How will Trump tariffs and market chaos change the US and the world?

Not Another One

Richards Green Montgomerie Martin

Prime Minister, Political Commentary, Number 10, News, Rishi Sunak, Political, Not Another One, Politics, General Election

4.7 • 566 Ratings

🗓️ 7 April 2025

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

The market impact of President Trump’s “Liberation Day” tariff war has been dramatic and disastrous already. The team asks whether Trump's political and corporate backers, and American voters, will stick with him or peel off as the ride becomes scary. Will he back down? Plus, how can and should the UK respond to Trump "unleashed"?

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Transcript

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0:00.0	Hello and welcome to this edition of Not Another One with me, Ian Martin, Tim Montgomery, Miranda Green.
0:18.2	We're all in the studio and we're joined down the line by Steve Richards.
0:23.3	Now, today we're unusually early with our podcast and that's because we're responding to
0:29.0	the market's emergency. I mean, that's what we're going to discuss today. Is this a real
0:34.6	crisis, an emergency? Is it a short-term question? Is it just fluctuations? Or is there something
0:41.3	deeper going on here? And also ask, is there some kind of method in what Trump is doing? And really,
0:47.9	how worried should we be? So it comes to you first, Steve Richards. Does this have echoes of the financial crisis for you?
0:56.9	The 2008 crash, yes, it does, because countries are having to respond very quickly.
1:03.2	I mean, obviously the parallels are by no means precise.
1:06.2	But there was talk then of kind of all the assumptions of the primacy and dominance of the financial sector as a driver of economic growth being turned on its head.
1:21.5	And now we are entering an era where assumptions about free trade and globalization are being turned on their head. And
1:30.0	it is very interesting to see the degree to which countries are offering leadership in response,
1:39.0	the degree to which there's been a sort of fracturing of responses. And, you know, I look back at what
1:48.6	Gordon Brown did then, with the considerable help later on of Obama, in coordinating an international
1:55.5	response and wonder whether the same thing can happen this time and who will be the agent of that
2:01.9	coordination. But I think all kinds of things have to be asked. Our relationship with the
2:08.3	European Union, another market with muscularity, our relationship with China, the other big
2:15.4	power with muscularity. Because it seems to me this is about
2:19.5	muscularity, Trump's exertion of American power and America to look inwards and basically
2:26.6	create a market for itself. And the two big players now, it seems to me, of the EU and China in terms of equivalent muscularity.
2:36.9	I think we're more on the outskirts of this.
2:39.9	But Brown show considerable leadership in the crash of 2008.
	...

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