Can anything stop Donald Trump? The markets can, says HAMISH MCRAE

UPDATED: 10:00 GMT, 2 March 2025 This is huge. There is a sea change taking place in US political, military and economic policy and we are just beginning to catch a glimpse of the implications. Some things are clear. Europe will have to spend far more on defending itself, the UK included. Others are more opaque. We know world trade will be disrupted by tariffs, with China and the EU first in the firing line. But we don't know to what extent Europe's troubles will spill over here, despite our relationship with America being a darn sight better than it would have been were we still in the EU. As for the US economy itself, it will be profoundly affected, with losers as well as winners. We are already seeing sharp falls in the shares of its 'magnificent seven' high-tech giants, and – few tears there – in cryptocurrencies, as the markets try to get to grips with the scale of the revolution. So what should we expect? We have in these pages sought to identify some of the immediate consequences for UK savers and investors, for the Chancellor and for taxpayers, so let's stand back and think how Donald Trump might fare in the months ahead.