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.
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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.
The Ukrainian president said the meeting ahead of Pope Francis’s funeral could end up being “historic.” Hours later, Mr Trump questioned Vladimir Putin’s appetite for peace in a Truth Social post.
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From Saturday: Trump meets Zelenskyy at funeral
Speaking before boarding Air Force One on Sunday, Mr Trump again said the meeting went well, and that the Ukrainianleader was “calmer”.
“I think he understands the picture, I think he wants to make a deal,” he said, before turning to Mr Putin and Russia.
“I want him to stop shooting, sit down and sign a deal,” the US president said, adding he was “very disappointed that they did the bombing of those places (including Kyiv, where nine people were killed in a Russian airstrike on Friday) after discussions”.
However, Mr Trump said he thinks Mr Zelenskyy is ready to give up Crimea, which the Ukrainian leader has repeatedly said he would refuse to do.
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He added that “we’ll see what happens in the next few days” and said “don’t talk to me about Crimea, talk to Obama and Biden about Crimea”.
Russia annexed Crimea in 2014, while Barack Obama was president.
Meanwhile, US secretary of state Marco Rubio told Sky’s US partner network NBC News that a peace deal to end the war was “closer in general than they’ve been any time in the last three years, but it’s still not there”.
“If this was an easy war to end, it would have been ended by someone else a long time ago,” he added on the Meet the Press show.
It comes after North Korea confirmed it had deployed troops to fight for Russia, months after Ukraine and Western officials said its forces were in Europe.
State media outlet KCNA reported North Korean soldiers made an “important contribution” to expelling Ukrainian forces from Russian territory, likely to be the Kursk region.
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KCNA said leader Kim Jong Un made the decision to deploy troops to Russia and notified Moscow, and quoted him as saying: “They who fought for justice are all heroes and representatives of the honour of the motherland.”
It also quoted the country’s ruling Workers’ Party as saying the end of the battle to liberate Kursk showed the “highest strategic level of the firm militant friendship” between North Korea and Russia.
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From June 2024: Putin drives Kim around in luxury limo during state visit
The North Korean leader promised at the time “full support and solidarity to the Russian government, army and people in carrying out the special military operation in Ukraine”.
Virginia Giuffre, who accused Prince Andrew of sexual assault, has died aged 41.
In a statement to Sky’s US partner network NBC News on Friday, her family said she took her own life in the Perth suburb of Neergabby, Australia, where she had been living for several years.
“It is with utterly broken hearts that we announce that Virginia passed away last night at her farm in Western Australia,” her family said.
“She lost her life to suicide, after being a lifelong victim of sexual abuse and sex trafficking.
“Virginia was a fierce warrior in the fight against sexual abuse and sex trafficking. She was the light that lifted so many survivors.
“In the end, the toll of abuse is so heavy that it became unbearable for Virginia to handle its weight.”
Image: Pic: AP
Police said emergency services received reports of an unresponsive woman at a property in Neergabby on Friday night.
“Police and St John Western Australia attended and provided emergency first aid. Sadly, the 41-year-old woman was declared deceased at the scene,” a police spokeswoman said.
“The death is being investigated by Major Crime detectives; early indication is the death is not suspicious.”
Sexual assault claims
Image: Prince Andrew has denied all claims of wrongdoing. File pic: Reuters
Ms Giuffre sued the Duke of York for sexual abuse in August 2021, saying Andrew had sex with her when she was 17 and had been trafficked by his friend, the billionaire paedophile Jeffrey Epstein.
The duke has repeatedly denied the claims, and he has not been charged with any criminal offences.
In March 2022, it was announced Ms Giuffre and Andrew had reached an out-of-court settlement – believed to include a “substantial donation to Ms Giuffre’s charity in support of victims’ rights”.
She stuck by her version of events until the end
Of the many dozens of victims of Jeffrey Epstein, it was Virginia Giuffre who became the most high-profile.
She was among the loudest and most compelling voices, urging criminal charges to be brought against Epstein, waving her right to anonymity in 2015.
