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At the turn of the century, America had emerged victorious from the Cold War and stood unchallenged.

It had greater power and influence than any other nation in history. It could have wielded that power judiciously to protect the American-led post-war world order and inspire other countries to follow its values of freedom and democracy.

Instead, it squandered that supremacy embarking on a calamitous misadventure in Iraq that was ill-advised and disastrously executed. It would be the beginning of the end of the pax Americana.

A direct line can be drawn between that debacle, which began on 20 March 2003 and others that followed, right up to the perilous state of the world today.

The war in Ukraine, the unchecked ascendancy of China, the growing power of Iran, and even the rise of Trump and the politics of populism all have roots that can be traced back to America’s folly in Iraq.

Iraqi President Saddam Hussein stands by an Iraqi flag, January 17, 2002. On the 11th anniversary of the Gulf War, President Saddam Hussein said on Thursday his country was prepared for and would foil any fresh U.S. military attack against Iraq as part of a war against terrorism. REUTERS/INA/POOL fk/CRB
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Former Iraqi President Saddam Hussein standing by an Iraqi flag in 2002
U.S. President George W. Bush (R) shakes hands with British Prime Minister Tony Blair in the Oval Office of the White House June 7, 2005. The two leaders, both faced with skepticism at home over their handling of the Iraq war, met for their first talks since Blair emerged from elections a month ago with a third term but weakened politically. REUTERS/Kevin Lamarque
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George W Bush had the support of Britain’s Tony Blair in his decision to invade Iraq

The falsehoods and delusions that led to war

America went to war led by ideologues who believed they could refashion the Middle East in their own likeness and bring democracy and a more pro-Western outlook to the region.

The failure of that neoconservative project has done lasting damage to Americans’ claims of exceptionalism, and their belief that their form of governance is an example to the rest of the world. And that has by extension done enduring harm to the American-led world order.

The failings of that project in Iraq are well documented. The false premise of non-existent weapons of mass destruction, the delusion that invaders would be welcomed as liberators, the absence of any plan for the day after. The damage to America’s standing in the world has been incalculable.

Equally, human rights violations, violations of democratic norms, targeted killings, and the atrocities of Abu Ghraib prison, from where photographs showing abuse of inmates by US soldiers emerged, tarnished America’s image as the standard-bearer of democracy and human rights.

Iraq fell apart under occupation. The US disbanded the Ba’ath party and sents its army home. In the vacuum sectarian extremists thrived. The war had been fought to neutralise the threat posed by Al Qaeda in the wake of 9/11.

The opposite happened and even more extreme groups were spawned launching unprecedented campaigns of terror against occupiers and civilians alike. From the failed states of Iraq and Syria, Islamic State was born – an organisation that for years wrenched swathes of territory from both countries and plumbed new depths of terror and depravity.

For America, the enduring impact of the war and occupation has been a weakening of Washington’s influence in the world. When India and other countries in the global south sit on the fence in UN resolutions on Ukraine, their ambivalence can in part be traced back to America’s record in Iraq.

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US military escort a group of Iraqi soldiers dressed in civilian clothes north of Basra, Iraq, in 2003
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US military escort a group of Iraqi soldiers dressed in civilian clothes north of Basra, Iraq, in 2003
FILE PHOTO: An Iraqi man cries holding a little boy in front of a house damaged by a missile during an air strike in Baghdad, Iraq March 22, 2003. REUTERS/Goran Tomasevic/File Photo SEARCH "20TH ANNIVERSARY OF U.S INVASION OF IRAQ" FOR THE PHOTOS
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An Iraqi man cries in front of a house damaged by a missile in Baghdad in 2003

A lasting impact on US foreign policy

The failure undermined America’s own self-confidence. The spectre of Iraq made Barack Obama reluctant to be drawn into the Syria conflict and punish its leader’s diabolical use of chemical weapons.

That reluctance was seen in Moscow as an American weakness, and arguably emboldened it to defy the West and seize Crimea with relative impunity a few years later. And that in turn encouraged Vladimir Putin to invade Ukraine in earnest last year.

The distraction of Iraq led to failure in Afghanistan, a protracted two decades of occupation and a disastrous withdrawal.

Iraq sucked up what policymakers in Washington call bandwidth year after year, while in the east a far greater challenge was rising. The West would take years to wake up to the threat posed by China.

Closer to Iraq, Iran was strengthened. Before the invasion, its regional influence was limited to a militia in southern Lebanon, Hezbollah. Today it has clout in capitals from Beirut to Damascus to Baghdad to Yemen.

The war in Iraq has done damage to America’s belief in itself. The conflict cost a trillion dollars and thousands of American lives. It has fuelled opposition to any more military adventures abroad.

And it has undermined Americans’ faith in both government and the political and media elites meant to hold it to account. That only in part helps explain the rise of populism that ultimately brought Trump to the White House.

