Thanks to Donald Trump and his dodgy formula, last week tariffs were applied to countries all over the world. Consequently, the stock markets had their worst downturn since the pandemic. And economists warned of a weakened dollar, trade wars, and global recession.

The White House denied for days that the US would back down on the tariffs. Until yesterday, when Trump pressed pause on higher tariff rates, with a few notable exceptions.

To unpack what on earth is going on in Washington and around the world Rachel Cunliffe is joined by business editor and Will Dunn and US correspondent Freddie Hayward.

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