Hello and welcome to The Rundown, a podcast from Politics Home with me Alan Tolhurst.

This week, we're taking on the small matter of what on earth is happening to the global economy.

And what that will mean for the UK after Donald Trump's sudden vault fast on Wednesday,

abandoning almost all of the tariffs he had metered out on so-called Liberation Day a week before that had sent the markets tumbling.

As the world tries to make sense of what just happened, I've assembled a panel to help explain

what could happen next. With 10% tariffs still applicable to all British goods and continuing

fears of a recession both here and abroad, what, if any, strategy Kirstama can use to keep us on

Trump's good side as it continues his capricious approach to global trade policy.

With me are Jill Rutter, Senior Fellow at the Institute for Government and a former senior civil

servant.

Raul Ruperl, a former advisor to Theresa May on Europe and a special advisor in the Brexit Department.

Ali Renison, Associate Director at SEC

Newgate and a former policy advisor to the Secretary of State for Business and Trade, and Clive

Jones, Liberal Democrat MP and his party spokesperson on trade. But first, I spoke to Liam Byrne,

the Labour MP and former Treasury Minister, who now chairs the Commons Business and Trade Committee.

So Liam, as we're recording this on Thursday,

it's a day after Donald Trump has paused for 90 days,

those kind of big reciprocal tariffs apart from on China.

I just wondered what you kind of made of it.

By the time everyone was starting to get used to this kind of new regime,

it's all been kind of reversed again,

and how you kind of see it, it obviously having worked in the government yourself, how the government is going to try and

...