Donald Trump's administration began imposing tariffs on Canada, Mexico, and China, shifting the landscape of free trade that has existed since Nafta. Many believed he would not follow through due to economic ramifications, but the reality is reshaping financial markets and international relations. The tariffs threaten to weaken economic growth and elevate inflation, particularly for Mexico. As US allies like the UK and EU observe anxiously, the trade dynamics could lead to far-reaching consequences in global economics.
Financial markets must now reckon with this new, erratic reality with potentially grim knock-on effects for the UK, and Labour's tax and spending plans.
The free trade area that stretched across North America since Nafta came into force in 1994 is no more.
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