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It's been 12 months since Donald Trump's 'liberation day' on April 2, 2025, when the US president introduced tariffs on nearly every country the US did business with. The move sent shockwaves through the global economy, causing chaos in Washington and beyond. Experts say that if Trump had spent the last 14 months on the golf course instead of in the White House, the US economy would be in a better place. The wholesale slashing of government jobs and defunding of US aid agencies had already signaled that Trump was in a hurry to upset institutions he considered profligate or useless. Investors quickly understood that chaos was an essential tool in Trump's armoury. Almost as soon as he was inaugurated, there was a steady decline in the value of the dollar against other currencies. Investors sold assets denominated in dollars and bought assets elsewhere: Europe, Asia, South America. Dario Perkins, the head of global research at the consultancy TS Lombard, said: 'If you think that discouraging investors from buying assets in the US is a victory, then you don’t believe in a growing economy.' He added that Trump's policies had led to a decline in US manufacturing jobs and a growing trade deficit. The data supports Perkins' claims. US companies stopped hiring almost as soon as liberation day was announced. Significant revisions in February to data covering 2025 pushed payroll employment down by 403,000 jobs, resulting in the addition of just 181,000 jobs last year. This small boost is set against the 163 million people who are employed in the US. Russ Mould, the investment director of the British stockbroker AJ Bell, said: 'America is still home to the world’s largest economy and its reserve currency, as well as the globe’s largest equity and bond markets, but investors continue to reassess their exposure one year on from liberation day.' The next few months of steadily increasing confidence levels followed probably the calmest period in the second Trump presidency. But sentiment began to fall again in the autumn as the White House battled with Congress over the federal budget deficit and much of the public sector was shut down. A poll by the University of Michigan showed consumer confidence at a near record low at the end of 2025. A six-month moving average produced by the Conference Board showed every generation, from baby boomers to gen Xers, had lost confidence in the economy over the past year. Trump’s liberation day executive order stated: 'The decline of US manufacturing capacity threatens the US economy in other ways, including through the loss of manufacturing jobs.' However, the US manufacturing sector shed 100,000 jobs between January 2025 and March 2026. The ratio of manufacturing workers to total nonfarm employment fell to the lowest point since 1939. Bryan Riley, the director of the National Taxpayers Union Foundation’s free trade initiative, said: 'One year after liberation day, the evidence is in. Tariffs failed even by the Trump administration’s own terms. They did not shrink the trade deficit, did not revitalise manufacturing and did not help farmers. It would be a mistake to replace one set of failed tariffs with another.' Some major US companies have redirected their investments to Europe, but China has proved to be one of the main beneficiaries. In the year to February 2026, China’s industrial profits increased by 15.2%. It's a boom that Beijing will struggle to repeat should Chinese companies face fuel and energy shortages and price hikes. But the decline of two major powers can only be to China’s gain.

President Donald Trump's recent primetime address on the war with Iran has sparked widespread bewilderment and criticism. The speech, which lasted 19 minutes, was marked by slurred words and stumbling syntax. Trump vaguely stated that the US is 'on track to complete all of America's military objectives shortly,' but failed to provide a clear endgame or sense of direction.During the address, Trump vowed to continue bombing Iran to 'bring them back to the stone ages,' where he claimed they belonged. This statement has been widely criticized, with commentators describing it as a threat of war crimes. Chris Hayes of MSNBC called the speech a 'litany of lies he's told before,' while Robert Malley, a former lead negotiator for the nuclear deal, wrote that Trump's threat to send Iranians 'back to the stone ages' was a cavalier threat of war crimes.The speech has been criticized for lacking a clear endgame or sense of direction. Ian Bremmer, the founder and president of the Eurasia Group, called the address '19 minutes of a rambling, unmoored and unserious commander in chief.' Joseph Cirincione, a veteran arms control negotiator, accused Trump of lying about the 2015 nuclear deal, which Trump abandoned in 2018.The war with Iran has now raged for a month, and the absence of defined goals in Trump's speech has been highlighted by critics. Brian Finucane of the Crisis Group and a former state department legal adviser on military operations noted that the speech merely regurgitated prior social media posts, raising questions about Trump's war aims.

