The fall out from President Trump’s tariff announcement is still being felt around the world. Stock markets around the world plummeted as investors grapple with the President’s tariffs and the market's volatility shows no sign of abating.President Trump has shown no sign of retreating. He has taken to his Truth Social account and urged Americans to keep calm. Urging them not be ‘weak or ‘stupid’. Insisting that they do not join the PANICAN, which the President has called “A new party of weak and stupid people”.Back in Blighty, the Prime Minister is trying to limit the economic damage to the UK. Sir Keir Starmer has diluted his net zero plans and announced that elite car markers no longer need to stop selling petrol or diesel cars by 2030.Why not just scrap these targets completely?On side of all this economic turmoil has seen the oil price slide its lowest level since 2021 which is very bad news for Russian President and his continuing ability to fund his war machine.And wouldn’t it be ironic, if this is how President Trump ends up bankrupting Russia and helping Ukraine. The law of unintended consequences is very powerful.
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00:00Welcome back to State of the Nation.
00:02The fallout from President Trump's tariff announcement is still being felt around the
00:06world.
00:07Stock markets plummeted as investors grappled with the President's tariffs, and the market
00:11volatility shows no sign of abating.
00:13President Trump has shown no sign of retreating either.
00:16He has taken to his Truth Social account and urged Americans to keep calm, urging them
00:21not to be weak or stupid, insisting that they do not join Panikin, which the President has
00:26called a new party of weak and stupid people.
00:29Taking good old blighty, the Prime Minister is actually doing the right thing for once,
00:32trying to limit the economic damage.
00:35The Reverend Sakhir Starmer has diluted his Net Zero plans and announced that elite car
00:39makers no longer need to stop selling petrol or diesel cars by 2030.
00:45So we'll push that back to 2035 for all hybrids.
00:50That's a new step that we're taking, a new announcement today.
00:53And because we're not ideological about how we cut carbon emissions, we're also going
00:59to make sure that cleaner, efficient petrol cars sold before 2030 count towards your EV
01:06mandate.
01:07Well, later in the programme, I'll be asking why we don't just scrap these targets completely.
01:13But the tariff issue is the really extraordinary one.
01:16It's had amazing effects on the market.
01:17The oil price has collapsed, which has the effect of undercutting Russia's ability to
01:22finance its war against Ukraine.
01:24So one of the unintended consequences of Trumpism or Trumponomics could be making life harder
01:30for President Putin.
01:31But today, Trump is going to have a news conference with Benjamin Netanyahu, the Prime Minister
01:37of Israel.
01:38And the Israelis have offered complete free trade with the United States if tariffs are
01:45withdrawn.
01:46And this is really interesting, because if Donald Trump accepts that deal, then it opens
01:50the way for countries like the United Kingdom to do the same, to bring down tariff barriers
01:55and to rejuvenate, to really give a boost to their economies and to show countries a
02:02route out of this tariff morass.
02:05On the other hand, if Israel's offer, generous and full offer of no tariff barriers, is rejected,
02:12we know that we're going to carry on with this terrible tariff policy in a way that
02:16will damage global growth.
02:17It's back to the 1930s if the deal with Israel doesn't happen.
02:22And that's going to be, I would have thought, indicated in the press conference that it's
02:27going to happen, possibly in the middle of this program.
02:29So we live in interesting times, as somebody once said.