Five. This is what happens when you put a former casino owner in charge of your economy.

This isn't about a unipolar world anymore. This is a multipolar world, and yet Trump is still

acting as if he's a unipolar president. See, everything in terms of money coming in, money going

out. They don't understand human behavior and how it changes, and that's what creates growth.

And that's what can lead to more money coming in.

And it's a delight to hear a Labour Prime Minister waking up to this.

The best thing is to do a trade deal with the US, and that includes dropping the crazy trade barriers.

Welcome once again to Planet Normal, the Telegraph podcast with me, Liam Halligan and ordinarily

Alison Pearson. But the co-pilot's off on holiday, so I'm delighted to welcome back

our esteemed telegraph colleague Tim Stanley, Tim, welcome back to the rocket of right thinking.

It's a delight to be with you.

Tariffs are the most beautiful words, said Donald Trump not so long ago, but the introduction

of import charges on foreign goods sold in America is roiling financial markets across the world.

The US presidents introduced the steepest barriers to trading with the world's largest economy

since the notorious smoot-holy tariffs of the early 30s, which many economic historians

argued turned the 1929 Wall Street crash into the deeply damaging Great Depression.

Now the White House may have a plan to use tariffs as leverage to usher in more free trade,

as other countries are forced to lower their barriers on US goods sold abroad.

He may want to make the dollar weaker, to make the US more competitive,

making America great again, as a saying goes, by rebuilding

the manufacturing base and solid, world-paid blue-collar jobs across the US heartland.

But as the all-American boxer Mike Tyson once said, everyone has a plan until he gets smacked in the

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