She told how he and Ghislaine Maxwell groomed her and “passed around like a platter of fruit” to be used by rich and powerful men.
But her name and face became known around the world after she accused Prince Andrew of sexually abusing her when she was 17 years old.
The picture of her together with the prince and Maxwell at the top of a staircase, his hand around her waist, is the defining image of the whole scandal.
Prince Andrew said he had no memory of the occasion. But Giuffre stuck by her version of events until the end.
‘An incredible champion’
Sigrid McCawley, Ms Giuffre’s attorney, said in a statement that she “was much more than a client to me; she was a dear friend and an incredible champion for other victims”.
“Her courage pushed me to fight harder, and her strength was awe-inspiring,” she said. “The world has lost an amazing human being today.”
“Rest in peace, my sweet angel,” she added.
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Dini von Mueffling, Ms Giuffre’s representative, also said that “Virginia was one of the most extraordinary human beings I have ever had the honour to know”.
“Deeply loving, wise, and funny, she was a beacon to other survivors and victims,” she added. “She adored her children and many animals.
“She was always more concerned with me than with herself. I will miss her beyond words.
“It was the privilege of a lifetime to represent her.”
Ms Giuffre said at the end of March she had four days to live after a car accident, posting on social media that “I’ve gone into kidney renal failure”. She was discharged from hospital eight days later.
Raised mainly in Florida, she said she was abused by a family friend early in life, which led to her living on the streets at times as a teenager.
She said that in 2000, she met Ghislaine Maxwell, a British socialite who was convicted in 2021 on federal sex trafficking and conspiracy charges and was sentenced to 20 years in prison.
Image: Ghislaine Maxwell and Jeffrey Epstein. Pic: US Department of Justice
Ms Giuffre said Maxwell then introduced her to Epstein and hired her as his masseuse, and said she was sex trafficked and sexually abused by him and associates around the world.
‘A survivor’
After meeting her husband in 2002, while taking massage training in Thailand at what she said was Epstein’s behest, she moved to Australia and had a family.
She founded the sex trafficking victims’ advocacy charity SOAR in 2015, and is quoted on its website as saying: “I do this for victims everywhere.
“I am no longer the young and vulnerable girl who could be bullied. I am now a survivor, and nobody can ever take that away from me.”
:: Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK. In the US, call the Samaritans branch in your area or 1 (800) 273-TALK.
Donald Trump has met Volodymyr Zelenskyy ahead of the Pope’s funeral, Vatican sources have told Sky News.
The US and Ukrainian presidents had a “very productive discussion”, according to a White House Official, and have also agreed to hold further talks after the service.
They are among world leaders, including Sir Keir Starmer and Emmanuel Macron, who are attending the funeral of Pope Francis.
There was applause from some of those gathered in St Peter’s Square when the Ukrainian leader walked out.
The former British ambassador to Russia Sir Tony Brenton said the event presents diplomatic opportunities, including the “biggest possible meeting” between Mr Trump and Mr Zelenskyy.
Image: Trump and Zelenskyy meet for first time since Oval Office row. Pic: Reuters
He told Sky News it could mark “an important step” in starting the peace process between Russia and Ukraine, and is their first face-to-face meeting after a very public row between the presidents at the White House in February.
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The bilateral meeting comes after Mr Trump’s peace negotiator Steve Witkoff held talks with Vladimir Putin at the Kremlin.
They discussed “the possibility of resuming direct negotiations between Russia and Ukraine”, Kremlin aide Yuri Ushakov said.
Russia and Ukraine have not held direct talks since the early weeks of the war, which began in February 2022.
Mr Trump has claimed a deal to end the war is “very close” and has urged Mr Zelenskyy to “get it done” in a post on his Truth Social platform.
He has previously warned both sides his administration would walk away from its efforts to achieve a peace if the two sides do not agree a deal soon.
Meanwhile, the Polish Armed Forces said a Russian military helicopter violated its airspace over the Baltic Sea on Friday evening, in a post on X.
This breaking news story is being updated and more details will be published shortly.