The stock market is reeling. The White House has already witnessed the resignation of the President’s most senior economic adviser. The EU is preparing retaliation, and other countries are checking the rule books to see what sort of tariffs and quotas they might be allowed to impose. In the wake of Donald Trump’s decision to whack hefty tariffs on steel imports into the United States a full-blown transatlantic trade war is brewing – and if China and Japan wade in, that may quickly turn global.
That will, of course, be terrible for the global economy. But it might also be the perfect moment for a soon-to-be-out-of-the-EU Britain to reassert its historic role as a champion of free trade. In truth, the US and the EU are both being as bone-headed as each other. By simply stepping aside from the fight, we can come out ahead.
In the markets, most people thought Donald Trump had safely forgotten most of his campaign promises and gone back to his usual pastimes of eating cheeseburgers and fending off lawsuits from porn actresses.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in