Donald Trump is blowing up the global trading system. Now he may be doing the same with the global financial system by threatening to sack the head of the world’s most important central bank, Jerome Powell.
The trade war that the International Monetary Fund calls “a major negative shock to growth” risks sending the greenback into a “Sell America” freefall, forcing the US government to pay investors more to hold its mountainous debt and cratering Wall Street share prices.
Michael StutchburyEditor-at-largeMichael Stutchbury is editor-at-large. He is in his fourth decade of writing for and editing national newspapers. After nearly six years as editor of The Australian, he returned to the Financial Review as editor-in-chief (2011-2024). Email Michael at mstutchbury@afr.com
