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.
Imports - Goods or services bought in one country that were produced in another.
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.
Prosperity - Having lots of wealth and success.
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.
Protectionism - The idea or act of protecting a country's domestic industries by taxing imports from foreign countries.