TRADE wars, tariffs and rising prices provide the worst possible climate for Labour’s vacuous reliance on private-sector-led “growth” to rescue the economy.

The direction of travel was clear before — not only through US sanctions on China, but through Washington’s wider industrial and sanctions policy designed to relocate industry from Europe to its own shores under Joe Biden. But Donald Trump has now decisively signalled war on “globalisation.” 

Labour has no idea what to do about it. Yvette Cooper admits it will be damaging for trade and growth internationally but has no suggestions.