Professor of Global History at Oxford. Director, Oxford Centre for Byzantine Research. Silk Roads. Environment & Climate Change. Co-host of the Legacy podcast
Some thoughts on the tariff disaster:
1. Tech bros took pride of place at Trump's inauguration two months ago
2. They showed up in the expectation that the new administration would help their companies soar even higher
1/3
Most serious moment since Tiananmen in 89. Hard to see the genie get put back in the bottle. A soft touch needed; a hammer much more likely to come next. And then who knows…
5. That has turned out to be one of the worst bets in history. The values of their companies went down by c.$1tr yesterday in one day. Apple alone lost more than $300bn.
6. Finally, Trump has done the impossible: to join Liz Truss in the Economic Mismanagement Hall of Shame
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Main takeaway here: the new variant was identified in Kent in late Sept. If it has caught fire since then and now accounts for 60%+ in London and SE, it shows that gov policy and response not just been wrong re Christmas - but have been wrong for months.
3. They figured that Trump would push Europe to loosen regulation - and put pressure on China.
4. To show fealty, some dropped DEI policies (Meta), others interfered with editorial policy (WaPo) and others prepared to serve (DOGE)
PM Cameron in Witney - no longer a Conservative seat
PM May in Maidenhead - no longer a Conservative seat
PM Johnson in Uxbridge & Ruislip - no longer a Conservative seat
PM Truss in SW Norfolk - no longer a Conservative seat
Astonishing. The most telling stat of the night