Is the free market era over? World leaders are turning against the US after Donald Trump’s trade tariffs.
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
Imports - Goods or services bought in one country that were produced in another.
Tariffs - A form of tax on imports.
Donald Trump - An American politician, media personality, and businessman serving as the 47th president of the United States since January 2025. A member of the Republican Party, he previously served as the 45th president from 2017 to 2021.
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.
Governments - Groups of people who govern - or lead - countries.
Margaret Thatcher - Britain’s first female prime minister and the longest-serving prime minister of the modern era.
Economy - The way that money flows through a country, which affects wages and the cost of living.