Is the free market era over? World leaders are turning against the US after Donald Trump’s trade tariffs. The US president might have brought a once all-powerful system to an end.
World leaders threaten tariff war
Trump v Thatcher: Margaret Thatcher dominated British life in the 1980s, acting as prime minister from 1979 to 1990. She was Britain's first female leader. Glossary
Tariffs - A form of tax on imports.
allies - An ally is someone that aligns with and supports a cause with another individual or group of people.
EU - European Union. An economic and political union of 27 countries.
Trade war - When countries try to damage each other's trades. They can do this by placing tariffs (taxes) on goods or quota restrictions.
Free market - When the government does not interfere with the economy, and the laws of supply and demand dictate trading.
Milton Friedman - An American economist associated with the Chicago School of right-wing economic theory.
Right-wing - Sometimes referred to as 'conservative', this is a range of political beliefs that emphasise the value of tradition, individual freedom and responsibility, low taxes and a hands-off approach to government.
Republican Party - Also known as the Grand Old Party or GOP, it is one of the USA's two major political parties. Its first president was Abraham Lincoln. It sits on the right of the political spectrum.
Stagnation - Not moving or growing.
Cold War - A period of diplomatic conflict between blocs led by the USA and the USSR that lasted from 1947 until 1991, when the USSR collapsed.
Friedrich Nietzsche - A German classical scholar, philosopher, and critic of culture (1844 – 1900), who became one of the most influential of all modern thinkers.
Protectionism - The idea or act of protecting a country's domestic industries by taxing imports from foreign countries.