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Opening statements are due to be heard in the trial of Donald Trump over hush money payments to a porn star.

A jury has been selected at the New York court which will witness the first criminal trial of a former US president.

Opening remarks by the prosecution and defence teams will be followed by evidence from witnesses.

Donald Trump faces 34 charges of falsifying business records. They relate to $130,000 paid to porn star Stormy Daniels to buy her silence about an alleged affair in the days before the 2016 US presidential election, which Trump won.

He is accused of criminally altering business records to cover up the payment. His lawyers say the payment was meant to spare himself and his family embarrassment, not to help him win the election.

Trump denies the charges against him.

Below is an A-Z guide of this historic trial:

A is for AMI, the publishing company whose portfolio includes the National Enquirer magazine. It admitted its involvement in a scheme to suppress damaging stories about Trump prior to the 2016 election.

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Trump slams ‘hoax’ trial

B is for Bragg, as in Alvin Bragg, the Manhattan district attorney who has brought this prosecution. Upon issuing the indictment, Mr Bragg said: “Someone lied again and again to protect their interests and evade the laws to which we are all held accountable.” He has been the target of racist abuse and death threats. Trump has called him a “thug” and a “degenerate psychopath”.

C is for “Catch & Kill”, the prosecution label for the scheme to “catch” stories of Trump’s extra-marital liaisons and “kill” them before they could be published.

D is for Daniels, as in Stormy Daniels. The former porn star – real name Stephanie Clifford – claims she had an affair with Trump in 2006 after meeting him at a golf tournament. He denies they had an affair. Ms Daniels claims she accepted $130,000 from Trump’s lawyer to keep it quiet, days before the 2016 election.

Who is Stormy Daniels, the porn star at centre of Trump’s hush money case?

E is for entries, as in entries into Trump’s company books. The “hush money” payments were made by Trump’s lawyer, who was then reimbursed. The reimbursement was put through the books as legal expenses – aka “falsifying business records”.

Former U.S. President Donald Trump arrives at Manhattan criminal court with his legal team ahead of the start of jury selection in New York, NY on Monday, April 15, 2024. Jabin Botsford/Pool via REUTERS/File Photo
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Pic: Reuters

F is for four years. It’s how long Trump could face in state prison for each of the 34 counts he’s charged with, to a maximum of 20 years. A prison sentence is thought unlikely, however, for a non-violent first-time criminal offender.

G is for gag order. The judge has ordered Trump not to make, or direct others to make, public statements about witnesses or other participants in the case. The district attorney argues Trump has breached the order and wants a $1,000 fine imposed.

H is for Hope Hicks. Trump’s press secretary during the 2016 campaign, and one of his most trusted confidantes, is expected to testify. Her “in the room” evidence could take us to the heart of the Trump operation as it fought to suppress scandal.

I is for interference, as in election interference. Prosecutors say the falsification of business records was carried out for the purpose of influencing the 2016 election.

Opening statements in Trump's trial could begin as early as Monday, the judge has said. Pic: Curtis Means/Pool via Reuters
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Pic: Curtis Means/Pool via Reuters

J is for jury. Seven men and five women have been selected for duty. Six others will sit through the trial as alternates, or replacements, if needed. Jury members have been subject to a rigorous assessment of their ability to be impartial, including questions on their political affiliations, news sources and views on Trump himself.

K is for Karen McDougal. She is the other woman involved in the hush money payments scheme. The former Playboy model claims to have had an affair that started in 2006 and that she and Trump had sex “many dozens of times”. Her silence was allegedly bought for $150,000.

L is for liar. It’s the description used by Trump of the witness at the centre of the prosecution (see M). Michael Cohen admitted lying to Congress in 2017 about a Trump project in Russia. His admission is highlighted by Trump in an effort to discredit him.

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Trump has called Michael Cohen a ‘proven liar’

M is for Michael Cohen, the “star” witness. He was Trump’s personal lawyer and fixer who made the hush money payments. In 2018, he was jailed for his part in the scheme and given a three-year sentence for campaign finance violations. He was also convicted of lying to Congress among other crimes. Cohen once said he’d “take a bullet” for Trump but now calls him a “cheat”, a “bully” and a “conman”. Trump calls Cohen a “rat” and a “proven liar”.

N is for a New York jurisdiction. Trump, originally from Queen’s in New York, is being tried on home turf. However, the jury pool, from which its members were selected, doesn’t sit well with his politics. New York is Democrat territory and that concerns the defence team of a Republican presidential candidate. It has tried, but failed, to have the trial moved elsewhere.

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Trump in New York: ‘I love this city’

O is for other cases. Trump’s three other criminal prosecutions are snagged in delay and legal argument. On Thursday, the Supreme Court will hear arguments on his right, or otherwise, to immunity from prosecution in relation to the 6 January Capitol riots. Its decision, and the speed with which it’s made, will dictate whether that case is heard before the November election. The other two – on mishandling classified documents and Georgia election interference – look less likely to proceed in that timeframe.

P is for Pecker, as in David Pecker. The owner of AMI publishing could be a key witness. In a “non-prosecution” agreement, AMI has admitted to making hush-money payments. Pecker, a long-time Trump ally, agreed to identify negative stories about Trump so they could be bought and their publication avoided.

The key figures in the Donald Trump hush money case

Q is for questions about politics in the administration of US justice. In most American states, District Attorneys (prosecutors) are elected and Donald Trump points to the Democratic leanings of Alvin Bragg. In a news release the day before opening statements, the Trump team wrote that “his lawfare efforts against President Trump were the lead focus of his [election] campaign”.

