Imagine the UK Liz Truss Moment, Only Global
Tariff-driven market chaos is the end of the beginning, not the beginning of the end.
Plummeting.
Photographer: Sawayasu Tsuji/Getty Images
The US is the closest thing to a global superpower we have. And that means when its leaders are in the grip of excessive overconfidence — similar to that seen in the UK’s 2022 Liz Truss meltdown — everyone, not just America, pays the price. In the case of the current tariff-driven market sell-off, the full extent is now only starting to become clear.
The scale of the chaos during European and US trading hours on Monday resembled Covid-19-level fear, with blue-chip stocks slumping as much as 11% after similar declines in Asia. Bitcoin and crude oil tanked amid the global dash for cash. Stock-market volatility surged. Stagflation looms in the US; recession is a risk.