Julian Jessop

3 weeks ago | substack.com | Julian Jessop

Donald Trump’s latest tirade against the head of the US central bank is so obviously negative for the dollar that you have to wonder whether the President is deliberately trying to undermine the US currency. Remarkably, the answer may indeed be ‘yes’. On Monday, Trump used his social media platform to call Federal Reserve Chair Jerome Powell “Mr. Too Late” and “a major loser”. He went on to demand “preemptive cuts” in interest rates, claiming there is “virtually no inflation”.

3 weeks ago | telegraph.co.uk | Julian Jessop

Third, then why is Trump talking like this? One possibility is that the president is simply flailing around, and none of this rhetoric should be taken too seriously. Instead, it can be filed in the same basket as the threats to take over Canada, or invade Greenland. But in this case there does appear to be more to it. At the very least, Trump appears to be setting up the Fed to take the blame just in case his own policies do drag the US economy into recession, or equity markets take another dive.

3 weeks ago | substack.com | Julian Jessop

Donald Trump has started a tariff war based on awful economics, with little thought to the consequences for US businesses, consumers or markets, and no clear end game. But the US does have some legitimate grievances about the trade policies adopted by other countries – and not just by China. For the last forty years the Office of the United States Trade Representative (USTR) has published an annual report detailing the barriers to fair competition.

3 weeks ago | yahoo.com | Julian Jessop

Donald Trump has started a tariff war based on awful economics, apparently without any thought to the consequences for US businesses, consumers or markets, and no clear end game. But the US does have some legitimate grievances about the trade policies adopted by other countries – and not just by China. For the last 40 years, the Office of the United States Trade Representative (USTR) has published an annual report detailing the barriers that undermine fair competition.

3 weeks ago | telegraph.co.uk | Julian Jessop

Again, tariffs are the easiest place to start. The UK's average tariff rate was 3.8pc in 2024, so much closer to the US than the EU. But this average also hides a wide range, such as 10pc on passenger cars and much higher rates on many foodstuffs including meat, seafoods and dairy products. The US is right to complain that these rates apply to US goods, but not to those imported from countries such as Ireland or Italy, thanks to the tariff-free deal agreed between the UK and EU after Brexit.