‘Don’t poke the beast’ remains the watchword at Number 10 even as the beast rampages around chewing the legs off the global economyWhat fresh hell will Donald Trump unleash next? The question quivers on the world’s lips, but Sir Keir Starmer thinks it a fool’s errand trying to guess the answer. The prime minister has told colleagues not to waste any time on feverish speculation about the intentions of the US president.This is sensible counsel after 10 days in which Typhoon Orange has wreaked havoc in global markets. His tariffs were so sweeping and so breathtakingly dumb that the hit list included a cluster of barren islands near Antarctica. Was his notoriously thin skin once pricked by an insolent penguin? Were the highest US tariffs in more than a century an ego-gratifying instrument to get other leaders to beg for mercy by “kissing my ass”? Are tariffs designed to be a revenue-raiser cunningly disguised as an economy-wrecker? If the aim, as some claim, is to reindustralise America, creating the conditions for an inflationary slump is a strange way to go about it. Continue reading...