America

It was an extraordinary statement, given all the bluster that had gone before it. Tariffs on Chinese goods will ‘come down substantially’ from their current level of 145 per cent, Donald Trump said on Tuesday, adding that ‘We are doing fine with China … We’re going to live together very happily and ideally work together’. Perhaps the message was aimed at placating the World Bank and International Monetary Fund spring meetings taking place in Washington this week. The IMF slashed its growth forecasts for the United States, China and most other countries, blaming US tariffs and warned that things could get a lot worse. Xi is calculating that Trump is

Caryma Sa’d has captured the definitive image of the Canadian federal election. Over the weekend, the independent journalist posted a photograph from an event in Brantford, Ontario for Mark Carney, the former Bank of England governor who has replaced Justin Trudeau as Liberal leader and prime minister. The pic shows an older gentleman appearing to give two middle fingers to the camera while similarly-aged Carney enthusiasts around him laugh. In isolation, just another snapshot from an ill-tempered election. In the context of this poll, a readymade icon of everything Carney’s critics say he stands for and everything his Conservative opponent Pierre Poilievre is against. Elbows and/or fingers up. #cdnpoli #Brantford

There is an odd contradiction in Russian attitudes to the current negotiations with the United States. On the one hand, a sense that the window of opportunity may be closing, on the other no real rush to take advantage of it, or at least to offer Donald Trump any concessions to show willing. Mikhail Rostovsky, a columnist in the newspaper Moskovsky Komsomolets, put it best when he noted that the window is likely to close at the end of this month, which marks the end of the first hundred days of Donald Trump’s second term: ‘No one expected Trump to fulfil his boastful campaign promise and stop military actions during

We are about to see how significant a politician Giorgia Meloni really is after she arrived in Washington yesterday evening for bilateral talks today with Donald Trump. Tariffs will be top of the agenda but they are also expected to talk about Ukraine. She then flies immediately back to Rome to meet Vice President J.D. Vance – a Catholic – on Friday, who is in Rome for Easter hoping to meet the Pope as well. Certainly, Meloni is the one leader of a major EU country Trump enjoys seeing Italy’s first female prime minister travels to Washington bearing the cross of the EU on her small but sturdy shoulders. For

Forget whisky, cars or chemicals. The real blow to the British economy from President Trump’s determination to impose steep tariffs on everything the United States imports from the rest of the world is still to come. Over the next few days, Trump plans to unveil levies on pharmaceuticals. And if the UK can’t find a way of carving out an exemption from that, it will do huge damage to us at the worst possible moment.  For the moment, drugs are exempt from the 10 per cent blanket tariff on US imports, and the higher country-specific levies. That will change in the next few days, with President Trump promising to add

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

When Donald Trump unveiled his table of tariffs in Washington last week, there was one country that was conspicuously absent from his list: Russia. The White House’s argument was that there was no point slapping tariffs on trade with Moscow because the existing sanctions in place against it meant there was negligible bilateral trade going on between the two countries. Despite this, the global trade war that has erupted will still impact Russia, threatening to undermine Moscow’s economic stability, stifle its already slowing growth and amplify its strategic dependence on Beijing. Trump’s trade realignments will further marginalise Russia as an energy supplier The White House’s justification for excluding Russia from