This is The Guardian.

Today, the Trump tariffs have thrown the markets into turmoil.

How bad could it get? Just stuffed to midnight last night, US time, a tariff wall, unlike anything we've seen for decades, was thrown up around the US.

That means if you're listening to this on Wednesday, you're living in the first hours of a new global economy.

And the lead-up to it has been a wild ride.

Carnage on Wall Street. Behind the cheers, $10 trillion of losses and counting.

Well, markets in Asia and Europe have started to stabilise today following three days of heavy losses in the wake of Donald Trump's tariffs.

Today, checking in on what the Trump tariffs are doing to the global economy.

Why we aren't in the worst case scenario a global recession just yet?

And why Richard Partington, the Guardian's senior economics correspondent says,

there are some reasons to hope we may never get there.

From The Guardian, I'm Michael Safi, today in focus, making sense of the Trump tariffs one week on.

Richard, we last spoke to you on Thursday afternoon in London, just as Wall Street was opening

for the first time since the Trump tariffs were announced the previous day. These were

universal tariffs across the board on all of America's

trading partners, plus some hefty extra tariffs on countries like China and blocks like the EU.

Markets around the world have had nearly a week to digest the shock of this. Take me through

the fallout. The very worst of it was at the end of last week and the beginning of this

week where we saw amongst the steepest falls in global financial markets since the spread

of the COVID pandemic five years ago. Wall Street in particular was heavily down on Thursday and

Friday last week, erasing more than $5 trillion of value from financial markets.

U.S. stocks are tumbling for the second day. The Dow is already down 1,000 points after dropping

...