discuss the broad political consensus behind free trade in the US since the 1990s. Given the ‘lived reality’ that faced many American investors and companies – for example competing with Chinese Electric Vehicles – was the free trade really working anyway?