The New Statesman | UK politics and culture
A big bad week for money
Apr 10, 2025
In this engaging discussion, Will Dunn, the Business editor at The New Statesman, and Freddie Hayward, the US correspondent, dive into the chaos caused by recent tariffs from the Trump administration. They analyze the significant downturn in global stock markets and forecast the potential for a recession. The duo also unpacks the complexities of US-China trade relations and the impact of tariffs on international trade dynamics, revealing crucial insights into political maneuvering and economic strategies that could reshape future trade deals.
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Quick takeaways
- The introduction of tariffs by the Trump administration resulted in the worst stock market downturn since the pandemic, triggering recession fears.
- Internal conflicts within the Trump administration highlighted the shifting political dynamics surrounding tariffs, leading to a temporary pause and redefined strategy.
Deep dives
Impact of Tariffs on Global Markets
The introduction of tariffs by the Trump administration resulted in a significant downturn in global financial markets, marking the largest decline since the pandemic. The turbulence stemmed from a crisis of confidence among investors, who anticipated that future returns would be negatively impacted by the arbitrary nature of the tariff formula used. As a consequence, the stock market saw a major drop, causing a ripple effect that led to heightened recession predictions for the U.S. economy, with Goldman Sachs estimating a 65% chance of recession. The situation improved slightly after a pause was announced on higher tariffs, which generated some optimism in the markets.
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