America will be the chief victim of Trump’s tariffs rampage by Ambrose Evans-Pritchard
https://www.telegraph.co.uk/business/2025/08/01/america-will-be-the-chief-victim-of-trumps-tariffs-rampage/
“We’re looking at a shock to the economy seven or eight times as big as Smoot-Hawley,” said Paul Krugman, a Nobel laureate for trade theory.
Euphoric markets are wishing away the reckless demolition of a global trade system built, led, and painstakingly nurtured by the US for 80 years. “People just keep wanting to believe that Trump is making sense, that he isn’t as ignorant and irresponsible as he seems. But he is,” said Prof Krugman.
US economic growth slowed to 1.1pc in the first half of the year. You have to combine the two quarters because tariff “front-running” distorted the GDP data. The relevant metric is that real final sales are the weakest since 2022.
Trump’s trade war returns America to the 1930s
https://www.telegraph.co.uk/business/2025/08/01/trumps-trade-war-returns-america-to-the-1930s/
https://www.telegraph.co.uk/business/2025/08/01/america-will-be-the-chief-victim-of-trumps-tariffs-rampage/
“We’re looking at a shock to the economy seven or eight times as big as Smoot-Hawley,” said Paul Krugman, a Nobel laureate for trade theory.
Euphoric markets are wishing away the reckless demolition of a global trade system built, led, and painstakingly nurtured by the US for 80 years. “People just keep wanting to believe that Trump is making sense, that he isn’t as ignorant and irresponsible as he seems. But he is,” said Prof Krugman.
US economic growth slowed to 1.1pc in the first half of the year. You have to combine the two quarters because tariff “front-running” distorted the GDP data. The relevant metric is that real final sales are the weakest since 2022.
Trump’s trade war returns America to the 1930s
https://www.telegraph.co.uk/business/2025/08/01/trumps-trade-war-returns-america-to-the-1930s/