US President Donald Trump has claimed responsibility for the destruction of Iran's largest bridge, a 136-meter-high suspension bridge connecting Tehran and Karaj. The bridge, valued at $400 million, was struck twice, resulting in eight fatalities and 95 injuries, according to Iranian state media.Trump shared footage of the bridge's collapse on his Truth Social website, boasting that it would 'never be used again.' He also issued a stark warning, stating that there would be 'much more to follow' if a settlement is not reached with Iran.The attack on the bridge is part of a series of confirmed strikes in Iran this week. A day earlier, Trump had threatened to destroy Iran's power plants, potentially leaving millions without electricity. 'We are going to hit each and every one of their electric generating plants very hard and probably simultaneously,' he said during a primetime speech.The conflict between the US and Iran has resulted in significant damage and human suffering. Iran has suffered over 15,000 bombing raids since the start of the war, with at least 1,900 people killed and 20,000 injured, according to the International Red Cross and Red Crescent Societies. Oil prices have surged by 7% to $108 per barrel amid concerns of a wider conflict.UN Secretary General António Guterres has warned that the world is 'on the edge of a wider war' with catastrophic global implications, calling for an immediate end to the fighting.

Donald Trump's self-congratulatory speech on Iran has been widely criticized for being puzzling and divorced from reality. The speech, which was intended to update the nation on the progress of the war in Iran, instead left many wondering about the ultimate goals of the conflict.The speech was seen as a disappointing address by many, as it failed to provide a clear explanation of what the US hopes to achieve in Iran. Trump harped on the goal of preventing Iran from developing a nuclear weapon, but failed to mention that Iran has long agreed to eschew a nuclear weapon as part of a deal brokered by the Obama administration.The article argues that if the goal of the war was to prevent Iran from developing a nuclear weapon, then the war has been pointless. Trump's speech was also criticized for disparaging the deal made by the Obama administration, which was designed to prevent Iran from securing a nuclear weapon by imposing strict limits on the enrichment of uranium and requiring intrusive international inspections.The article concludes that Trump's speech was a shameful moment for America, as it was led by a president who seems to be infatuated by military power but befuddled when it comes to explaining why he is using it.

A virtual gathering of over 40 countries will set the agenda for a global military planning meeting next week, focusing on clearing sea mines and rescuing vessels immobilised in the Strait of Hormuz.UK Foreign Secretary Yvette Cooper opened the summit by condemning what she described as “Iranian recklessness” that endangers global economic security and threatens the flow of vital energy supplies.The discussions are proceeding without direct US involvement; instead, the UK, France, Germany, Australia and several Gulf states are exploring practical steps to restore access to the strategic waterway.President Donald Trump has urged nations that depend on the strait to “build up some delayed courage” and “just grab it,” a comment that has drawn criticism from UK officials.The strait transports 10‑25% of the world’s oil and gas. Prime Minister Keir Starmer warned that reopening the lane “will not be easy,” given the scale of the disruption.Cooper outlined a multi‑pronged approach: diplomatic and economic pressure, reassurance for industry, insurers and energy markets, and coordinated actions to guarantee the safety of trapped ships and seafarers.She cited more than 25 Iranian attacks on vessels, estimating around 20,000 seafarers on roughly 2,000 ships are currently stranded.Highlighting the broader stakes, Cooper referenced World Bank projections that a prolonged blockage could push 9 million people into food insecurity and trigger unsustainable spikes in oil and food prices worldwide.At a follow‑up session scheduled for Tuesday, military planners will consider how to marshal collective defensive capabilities, including the removal of mines that Tehran may have laid to sink ships.The meeting will be hosted by Britain’s Permanent Joint Headquarters in Northwood, London, with many international leaders joining virtually.Conservative leader Kemi Badenoch warned President Trump not to abandon “a mess he’s made” in the Middle East, echoing former US Secretary of State Colin Powell’s dictum, “if you break it, you own it.”Reform UK’s Nigel Farage said he was not “angry” with Trump for entering the conflict but found the president’s press briefings “difficult to interpret.”Liberal Democrat leader Ed Davey urged Prime Minister Starmer to “step up” plans and present a clear alternative for reopening the oil‑ and gas‑laden shipping route.

