Over the past few days the world has watched in fascination as Donald Trump wasted no time getting stuck in on his return to the White House for a second term as US president.

Ahead of his inauguration the key question was what he might do immediately to advance his agenda. A key message of his electoral campaign was tariffs (on them) and taxes (for us). Core to this was the idea that trade imbalances with trading partners could be solved through the imposition of tariffs on goods and services they sell to the US. ..

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