Can the UK escape Trump's chaotic market meltdown?

When Wall Street reopened yesterday morning, traders coolly assessed the radically changed economic landscape following Monday’s rout.

- JAMES MOORE

Although the stock tumble somewhat lost momentum overnight – the impact of which is so far less damaging than, say, the financial crash of 2008 – the US market has certainly given up all the gains it made upon Trump’s thumping election victory.

On Monday, Nasdaq had its worst day since 2022; Dow Jones was down 400 points; and Tesla shares took a 15 per cent hit (with Trump vowing to “buy a brand new” car to offset the damage). The latter managed to regain 3.7 per cent yesterday.

Of course, it’s thanks to the president himself – with his tariffs wreaking havoc not just with America and neighbouring countries Canada and Mexico, but also China and in Europe, and here in Britain – that all this chaos has ensued.

The charges have been partially rowed back and these countries have since all hit back with levies of their own. Most recently, the Canadian province of Ontario imposed a surcharge on the electricity it sends to its southern neighbour. Further measures have been promised, with the inevitable retaliation.