Global financial chaos and a vicious U-turn.
Global financial chaos and a vicious U-turn: Trump shakes the world in another chaotic week | The Guardian
Saturday Edition - The Guardian
Trump unveils tariffs at the White House.
12/04/2025

Global financial chaos and a vicious U-turn: Trump shakes the world in another chaotic week

Katharine Viner, editor-in-chief Katharine Viner, editor-in-chief
 

Donald Trump’s global trade war has sparked the most volatile period for the financial markets since the Covid lockdowns of 2020. The impacts of Trump’s tariffs – and his rapid about-turn – have been expertly analysed by our reporters around the world as our audience rushed to try to understand what was going on.

Our daily business live blog, helmed by Graeme Wearden in London with input from our worldwide team, has been unmissable over the past few days, covering every see-saw movement in the markets. It was a first port of call for many readers as people tried to grasp the enormity of the wider financial chaos and worried about what the impact on their own money would be. Even now, with much-reduced tariffs on most countries, American consumers’ pockets are likely to be extremely hard hit. Lauren Aratani analysed the impact on US prices on everything from blueberries to cars.

Before Wednesday’s dramatic pause and the subsequent market rebound, senior economics correspondent Richard Partington worked with our graphics team to see how the initial crash compared with other historic stock market sell-offs, including the Wall Street crash of 1929. We also looked at how much Trump’s billionaire supporters stood to lose if he didn’t change course (a point expanded upon with acidic glee by Marina Hyde), while our US deputy business editor Callum Jones wrote about Trump’s decades-long obsession with tariffs as the ultimate salve to America’s economic challenges. Ireland correspondent Lisa O’Carroll was in County Cork, a hub of Europe’s pharmaceutical industry, to speak to locals worried that a threatened tariff on the sector would decimate their livelihoods, while former UK prime minister Gordon Brown offered advice to current leaders on how to avoid a recession gleaned from his brutal experience of the 2008 crash and warned that other nations must learn to work together to halt a descent into anarchy.

Trump’s decision to delay tariffs for most of the world also included upping tariffs on Chinese goods to an effective 145%. This stark chart by Andrew Witherspoon provided a visual of China’s current position as an outlier. Senior China correspondent Amy Hawkins was in Yiwu, the world’s largest wholesale market and China’s trade war frontline, where she spoke to vendors about their growing fears of a global economic shock. Amy also examined why Xi Jinping is unlikely to blink first and diplomatic editor Patrick Wintour looked at how Trump’s chaos could ultimately be to China’s gain.

Canada and Mexico also remain subject to higher tariffs from the US. With many Canadians revulsed by the behaviour of their neighbour, Lois Beckett headed to Palm Springs in California, which is rolling out a charm offensive in a bid to keep its 300,000 annual Canadian visitors heading over the border.

There will, no doubt, be more whiplash-inducing turns to come in this trade war. We’ll be here to explain the impact of them all. Wish us luck …

My picks

Rebecca Burke.

After our startling piece by Canadian actor Jasmine Mooney about her detention at the US border last month, readers around the world were similarly appalled by what happened to Rebecca Burke (pictured above). The British graphic artist spoke to Jenny Kleeman about her chilling experience of being stopped by immigration officials as she tried to leave the US for Canada; interrogated, shackled and branded an illegal alien, she was sent to an ICE centre for 19 days. These stories and others prompted our Today in Focus team to try to answer a previously unimaginable question for wealthy western travellers: is it safe to visit the United States? Meanwhile, across the US and Europe, thousands took to the streets to protest Trump’s heavy-handed actions. This gallery showed the scale and spirit of the protests.

Hugo Lowell’s exclusive revealing exactly how The Atlantic’s editor-in-chief Jeffrey Goldberg was added to the White House Signal group chat was eye opening - and the mistake was months in the making.

Julia Carrie Wong wrote a must-read essay on how the Christian right in the United States is waging war on the most Christian of concepts: empathy. Julia explored how empathy has been recast by the likes of Elon Musk and JD Vance as a parasitic plague. And there was a fascinating feature from Steve Rose on how, thanks to the American right, Christian faith-based TV and cinema is booming.

It has taken five years for Shaun Walker to persuade a former KGB spy, codename the Inheritor, to tell his story. Make sure you read the jaw-dropping long read about the man whose father recruited him as a teenager and set him up with a bewildering double life.

In a joint investigation with non-profit investigative organisation SourceMaterial, we revealed the dramatic impact that big tech’s vast datacentres have on water supplies in some of the world’s driest areas as they use water to cool their servers. Elsewhere, Josh Toussaint-Strauss and the team behind our It’s complicated video explainer series looked at how demand for the raw materials used in the production of green tech is helping to fuel the civil war in the Democratic Republic of the Congo.

