Trump’s recent statements on the economy are even more bonkers than usual | Steven Greenhouse
Source: Guardian Econ ↗
Our ‘genius’ president is revealing his ignorance of economics, fueling concerns about the threat he poses to the world Donald Trump recently made a bold claim about his abilities, writing on Truth Social: “The only control or ‘guardrails’ that AI needs is a STRONG AND SMART (High IQ!) PRESIDENT, and the U.S.A.
has that, in spades!”But in the days before and after that post, Trump made one mind-boggling statement after another, including one that raised the possibility of cutting off all trade wi.
⚡ Effects Interpreter
🌍World Economylow impact
What this means for you
- ▶International lenders may factor this into their next round of forecasts.
- ▶A ripple in one major economy can nudge sentiment in several others.
🏙️Local Economymedium impact
What this means for you
- ▶The weekly shop is where these changes usually show up first.
- ▶Family finances close to home can feel a mild drag from this kind of news.
🏦Rates & Bankslow impact
What this means for you
- ▶Borrowing plans are usually safe from sudden shocks over something like this.
- ▶Savings accounts might see their rates nudged only after a broader trend emerges.
❤️Healthmedium impact
What this means for you
- ▶Some people feel this news more keenly than others, and that's worth acknowledging.
- ▶Local wellbeing services are there precisely for moments when news feels overwhelming.
💷Wealthlow impact
What this means for you
- ▶Your overall wealth picture is unlikely to be defined by a single story like this.
- ▶Savers with a clear plan tend to feel less rattled by a story like this.
🏠Housingmedium impact
What this means for you
- ▶A cooling or warming market usually takes months to fully show up in prices.
- ▶Local surveyors usually note that sentiment shifts before prices actually do.
🌍 Effects for your country
The U.S.'s central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The U.S.'s economy is growing at 2.3% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the U.S.'s own central bank rate closely. With the U.S.'s unemployment at 4.4%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the U.S. depends more on local healthcare capacity than the figures above.
The UK's central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The UK's economy is growing at 0.8% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UK's own central bank rate closely. With the UK's unemployment at 5.6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the UK depends more on local healthcare capacity than the figures above.
France's central bank rate currently stands at 2%, so a global rates move like this could feed through to local borrowing costs. France's economy is growing at 0.9% with inflation at 1.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track France's own central bank rate closely. With France's unemployment at 7.9%, personal-finance effects like this land on a labour market that is already under strain. Health-system effects are harder to localise from economic indicators alone — the real impact in France depends more on local healthcare capacity than the figures above.
Romania's central bank rate currently stands at 6.5%, so a global rates move like this could feed through to local borrowing costs. Romania's economy is growing at 0.7% with inflation at 7.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track Romania's own central bank rate closely. With Romania's unemployment at 6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in Romania depends more on local healthcare capacity than the figures above.
The UAE's central bank rate currently stands at 3.65%, so a global rates move like this could feed through to local borrowing costs. The UAE's economy is growing at 3.1% with inflation at 2.5%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UAE's own central bank rate closely. Health-system effects are harder to localise from economic indicators alone — the real impact in the UAE depends more on local healthcare capacity than the figures above.