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 the markets so comprehensively that she had to backtrack after just ten days. Might Trump do the same?
 
Meanwhile, Keir Starmer has intervened in an effort to protect the UK car industry against Trump’s 25 per cent tariffs. What other levers can he pull to reduce the impact on Brits?
 
Lucy Dunn speaks to Katy Balls and Kate Andrews.
 
Produced by Oscar Edmondson.