Dan Sabbagh had a fascinating interview with Bohdan Krotevych, the former chief of staff of Ukraine’s Azov brigade. Krotevych has called for the head of Ukraine’s military to step aside, accusing him of a lack of strategic imagination and placing Ukrainian soldiers’ lives at risk with “borderline criminal” orders.

Our UK police and crime correspondent Vikram Dodd revealed that UK government officials are developing a “murder prediction” programme that uses data to identify potential killers – a move described as “chilling and dystopian” by campaigners.

Australia’s federal election is in early May and Guardian reporters have been busy. Sarah Basford Canales wrote about a Liberal candidate who said women should not serve in combat roles in the military, which has led to him being dumped by his party. Josh Butler reported on a major U-turn on key coalition policies as Labor pulls ahead in the polls and Rafqa Touma and Ima Caldwell spoke to young Australians about their pre-election concerns regarding money, housing, healthcare and the climate emergency.

In an extract from her new book about life as a disabled woman in modern Britain, Guardian columnist Frances Ryan wrote about how representation has barely improved in decades: “when I grew up as a disabled teenager in the late 1990s, I knew no other disabled women like me. I’d seen barely a handful on television and next to none in films. Women’s mags portrayed perfection, and sickness and disability seemingly had no part in that. In some ways, it doesn’t feel much better now.”

I enjoyed Samantha Ellis’s mouthwatering essay about the frustrations of trying to persuade her young son to swap his flavour-free food favourites for the delicious dishes of her Iraqi-Jewish heritage; Nesrine Malik on why pan-African air travel is so costly and cumbersome; and Simon Hattenstone’s interview with the wonderful Oscar-winning British director Steve McQueen, who talked candidly about his experience of prostate cancer and the disproportionate impact the disease has on black men. And I was intrigued by architecture critic Oliver Wainwright on the radical eco designers making houses out of bark, resin and pine needles, in a practice they call “nose to tail eating – but for trees”.

Finally, great news for fans (like me, but I promise I had no influence) of the noble tardigrade which was this week named the 2025 Guardian invertebrate of the year. Natural history writer Patrick Barkham saluted a “microscopic multisegmented animal that resembles a piglet wrapped in an enormous duvet”. Look at the photo and tell me it’s not lovable.

One more thing …If you thought nothing could be more boring than tax, Dan Neidle’s BBC Radio 4 series Untaxing will prove you wrong – it’s a gripping account of why tax matters, bringing in the Beatles, Jaffa cakes and a £10bn fridge.

Your Saturday starts here

Meera Sodha’s butternut squash and coconut noodle soup.

Cook this | Meera Sodha’s vegan butternut squash with noodles

A tom-yum-style bowl bursting with aromatic Thai flavours. Feel free to tone down the chillies, if you prefer. You can buy fresh makrut lime leaves from most big supermarkets or cheaper, frozen ones from Chinese and south-east Asian specialists.

Gout Gout of Queensland.

Listen to this | Gout Gout: a sprinting star is born

The rise to stardom and record-breaking performance of teenage athletics sensation Gout Gout has left many excited about the future of Australian athletics – it has even galvanised a new global fanbase. Nour Haydar speaks to sport reporter Jack Snape about what’s next for the high-schooler who has been called the next Usain Bolt.

Australia’s threatened animals.

Watch this | Last chance: the extinction crisis the Australian election is ignoring

Australia is facing an extinction crisis. This special series brings stories of hope, resilience and determination as passionate volunteers across the country stand up for endangered species.

And finally …

The Guardian’s crosswords and Wordiply are here to keep you entertained throughout the weekend.

 

… there is a very good reason why not to support the Guardian

Not everyone can afford to pay for news. That is why our website is open to everyone.

But – if you can afford to do so – here are three good reasons why you might consider becoming a Guardian supporter today:

1

Your funding means we can be completely independent

2

High-quality, trustworthy journalism is a public good

3

You can support us however you like

Help power the Guardian’s journalism at a time when misinformation is rife online and good news can be hard to find. It could be a one-off payment or a regular monthly amount of your choice. Thank you.

 
| id: 'cb4'}}
Get in touch
If you have any questions or comments about any of our newsletters please email [email protected]
https://www.theguardian.com/uk
You are receiving this email because you are a subscriber to Saturday Edition. Guardian News & Media Limited - a member of Guardian Media Group PLC. Registered Office: Kings Place, 90 York Way, London, N1 9GU. Registered in England No. 908396