On the latest episode of Trumponomics: Host Stephanie Flanders is joined by Martin Wolf, chief economics commentator at the Financial Times. US President Donald Trump reckons the current global trade system is unfair to the US and tariffs are the tool to balance the scales. But how did the world arrive at this point? Listen on Apple, Spotify, or wherever you get your podcasts.

For a brief moment, it looked like Wall Street’s worst fears about President Donald Trump’s tariff plans were misplaced — and a relief rally started rippling through markets.