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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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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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George Wendt, who played Norm in Cheers, dies at age of 76

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George Wendt, who played Norm in Cheers, dies at age of 76

Actor George Wendt, who played Norm Peterson in the iconic sitcom Cheers, has died at the age of 76.

His family said he died early on Tuesday morning, peacefully in his sleep, according to publicity firm The Agency Group.

“George was a doting family man, a well-loved friend and confidant to all of those lucky enough to have known him. He will be missed forever,” the family said in a statement.

His character as an affable, beer-loving barfly in Cheers was watched by millions in the 1980s – earning him six consecutive Emmy nominations for best supporting actor.

The sitcom was based in a Boston bar “where everybody knows your name” – proved true given everyone would shout “Norm!” when he walked in.

Wendt appeared in all 273 episodes of Cheers – with his regular first line of “afternoon everybody” a firm fan favourite.

He was also a prominent presence on Broadway – appearing on stage in Art, Hairspray and Elf. Before rising to fame, he spent six years in Chicago’s renowned Second City improvisation troupe.

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In an interview with GQ magazine, he revealed he didn’t have high hopes when he auditioned for the role that would catapult him to fame.

“My agent said: ‘It’s a small role, honey. It’s one line. Actually, it’s one word.’ The word was ‘beer.’

“I was having a hard time believing I was right for the role of ‘the guy who looked like he wanted a beer.’

“So I went in, and they said, ‘It’s too small a role. Why don’t you read this other one?’ And it was a guy who never left the bar.”

One of nine children, Wendt was born in Chicago and graduated with a degree in economics.

He married actress Bernadette Birkett in 1978, who voiced the character of Norm’s wife in Cheers but never appeared on screen. They have three children.

Wendt’s nephew is Jason Sudeikis, who played the lead role in Ted Lasso.

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Elon Musk says he will remain Tesla CEO and plans to cut back on political spending

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Elon Musk says he will remain Tesla CEO and plans to cut back on political spending

Elon Musk has said he is committed to remaining as Tesla’s chief executive for at least five years, as the electric carmaker faces pressure from consumers and the stock market over his work with Donald Trump’s government.

The world’s richest man said he will cut back on political spending after heavily backing the US president last year.

During a video appearance at the Qatar Economic Forum hosted by Bloomberg, a moderator asked: “Do you see yourself and are you committed to still being the chief executive of Tesla in five years’ time?”

Musk responded: “Yes.”

The moderator added: “No doubt about that at all?”

Musk chuckled and replied: “I can’t be still here if I’m dead.”

Tesla has borne the brunt of the outrage against Musk over his work with Mr Trump as part of his Department of Government Efficiency (DOGE), which implemented cuts across the US federal government.

Asked if the reaction made him think twice about his involvement in politics, Musk said: “I did what needed to be done.

“I’m not someone who has ever committed violence and yet massive violence was committed against my companies, massive violence was threatened against me.”

He added: “Don’t worry: We’re coming for you.”

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Musk pulls back from D.O.G.E. role

Musk spent at least 250 million dollars (£187m) supporting Mr Trump in the presidential campaign, and even held some of his own campaign rallies.

“I’m going to do a lot less in the future,” Mr Musk said. Asked why, he responded: “I think I’ve done enough.”

And he added: “Well, if I see a reason to do political spending in the future, I will do it. I do not currently see a reason.”

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Aspirations to build ‘billions of humanoid robots’

It comes after a Tesla pay package Musk was due, once valued at $56bn (£41.8bn) was stopped by a judge in Delaware.

Musk referred to chancellor Kathaleen St Jude McCormick as an “activist who is cosplaying a judge in a Halloween costume”.

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But he acknowledged his Tesla pay was part of his consideration about staying with Tesla, though he also wanted “sufficient voting control” so he “cannot be ousted by activist investors”.

“It’s not a money thing, it’s a reasonable control thing over the future of the company, especially if we’re building millions, potentially billions of humanoid robots,” he added.

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Donald Trump announces Golden Dome defence project – confirming US plans to put weapons in space

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Donald Trump announces Golden Dome defence project - confirming US plans to put weapons in space

Donald Trump has announced the concept for his Golden Dome missile defence system – which includes plans for the US put weapons in space for the first time.

The “cutting-edge missile defence system” will include “space-based sensors and interceptors”, Mr Trump said, adding the Golden Dome “should be fully operational by the end of my term”.

The system – styled on Israel’s Iron Dome – will be able to detect and stop missiles at all points of attack, from before launch to when they are descending towards a target, the Trump administration has said.

Making the announcement in the Oval Office on Tuesday, Mr Trump told reporters the Golden Dome will be “capable of intercepting missiles even if they are launched from the other side of the world”.

The US president also said Canada “has called us and they want to be part of it”. “As usual, we help Canada as best we can,” he said.

President Donald Trump speaks in the Oval Office of the White House, Tuesday, May 20, 2025, in Washington. (AP Photo/Alex Brandon)
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Trump was flanked by two Golden Dome posters. Pic: AP

He has also pledged that the entire system to be built within the United States. Manufacturers in Georgia, Alaska, Florida and Indiana will all be heavily involved in the project, Mr Trump said.

General Michael Guetlein, who currently serves as the vice chief of space operations, will oversee the Golden Dome’s progress.

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The space weapons “represent new and emerging requirements for missions that have never before been accomplished by military space organizations,” General Chance Saltzman, the head of the US Space Force, said at a hearing Tuesday.

Defence Secretary Pete Hegseth speaks during an event with President Donald Trump in the Oval Office of the White House, Tuesday, May 20, 2025, in Washington. (AP Photo/Alex Brandon)
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Defence secretary Pete Hegseth joined the president for the announcement. Pic: AP

How much will the Golden Dome cost?

Mr Trump said he has allocated $25bn “to help get construction under way,” which he described as an initial down payment.

The total cost will be “about $175bn”, the US president added – but the Congressional Budget Office has put the price much higher.

The space-based components alone could cost as much as $542bn (£405bn) over the next 20 years, it estimated earlier this month.

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Mr Trump’s announcement came shortly after the newly confirmed US Air Force secretary said there’s currently no money allocated for the Golden Dome.

The programme is “still in the conceptual stage,” Troy Meink told senators today.

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The Pentagon has for years warned that the newest missiles developed by Russia and China are so advanced counter measures are needed.

Both Russia and China have already put offensive weapons, such as satellites capable of disabling those of other countries, in space.

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