We had the shock of ‘Liberation day’ when punitive tariffs were levied on imports from virtually every country in the world. That was the destructive part of Donald Trump’s trade war. Now we enter phase two: trying to put things back together again. The announcement of trade deal with a ‘big and highly-respected country’ (believed to be the UK) on Thursday morning is significant not just in itself but because Trump added the suggestion that this will be ‘the first of many’.
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