FILE PHOTO: An explosion rocks Baghdad during air strikes, Iraq March 21, 2003. REUTERS/Goran Tomasevic/File Photo SEARCH "20TH ANNIVERSARY OF U.S INVASION OF IRAQ" FOR THE PHOTOS
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An explosion rocks Baghdad during air strikes on 21 March 2003
US military escort a group of Iraqi soldiers dressed in civilian clothes north of Basra, Iraq, in 2003
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US military escort a group of Iraqi soldiers dressed in civilian clothes north of Basra, Iraq, in 2003

Iraq still recovering from journey to hell and back

In Iraq, people are now no longer living under tyranny. There is reportedly some sense of hope and renewal, but only recently. And the country has literally been to hell and back to get there.

Hundreds of thousands have died in the war and the waves of sectarian violence that followed. The country has been broken, its institutions destroyed and its economy ravaged.

It is only just beginning to recover from all that trauma. But perhaps it can now look forward cautiously to a slightly better future. That is more than might have been said had Saddam Hussein remained in power or any of his impulsive, venal sons.

A statue of Saddam Hussein is pulled down by US soldiers after the invasion of Iraq in 2003
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Another view of Saddam Hussein’s statue being pulled down
FILE PHOTO: Thousands of crosses stand on a hillside memorial in honor of U.S. troops killed in the Iraq war, in Lafayette, California, January 12, 2007. REUTERS/Kimberly White (UNITED STATES)/File Photo
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Thousands of crosses at a memorial for US troops killed in the Iraq war, in Lafayette, California

Ten years ago, George W Bush said the final verdict on his actions in Iraq would come long after his death.

That may be true, and it may take more time to judge whether the removal of one of the worst tyrants in history in any way justified the enormous cost and pain that then ensued.

Twenty years on, though, we can say the invasion and occupation have had a lasting legacy on the region and the world, and much of that has not been for the better.

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Financial markets were always going to respond to Trump tariffs but they’re also battling with another problem

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Financial markets were always going to respond to Trump tariffs but they're also battling with another problem

Global financial markets gave a clear vote of no-confidence in President Trump’s economic policy.

The damage it will do is obvious: costs for companies will rise, hitting their earnings.

The consequences will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.

Tariffs latest: FTSE 100 suffers biggest daily drop since COVID

Financial investors had been gradually re-calibrating their expectations of Donald Trump over the past few months.

Hopes that his actions may not match his rhetoric were dashed on Wednesday as he imposed sweeping tariffs on the US’ trading partners, ratcheting up protectionism to a level not seen in more than a century.

Markets were always going to respond to that but they are also battling with another problem: the lack of certainty when it comes to Trump.

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He is a capricious figure and we can only guess his next move. Will he row back? How far is he willing to negotiate and offer concessions?

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These are massive unknowns, which are piled on to uncertainty about how countries will respond.

China has already retaliated and Europe has indicated it will go further.

That will compound the problems for the global economy and undoubtedly send shivers through the markets.

Much is yet to be determined, but if there’s one thing markets hate, it’s uncertainty.

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Court confirms sacking of South Korean president who declared martial law

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Court confirms sacking of South Korean president who declared martial law

South Korea’s constitutional court has confirmed the dismissal of President Yoon Suk Yeol, who was impeached in December after declaring martial law.

His decision to send troops onto the streets led to the country’s worst political crisis in decades.

The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.

The president was also said to have taken actions “beyond the powers provided in the constitution”.

Demonstrators who stayed overnight near the constitutional court wait for the start of a rally calling for the president to step down. Pic: AP
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Demonstrators stayed overnight near the constitutional court. Pic: AP

Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.

The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.

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The Constitutional Court is under heavy police security guard ahead of the announcement of the impeachment trial. Pic: AP
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The court was under heavy police security guard ahead of the announcement. Pic: AP

After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.

He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.

His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.

The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.

South Korea must hold a national election within two months to find a new leader.

Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.

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Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

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Stock markets suffer sharp drops after Donald Trump announces sweeping tariffs

Stock markets around the world fell on Thursday after Donald Trump announced sweeping tariffs – with some economists now fearing a recession.

The US president announced tariffs for almost every country – including 10% rates on imports from the UK – on Wednesday evening, sending financial markets reeling.

While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.

Trump tariffs latest: US stock markets tumble

All three of the US’s major markets opened to sharp losses on Thursday morning.

A person works on the floor at the New York Stock Exchange in New York, Monday, March 31, 2025. Pic: AP
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The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP

By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.

Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.

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Worst one-day losses since COVID

As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.

The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.

It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.

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The latest numbers on tariffs

‘Trust in President Trump’

White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.

“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”

Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”

He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.

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How is the world reacting to Trump’s tariffs?

Economist warns of ‘spiral of doom’

The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.

He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.

Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.

He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”

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Tariffs about something more than economics: power

It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.

Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.

Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.

It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.

He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”

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