Trump, trade and tariffs – the three things you need to know

The turmoil on global markets has taken a breather ever since US President Donald Trump backed away from his grand plan to impose tariffs on almost every other country. Stock markets have recovered almost all the ground they lost in the aftermath of Liberation Day chaos and even bond markets have scale back the panic, with yields continuing to edge lower. But the turmoil is likely to resume soon. Consumers globally have scaled back spending, corporations are calibrating the extent to which earnings expectations need to be lowered, American retailers are bracing for shortages and economists now are tipping much…