Trump Vs the Bond Market: Inside the President’s tariffs U-turn

Political Currency

Persephonica

Business, Economy, George Osborne, Westminster, Politics, News, Money, Ed Balls

4 • 855 Ratings

🗓️ 10 April 2025

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s been a rollercoaster few days for the world economy thanks to Donald Trump’s ‘Liberation Day’ tariffs announcement - and his dramatic U-turn a scant week later. With a 90-day pause for every country hit - aside from China - Ed Balls and George Osborne consider the significance of a hugely disappointing auction of US treasuries, and how it led to Trump’s Treasury Secretary warning him of a looming economic crisis.

They ask: are we watching in real time the US tearing at the foundations of the very system they created? And are there now the first rumblings of Republican discontent? Seems like there’s the first signs of figures in Congress and on Wall Street starting to dissent …

Meanwhile, Keir Starmer has vowed to ‘turbocharge’ the UK economy in the face of global economic tumult. George runs through the options available to the Prime Minister… Is the answer in softening ‘ironclad’ fiscal rules, deals with India or the EU, or hoovering up scientific talent alienated from the US?

And they turn their attention to a Harvard and Kings College London paper, co-authored by Professor Ed Balls – what can the UK learn from ‘Bidenomics’?

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Transcript

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0:00.0	This is Political Coency with Ed Bulls and George Osborne.
0:28.9	So welcome to our weekly political currency episode.
0:33.8	This week we are, I think, both in London, but for a range of diary reasons, we are remote.
0:34.9	So we're not together.
0:36.0	We are looking at each other down the lens.
0:38.5	But I tell you what I did see earlier in the week. Some very nice photos you sent me from, I think
0:44.7	the top of, I think I got this right, Coniston Old Man. This was the, this is not an old man,
0:49.8	literally. This is a peak in the Lake District, which you were climbing with a couple of your childhood friends.
0:56.7	Is that right?
0:57.6	I was.
0:58.1	They were university friends.
0:59.4	They were both the best men at my wedding.
1:01.8	In 1990, we failed to climb constant old man, having been in the Lake District close to it for five days and talked about it a lot.
1:09.6	So we finally decided to go and do it and talked about it a lot. So we finally
1:11.3	decided to go and do it. We stayed at a pub called the Black Bull, which is also the brewery,
1:17.5	which brews a famous Coniston Bluebird Bitter, named after the water speed breaking boat.
1:25.7	On Coniston Water, wasn't it? Coniston water.
1:28.3	And we decided to do what is called the full Coniston round, which is not just Coniston
1:34.5	Old Man, but also...
1:36.3	It's not round in the pub.
1:37.6	No, no, no.
1:38.4	It's a walk.
	...

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