Isolation Day: global markets and trade torn up as Trump re-escalates tariff war

Donald Trump’s return to the White House has triggered a dramatic escalation in trade tensions, with “Liberation Day” tariffs hitting allies and rivals alike. Markets have borne the brunt, with volatility surging and risk premiums climbing as businesses and governments scramble to respond. With China firmly in the firing line and retaliating in kind, and over 75 countries racing to secure deals, global trade relationships are being rapidly redrawn. Meanwhile, energy markets, commodities and supply chains are under pressure, while countries like India and blocs such as ASEAN weigh their next...