Only two days after Donald Trump, announcing Japanese-backed investments tied to a major trade pact, posted ‘America is WINNING again’, the Supreme Court ruled much of his tariff regime unlawful, angering Trump and creating huge uncertainty across global markets. Almost immediately, he announced new tariffs, which means that most countries - including those that had negotiated preferential agreements - now face a 15% tariff on exports to the USA. Some nations which made concessions, such as the UK and Japan, may gain little advantage, while others, including China and India, have seen tariff reductions without comparable compromises. The new tariffs will be valid for only 150 days, with confusion about what might happen thereafter. Data suggests much of the economic burden of tariffs has fallen on US businesses and consumers. Meanwhile, Trump has drawn widespread incredulity and criticism for using his position to advertise expensive watches bearing his name: see