The real cost of a trade war

Trump folded on Wednesday, reducing his so-called “reciprocal” tariffs across the board, with the notable exception of massive taxes on goods from China. Today on the show, Rob Armstrong and Katie Martin unpack the market gyrations that followed, and wonder if lasting damage has been done to America’s borrowing costs. Also, they go long global trade and long battered European stocks.

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Read a transcript of this episode on FT.com

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