Donald Trump set a deadline of July 9 2025 for trade deals to be made before he hits some of the world’s biggest economies with his controversial tariffs. It’s impossible to predict what will happen on the day, but it is already clear that his economic policies are damaging American interests.
Just look at the state of US government debt for example. Currently it stands at US$36 trillion (£26 trillion). And with total economic output (GDP) worth US$29 trillion per year, that debt is 123% of GDP, the highest it has been since 1946.
Government debts are alarmingly high in other countries too (the UK’s is at 104% of GDP, with France at 116% and China at 113%), but the US is towards the top of the range.
The recently passed budget reconciliation bill (what Trump calls the “big beautiful bill”) is projected to add US$3 trillion to that debt over the next decade. With these sorts of numbers, there is little prospect…
