Zanny Minton Beddoes on Tariffs: The Damage of All of This Is Real and Is Going To Be Lasting

SCARBOROUGH But can you ░░░░░░░░ for us again why ░░░░░░░░ it that when the ░░░░░░░░ market went sideways that ░░░░░░░░ became a five alarm ░░░░░░░░ MINTON BEDDOES Because I ░░░░░░░░ that was a very ░░░░░░░░ signal that markets something ░░░░░░░░ very bad was happening ░░░░░░░░ markets markets could seize ░░░░░░░░ the bond The 10 ░░░░░░░░ is like the bedrock ░░░░░░░░ financial markets it s ░░░░░░░░ ultimate safe asset And ░░░░░░░░ the ultimate safe asset ░░░░░░░░ behaving as it was ░░░░░░░░ morning like a kind ░░░░░░░░ scary emerging market bond ░░░░░░░░ enormous moves then things ░░░░░░░░ break in the financial ░░░░░░░░ whether it s you ░░░░░░░░ a big financial institution ░░░░░░░░ it s a hedge ░░░░░░░░ things can go very ░░░░░░░░ wrong And I think ░░░░░░░░ you had me on ░░░░░░░░ show earlier this week ░░░░░░░░ I said I was ░░░░░░░░ to be watching the ░░░░░░░░ because if they seized ░░░░░░░░ I thought the president ░░░░░░░░ pause And I think ░░░░░░░░ that s kind of ░░░░░░░░ happened and frankly I ░░░░░░░░ delighted that that s ░░░░░░░░ And I think it ░░░░░░░░ what Secretary Bessent has ░░░░░░░░ been arguing for several ░░░░░░░░ you know and eventually ░░░░░░░░ prevailed upon the president ░░░░░░░░ it prevailed because of ░░░░░░░░ he saw in the ░░░░░░░░ It could have got ░░░░░░░░ very scary when the ░░░░░░░░ safe asset in the ░░░░░░░░ behaves in that way ░░░░░░░░ I think we ve ░░░░░░░░ a kind of chaotic ░░░░░░░░ meltdown But let s ░░░░░░░░ clear this is a ░░░░░░░░ of relief but it ░░░░░░░░ not over and the ░░░░░░░░ has not gone away ░░░░░░░░ trade war with China ░░░░░░░░ the U S s ░░░░░░░░ trade the second biggest ░░░░░░░░ in the world is ░░░░░░░░ a very big and ░░░░░░░░ deal And there are ░░░░░░░░ big tariffs on other ░░░░░░░░ They haven t all ░░░░░░░░ away And the uncertainty ░░░░░░░░ what will the outcome ░░░░░░░░ all of these 70 ░░░░░░░░ negotiations be I think ░░░░░░░░ still mean that businesses ░░░░░░░░ on hold So the ░░░░░░░░ of all of this ░░░░░░░░ is real and is ░░░░░░░░ to be lasting It ░░░░░░░░ not as catastrophic as ░░░░░░░░ financial market collapse would ░░░░░░░░ been but it s ░░░░░░░░ real damage.”