Is Trump the new Truss?

Coffee House Shots

The Spectator

News, Politics, Government, Daily News

4.4 • 2.1K Ratings

🗓️ 7 April 2025

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

The fallout from Trump’s tariffs continues. Last week, Donald Trump ended the free-trade era that has underpinned growth for decades (and potentially also heralded the end of globalisation). Markets around the world have taken a nosedive, prompting fears of a global recession. The only (brief) reprieve was when stock markets rallied because of a misunderstanding regarding comments made by Trump’s economic adviser. Once these had been clarified, the Nasdaq dipped once again. Republicans are starting to turn on Trump – including Elon Musk, who has been sending out some coded tweets.

The strength of the reaction from the markets has drawn comparisons between Trump and Liz Truss, whose mini-Budget spooked the markets so comprehensively that she had to backtrack after just ten days. Might Trump do the same?

Meanwhile, Keir Starmer has intervened in an effort to protect the UK car industry against Trump’s 25 per cent tariffs. What other levers can he pull to reduce the impact on Brits?

Lucy Dunn speaks to Katy Balls and Kate Andrews.

Produced by Oscar Edmondson.

Transcript

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0:00.0	This episode of Coffee House Shots is sponsored by Alliance Witten Investment Trust. From the OPEC
0:06.0	oil crisis of the 1970s, the financial crash in 2008, to the COVID epidemic and Liz Truss's
0:13.1	doomed premiership. There has been no shortage of economic crises over the last 58 years. And yet,
0:19.6	throughout that time, every single year, without fail,
0:22.8	we've paid out an increased dividend to our shareholders. In fact, Alliance Witten's history
0:28.3	dates all the way back to 1888. And today, we manage around £5 billion in assets.
0:35.5	If you're looking for a less stressful way to invest in stocks and shares,
0:39.2	learn more about Alliance Whitten and find your comfort zone.
0:47.0	Hello and welcome to Coffee House Shots. I'm Lucy Dunn and today I'm joined by Katie Bowles
0:51.4	and Kate Andrews. By Minister of Kier Summer was in the West Midlands this afternoon, delivering a pro-growth speech
0:56.8	in the wake of Donald Trump's Liberation Day tariffs, which have seriously spooked
1:01.1	industry figures and led to the financial markets plummeting for the third day in a row.
1:05.8	Kate, the global stock markets are continuing to fall and sparking fears about a global recession.
1:11.8	Just how significant is the stock market turmoil? And is there any chance it could persuade Trump to reverse these
1:16.5	tariffs? It's incredibly significant. We're looking at numbers that are reflecting things that
1:22.8	happened during the financial crash that have reflected some of those major financial
1:27.2	moments, certainly in
1:29.0	modern American history and looking across the world and the difference between this one
1:35.1	and, say, for example, the COVID crisis or even the financial crisis is certainly politicians
1:40.6	and cover-ups and bad public policy was involved in in what's come before. But the very
1:46.7	deliberate attempt to create turmoil, to turn everything on its head, was what Donald Trump and his
1:55.1	cabinet set out to do last Wednesday in the Rose Garden. And we are seeing the market reaction to that just in
	...

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