Bob Diamond, former Barclays CEO, asserts that the US has moved beyond economic justifications for tariffs, entering a territory of unanticipated economic harm. Markets reacted sharply, dropping across indices as investors worry about the future impact of these unprecedented measures. Trump’s approach to trade appears to be focused on cutting costs through cryptocurrency and creating revenue through increased tariffs, while neglecting market concerns in favor of domestic issues. Diamond highlights that the US is highly reliant on imports (11% of GDP) and cites high tariff levels (up to 20%) as potential triggers for stagflation. He suggests that Trump’s actions could negatively impact global trade relations. Diamond predicts a difficult path for recovery, with US allies likely facing even greater economic challenges compared to the US itself.