Then there’s ‘whatever’, the verdict that Donald Trump had already bagged long before a New York court delivered its judgement.
Beyond the breakdown of a 12-member jury panel, the portion of America that will shrug its shoulders at this case’s conclusion means Donald Trump has numbers he can work with, politically. For now, at least.
Time will tell how the status change to “criminal” affects his bid to return to the White House. Notably, polls indicate it will go down badly with independent voters.
For his opponents, it will need to – because, in six weeks of a criminal trial, it didn’t.
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1:13
Moment historic decision confirmed
For all the talk of due process having due impact on a presidential campaign, of evidence laid bare to land a political death warrant, the Trump campaign remains alive and kicking.
Head-to-head polls with Joe Biden still show a tight contest, with Trump ahead in key swing states. The trial has also boosted his campaign war chest – his fund-raising was greater than Joe Biden in the month of April, a 2024 first.
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Whilst this trial has been a thunderous legal watershed for the United States, there are reasons why it hasn’t reverberated as it might, and as Trump’s opponents would have hoped.
Image: Stormy Daniels. Pic: AP
Of the four criminal trials he faces, it was the least serious. Placed against the heavyweight charges around the mishandling of classified government documents and efforts to subvert democracy, the New York crimes had a featherweight feel.
It was rather more than the “bookkeeping error” that Trump would have had us believe but there are factors beyond his characterisation that minimise impact.
The prosecutors’ witness list was populated by unsympathetic characters to whom you wouldn’t hand your house keys.
Michael Cohen, aka star witness, presented his own story of theft, dishonesty and tax evasion. Then there was David Pecker, the slippery tabloid rascal who brought us headlines like “Bungling Surgeon Ben Carson Left Sponge in Patient’s Brain”.
They were central to a prosecution case wrapped in a parcel of rogues and it weakened the ‘good versus evil’ narrative that sharpens a public’s response.
There was also the matter of trial fatigue, before it even got underway. The charges, the witness evidence and the response of the accused had all been aired loudly and often over months leading up to the trial itself.
As much as five weeks of evidence provided a gripping insight, we had heard the headlines before. The cases for the prosecution and defence were pre-cast in the public consciousness and so, largely, were conclusions around guilt and innocence.
Then there were the noises off. Time spent in the vicinity of courtroom number 1530 in Lower Manhattan was time spent listening to Donald Trump campaigning in the corridors of the court building, with a supporting cast addressing the media outside.
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1:39
‘This is a rigged trial’
Suburban vehicles and Secret Service transported the modern Republican Party’s great & good from Capitol Hill in daily convoys to loudhailer a backing chorus of ‘sham trial, weaponised justice department and political witch hunt.’
It was a political wall of sound designed to drown out the business of the court on a given day, every day. They weren’t the headline act in this corner of Lower Manhattan but they were headline enough to influence the story in its telling.
So, what story will America be telling when the dust settles on this, the only criminal trial Donald Trump is likely to face before the November election?
Will voters be discussing Donald Trump? Definitely.
Will they be poring over the detail and significance of a felony conviction? Probably.
Will there be a lingering sense of shock and awe at court’s evidence and jury’s verdict? Almost certainly not.
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0:56
What happens next for Donald Trump?
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He’s already been convicted in civil court of fraud and been found liable for sexual assault. The judge in the sexual assault case called it “rape”.
If Donald Trump was in prison, he’d be segregated for his own safety, and yet, in the general population he’s positioned well for a return to the presidency.
It is the curious context for this court case and its aftermath. Whatever the difference a criminal conviction makes, the sense of ‘whatever’ might mean it makes no difference at all.
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.
All three of the US’s major markets opened to sharp losses on Thursday morning.
Image: 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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5:07
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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3:27
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.”
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.”
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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0:58
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.
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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.
Image: 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.
Actors, directors and celebrity friends have paid tribute to Val Kilmer, after he died aged 65.
The California-born star of Top Gun, Batman and Heat died of pneumonia on Tuesday night in Los Angeles, his daughter Mercedes told the Associated Press.
She said Kilmer was diagnosed with throat cancer in 2014 but later recovered.
Tributes flooded in after reports broke of the actor’s death, with No Country For Old Men star Josh Brolin among the first to share their memories.
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2:49
Watch: Val Kilmer in his most iconic roles
He wrote on Instagram: “See ya, pal. I’m going to miss you. You were a smart, challenging, brave, uber-creative firecracker. There’s not a lot left of those.
“I hope to see you up there in the heavens when I eventually get there. Until then, amazing memories, lovely thoughts.”
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Kyle Maclachlan, who co-starred with Kilmer in the 1991 biopic The Doors, wrote on social media: “You’ll always be my Jim. See you on the other side my friend.”
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Michael Mann, who directed Kilmer in 1995’s Heat, also paid tribute in a statement, saying: “I always marvelled at the range, the brilliant variability within the powerful current of Val’s possessing and expressing character.
“After so many years of Val battling disease and maintaining his spirit, this is tremendously sad news.”
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Heat co-star Danny Trejo also called Kilmer “a great actor, a wonderful person, and a dear friend of mine” on Instagram.
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Cher, who once dated the actor, said on X that “U Were Funny, crazy, pain in the ass, GREAT FRIEND… BRILLIANT as Mark Twain, BRAVE here during ur sickness”.
Lifelong friend and director of Twixt, Francis Ford Coppola said: “Val Kilmer was the most talented actor when in his High School, and that talent only grew greater throughout his life.
“He was a wonderful person to work with and a joy to know – I will always remember him.”
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The Top Gun account on X also said it was remembering Kilmer, who starred as Iceman in both the 1986 original and 2022 sequel, and “whose indelible cinematic mark spanned genres and generations”.
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