US policy sparks global jitters

Five charts to start your day

Trump has promised steep tariffs plus stricter immigration rules and bigger tax cuts. These moves could push inflation higher, disrupt supply chains and fuel a major spike in global economic uncertainty, which is what this first chart is about.

This does feel like a throwback to his first term, when escalating tariffs rattled markets and tested long-standing alliances. But this time, the stakes seem higher. Businesses are worried about labour shortages if immigration rules tighten, especially in agriculture and hospitality. Economists warn that the proposed tariffs might boost prices while sapping growth. Meanwhile, other countries may retaliate with tariffs of their own, turning a tense situation even more volatile.