Nick Candy, who serves as the honorary treasurer of Reform UK and is among its top financial backers, has completed the sale of his Chelsea residence for an estimated £275 million. The transaction, first reported by Bloomberg, is believed to set a new benchmark for residential sales in London and ranks among the world’s most valuable property deals. Known as Providence House, the Grade II‑listed estate sits within the grounds of the Royal Chelsea Hospital and features a private lake and swimming pool. The identity of the purchaser has not been disclosed. Land Registry records list the current owner as Providence House LLP, a partnership controlled by Candy, with his estranged wife, former pop star Holly Valance, also named as a partner. A mortgage charge from First Abu Dhabi Bank is registered against the title. Candy’s involvement with Reform extends beyond his treasurer role; he contributed roughly £1 million to the party last year and has been instrumental in high‑profile fundraising events, including a 2024 gathering for Donald Trump Jr. at the estate. He has previously been seen alongside Nigel Farage as the party promoted a “billionaires’ bonanza” scheme offering wealthy individuals a £250,000 fee for ten‑year residency and a special tax regime. Candy also attended a meeting between Farage and billionaire Elon Musk at Mar‑a‑Lago in December 2024. Alongside his brother Christian, Candy amassed his fortune through global property ventures. He continues to market other high‑value assets, including a £175 million penthouse at One Hyde Park and a Los Angeles mansion, while maintaining office space in Mayfair that also houses Farage’s company, Thorn in the Side. Originally purchased by Christian Candy in 2012, the Chelsea mansion was later transferred to Nick Candy, underscoring the family’s long‑standing presence in the UK’s luxury property market.

Britain is confronting the most severe energy shock since the early 1970s, as exports of oil, gas and fertiliser from the Middle East have abruptly stopped. The government says a response plan exists, but details remain vague. It is unclear whether the UK is better prepared for the fallout from Donald Trump’s war with Iran than it was for the pandemic six years ago. Ministers are sending a "we have your back" message to the public while simultaneously signalling to financial markets that any assistance will be limited and targeted. Contingency planning is especially difficult when dealing with an unpredictable leader like Trump. Britain’s heavy reliance on imported energy and food means that reassurance can only hold for a short time. The economy entered the conflict already on shaky ground: unemployment rose steadily throughout 2025 and growth stalled to a virtual standstill in the final quarter of that year. The sudden loss of Middle‑East energy and fertiliser supplies now adds a colossal supply shock. Last year, Trump’s “liberation day” tariff hikes served as a dry run for a far more serious confrontation. This time, the war is taking place in a region that is both volatile and crucial to the global economy. In the past two weeks, the repercussions have been felt across Asia – the Philippines declared a state of emergency, Sri Lanka introduced a four‑day work week, and South Korea announced budget measures to help households cope with soaring energy bills. The continent is the most dependent on Gulf‑exported energy, making the impact there the sharpest. The International Monetary Fund warned that the shock will drive higher prices and slower growth worldwide. Shortages push fuel and food prices up, eroding disposable income, prompting businesses to cut staff, and increasing the risk of recession. The UK, already projected to be one of the poorest‑performing major economies in 2026, could see its fresh graduate cohort face a brutal job market. Trump’s claim that the war could end within two or three weeks appears desperate. Even a rapid cease‑fire would leave substantial collateral damage, creating a stagflation scenario that could hurt Republican prospects in the upcoming mid‑term elections. British officials hope a swift resolution will limit economic damage, allowing a short‑term inflation spike to subside and the Bank of England to resume interest‑rate cuts. Treasury plans include scrapping the planned autumn fuel‑duty rise and providing targeted help for the poorest households, though the path is unlikely to be that simple. Currently, the Treasury is hesitant to act boldly for fear of unsettling bond markets. History – the 2008 banking collapse and the 2020 pandemic – shows that governments can act decisively without triggering a market backlash, using tools such as aggressive rate cuts, increased borrowing, and quantitative easing. The Bank of England has warned of a "substantial negative supply shock" and is expected to soften markets for future rate cuts, which are inevitable. Finance Minister Rachel Reeves could mitigate labour‑market pain by reversing recent increases in employers’ National Insurance contributions, subsidising public transport, and even lowering speed limits to conserve energy. The war, like the pandemic and Russia’s invasion of Ukraine, underscores the fragility of global supply chains and the need for greater British self‑reliance. Investing heavily in renewable energy is essential, but the UK also imports roughly 40% of its food and has not run a manufacturing trade surplus since 1982. In a world of disrupted supply lines, a robust plan for economic self‑sufficiency is more urgent than ever. Larry Elliott is a Guardian columnist.

