David Sillitoe

Gosh, big questions there, Ben, and we've only got a little bit of time to answer them as well. Let's start with the first one. What forced his hand? Now, he talked about the markets being queasy. He meant the bond markets, of course, the bonds being the things that governments use to borrow money on financial markets. They're normally seen as a very safe haven for investors in times of strife.

Gosh, big questions there, Ben, and we've only got a little bit of time to answer them as well. Let's start with the first one. What forced his hand? Now, he talked about the markets being queasy. He meant the bond markets, of course, the bonds being the things that governments use to borrow money on financial markets. They're normally seen as a very safe haven for investors in times of strife.

So governments only have to offer a very low interest rate on them. What we saw happening in the last couple of days is a lot of sellers actually in that market, a lot of people offloading those bonds, which caused some alarm and some questions about financial stability in the U.S. potentially further down the line. So therefore, many are thinking that that actually spooked the president.

So governments only have to offer a very low interest rate on them. What we saw happening in the last couple of days is a lot of sellers actually in that market, a lot of people offloading those bonds, which caused some alarm and some questions about financial stability in the U.S. potentially further down the line. So therefore, many are thinking that that actually spooked the president.

Also, a big holder of those bonds is China. So was China actually retaliating in that way? So has he tried to calm the markets down by announcing this pause? You heard that phrase, it's all about the art of the deal. But let me tell you, when you talk to businesses out there,

Also, a big holder of those bonds is China. So was China actually retaliating in that way? So has he tried to calm the markets down by announcing this pause? You heard that phrase, it's all about the art of the deal. But let me tell you, when you talk to businesses out there,

What they actually say is that he's created this vacuum now in which uncertainty is thriving and therefore they're paralysed by fear and anxiety. Do they invest? Do they actually get the kind of machinery, upskill workers in the way the president wants to guarantee the long-term success of America? Or frankly, will they be wrong-footed in perhaps maybe a matter of not days, but hours?

What they actually say is that he's created this vacuum now in which uncertainty is thriving and therefore they're paralysed by fear and anxiety. Do they invest? Do they actually get the kind of machinery, upskill workers in the way the president wants to guarantee the long-term success of America? Or frankly, will they be wrong-footed in perhaps maybe a matter of not days, but hours?

So if that was actually his aim, then frankly, it may be backfiring.

So if that was actually his aim, then frankly, it may be backfiring.

Huge, Ben, in a sentence, or in a word, rather. Do you remember that phrase, conscious uncoupling? I think it was Gwyneth Paltrow who used it about her divorce many years ago. This is what's happening here. China and the US between them account for a third of global goods rights. So you've got this Basically, this separation between the two of them getting deeper and deeper and deeper.

Huge, Ben, in a sentence, or in a word, rather. Do you remember that phrase, conscious uncoupling? I think it was Gwyneth Paltrow who used it about her divorce many years ago. This is what's happening here. China and the US between them account for a third of global goods rights. So you've got this Basically, this separation between the two of them getting deeper and deeper and deeper.

And as a result of that, what you're seeing is disruption on either side. Now, we're hearing all sorts of reports about Chinese companies rushing to try and relocate production, for example, or figure out how much extra they can charge American consumers without compromising. frankly, going bust.

And as a result of that, what you're seeing is disruption on either side. Now, we're hearing all sorts of reports about Chinese companies rushing to try and relocate production, for example, or figure out how much extra they can charge American consumers without compromising. frankly, going bust.

And that can cause all sorts of disruption given the global nature of supply chains, given that these companies sell all over the world to buyers around the world too. American consumers account for one in six, seven dollars of all of those spent in the world. So if they're not buying, other countries aren't selling.

And that can cause all sorts of disruption given the global nature of supply chains, given that these companies sell all over the world to buyers around the world too. American consumers account for one in six, seven dollars of all of those spent in the world. So if they're not buying, other countries aren't selling.

So this may look like it's kind of slightly, you know, over there, thousands of miles away from many countries and there's a pause elsewhere. But let's not forget, there are some severe consequences that many are going to feel in the weeks and months to come.

So this may look like it's kind of slightly, you know, over there, thousands of miles away from many countries and there's a pause elsewhere. But let's not forget, there are some severe consequences that many are going to feel in the weeks and months to come.

Do you think that's true? Do you think that's right? Well, we do know that certain countries have approached the US. We heard the Israeli prime minister there, didn't we, earlier in the week at the White House saying that we've had a chat about things we could do to try and bring down some trade barriers. So there is no doubt that many countries are having these discussions.

Do you think that's true? Do you think that's right? Well, we do know that certain countries have approached the US. We heard the Israeli prime minister there, didn't we, earlier in the week at the White House saying that we've had a chat about things we could do to try and bring down some trade barriers. So there is no doubt that many countries are having these discussions.