I thought that people were jumping a little bit out of line. They were getting yippy, you know.

They were getting a little bit yippy, a little bit afraid.

Welcome to political fix from the Financial Times with me, Lucy Fisher.

The markets have gone haywire in the past week since Donald Trump's announcement

and then reversal of a host of new

US tariffs. We'll look at the precipitous plunges and global stocks, then the rallies that have

taken place to try and figure out what an earth is going on. Are the markets more powerful than

the US president? And where does the UK stand with no change to its 10% levy rate?

Plus, as Parliament rises for a two-week Easter recess, we take stock of the political year so

far. With me to discuss it all are my colleagues George Parker. Hi, George. Hello Lucy.

I'm Miranda Green. Hi, Miranda. Hello Lucy. Plus, we're joined this week by the FTs

columnist Katie Martin. Hi, Katie. Hello, Lucy. Plus, we're joined this week by the FTs markets columnist Katie

Martin. Hi, Katie. Thanks for having me.

So, Katie, it's been a week and a half, or less than that, since Donald Trump's so-called Liberation Day.

Can you just recap for us briefly what he announced, what he's reversed and what's happened with the

markets in between? Yeah, it has been pretty wild. So Liberation Day came along and Donald

Trump stood in the Rose Garden with his famous kind of poster type things that were laying

out what levees they were going to be on which countries.

And they were much, much higher than anyone had been expecting, even in a worst-case scenario.

The formula that had gone into putting these tariffs together was kind of bonkers.

The countries that had been sucked into this tariff regime made no sense, including some

islands that are inhabited pretty much exclusively by penguins. So for a host of reasons,

...