President Donald Trump has been privately discussing the possibility of replacing Tulsi Gabbard as Director of National Intelligence, according to two people briefed on the conversations. This development comes after Gabbard's testimony at a Congressional hearing where she declined to condemn Joe Kent, a former deputy who argued that Iran did not pose an imminent threat to the United States.Trump's frustration with Gabbard reportedly stems from her perceived defense of Kent and her reluctance to support the administration's position on attacking Iran. The President tends to poll his advisers when considering personnel changes, which suggests that Gabbard's position may be precarious.Despite this, Trump offered a mixed endorsement of Gabbard on Sunday, stating, "Yeah, sure... I mean, she's a little bit different in her thought process than me, but that doesn't make somebody not available to serve."The White House has defended Gabbard, with spokesperson Steven Cheung stating, "As President Trump just said in his remarks, he has confidence in Director Gabbard and the tireless work she is doing."Gabbard has faced challenges in her role, including criticism for revoking the security clearances of 37 people, including congressional aides, without consulting the White House. Her tenure has been marked by both support and controversy, particularly regarding her stance on Iran and her criticism of US involvement in foreign wars.

Global markets were jolted on Thursday as oil prices skyrocketed and stocks sank following a televised address by Donald Trump, in which he vowed to take 'extremely hard' action against Iran in the coming weeks. This development has dashed investor hopes of a swift resolution to the conflict in the Middle East.Brent crude prices jumped by 8% to surpass $109 a barrel, reversing the previous day's decline when hopes of de-escalation had briefly pushed the international benchmark below $100 a barrel.Asian markets were particularly hard hit, with Japan's Nikkei index falling 2.4%, China's CSI 300 index dropping 1.36%, and South Korea's Kospi tumbling 4.8%. In Europe, Germany's Dax fell 2%, France's Cac 40 dropped 1.15%, and Italy's FTSE Mib was down 1.45%. The FTSE 100 in London initially opened 0.7% lower but later stabilized, buoyed by gains in fossil fuel companies BP and Shell, which rose 4.5% and 3.1% respectively.Government borrowing costs also increased, with the yield on 10-year UK gilts rising four basis points to 4.886% and the two-year UK bond yield rising six basis points to 4.36%, reflecting growing fears of inflation due to higher energy costs.Chris Beauchamp, chief market analyst at IG, noted that investors are betting on the impact of delayed oil supply deliveries from the Gulf, given Trump's failure to provide guidance on a potential end to the US-Israeli conflict with Iran. 'Instead of 'no more war', we got 'no, more war!', Beauchamp said, highlighting the market's concerns about hundreds of millions of barrels of oil that may not be delivered soon.The US dollar gained 0.6% against a basket of major currencies as investors sought safe-haven assets, pushing the pound down by almost a cent to $1.321. The market turmoil is already affecting consumers, with the Bank of England warning that 1.3 million more homeowners may see their mortgage payments rise due to financial shocks from the Iran conflict.Additionally, data from the RAC showed that petrol and diesel prices jumped by a record amount in March, with the average price of a litre of unleaded petrol rising by 20p to 152.83p by the end of the month, surpassing the previous monthly record.