Trump’s America — a new economy

Donald Trump’s return to the White House seems to have sent jitters across major European capitals, as his second presidency is feared to spark a “global trade war” and deal a “hammer blow” to the decades-old project of globalisation. Most European Union (EU) officials and economists warn that in addition to disrupting global trade — and especially Chinese exports — through his tariffs, Trump’s return could also deal a death blow to the rules-based global trading order and the World Trade Organisation (WTO). The reason for their concerns is obvious: Mr Trump’s protectionist policies during his first presidency (2017-2021) mostly singled out Beijing — barring a 25 per cent tariff on Europe’s steel and 10pc on its aluminium imposed by the US in 2018 on “national security concerns”