R is for removal from the presidential campaign trail – a Trump complaint. He told the media at court: “I’m supposed to be in New Hampshire, I’m supposed to be in Georgia, I’m supposed to be in North Carolina, South Carolina. I’m supposed to be in a lot of different places campaigning, but I’ve been here all day on a trial that really is a very unfair trial.”

Donald Trump leaves Trump Tower on his way to Manhattan criminal court.
Pic: AP
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Pic: AP

S is for the sex scandal that hung over Team Trump in the midst of the 2016 hush money payment and, arguably, drove the scheme. In a so-called “Access Hollywood” tape that was made public, Trump was heard to say about women: “I don’t even wait. And when you’re a star, they let you do it. You can do anything, grab them by the [genitals]. You can do anything.” It was three weeks later that the money was paid to Stormy Daniels.

T is for testimony. Trump insists he will testify during the trial. If so, prosecutors have asked the judge if they can raise his previous brushes with the law, for example, a civil court’s finding of sexual assault, to cast doubt on his credibility.

U is for unanimous. Members of the jury must deliver a unanimous verdict to convict Trump. He only needs one to dissent.

V is for the vote, as in the impact a conviction will have on Trump at the polls. While this, and other prosecutions, have cemented support for Trump among his MAGA base (Make America Great Again) and have fuelled fundraising, that isn’t necessarily the case with voters generally. A recent Politico/IPSOS survey showed that more than a third of independent voters said a guilty verdict would make them less likely to support Trump’s candidacy – potentially significant, in a tight race.

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Donald Trump leaves Trump Tower
Pic: Reuters
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Pic: Reuters

W is for “witch hunt”. Trump repeatedly criticises this prosecution, and others, as a “political witch hunt”. He views it as an effort to undermine his presidential election campaign and has branded it a “scam” and “an assault on America”.

X is for the cross that potential jurors were asked to put against groups they might have been members of: the QAnon movement, Proud Boys, Oathkeepers, Three Percenters, Boogaloo Boys and Antifa.

Y is for yellow. It’s how a juror described Trump, having seen him in court. She told MSNBC: “He looked less orange, definitely, like more yellowish, like yellow.”

Z is for zzzz… During jury selection, some observers said Trump fell asleep in court, more than once. New York Times journalist Maggie Haberman noted: “Mr Trump appeared to nod off a few times, his mouth going slack and his head dropping onto his chest.” Trump’s aides denied the suggestion.

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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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Global markets have given Trump a clear no-confidence vote - and his fickleness is making the problem worse

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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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.”

Read more:
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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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Trump’s tariffs are about something more than economics: power

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Trump's tariffs are about something more than economics: power

Tanking stock markets, collapsing world orders, devastating trade wars; economists with their hair ablaze are scrambling to keep up.

But as we try to make sense of Donald Trumps’s tariff tsunami, economic theory only goes so far. In the end this surely is about something more primal.

Power.

Understanding that may be crucial to how the world responds.

Yes, economics helps explain the impact. The world’s economy has after all shifted on its axis, the way it’s been run for decades turned on its head.

Instead of driving world trade, America is creating a trade war. We will all feel the impact.

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PM will ‘fight’ for deal with US

Donald Trump says he is settling scores, righting wrongs. America has been raped, looted and pillaged by the world trading system.

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But don’t be distracted by the hyperbole – and if you think this is about economics alone, you may be missing the point.

Above all, tariffs give Donald Trump power. They strike fear into allies and enemies, from governments to corporations.

This is a president who runs his presidency like a medieval emperor or mafia don.

It is one reason why since his election we have seen what one statesman called a conga line of sycophants make their way to the White House, from world leaders to titans of industry.

The conga line will grow longer as they now redouble their efforts hoping to special treatment from Trump’s tariffs. Sir Keir Starmer among them.

President Trump’s using similar tactics at home, deploying presidential power to extract concessions and deter dissent in corporate America, academia and the US media. Those who offer favours are spared punishment.

His critics say he seeks a form power for the executive or presidential branch of government that the founding fathers deliberately sought to prevent.

Whether or not that is true, the same playbook of divide and rule through intimidation can now be applied internationally. Thanks to tariffs

Each country will seek exceptions but on Trump’s terms. Those who retaliate may meet escalation.

This is the unforgiving calculus for governments including our own plotting their next moves.

The temptation will be to give Trump whatever he wants to spare their economies, but there is a jeopardy that compounds the longer this goes on.

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Do Trump’s numbers on tariffs really add up?
Trump hits island home only to penguins with 10% tariffs

Chinese Vice President Han Zheng gestures to Britain's Chancellor of the Exchequer Rachel Reeves following a photo session at the Great Hall of the People in Beijing, Saturday, Jan. 11, 2025. (Florence Lo/Pool Photo via AP)
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Could America’s traditional allies turn to China? Pic: AP

Malcolm Turnbull, the former Australian prime minister who coined the conga line comparison, put it this way: “Pretty much all the international leaders I have seen that have sucked up to Trump have been run over. The reality is if you suck up to bullies, whether it’s global affairs or in the playground, you just get more bullying.”

Trading partners may be able to mitigate the impact of these tariffs through negotiation, but that may only encourage this unorthodox president to demand ever more?

Ultimately the world will need a more reliable superpower than that.

In the hands of such a president, America cannot be counted on.

When it comes to security, stability and prosperity, allies will need to fend for themselves.

And they will need new friends. If Washington can’t be relied on, Beijing beckons.

America First will, more and more, mean America on its own.

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