The fallout from Trump’s tariffs: is there a masterplan, are we heading for recession and what does it mean for UK?

News Snapshot:

What is Trump’s master plan? The US president wants to revive the manufacturing sector with a mix of protectionist policies, tax cuts and deregulation. Higher tariffs on foreign imports are supposed to encourage investment by US companies and overseas businesses that want to avoid the tariffs. The cash generated by the tariffs will be the source of funds for tax cuts, unlike Trump’s first administration when tax cuts were funded, Liz Truss-style, by extra borrowing. Rightwing groups that bankrolled Trump in 2024 want him to bring down debts, insisting the president work harder to balance the books. That’s also the...