The US president is layering the joint economic and political shock of his war on top of that of his tariffs.
The MSC Emma container ship on the dockside at the Port of Felixstowe in Felixstowe, UK, on Thursday, Nov. 20, 2025. Inflation will be higher in the UK than any other major advanced economy both this year and next, surpassing the US despite the impact of tariffs, according to the International Monetary Fund. Photographer: Chris Ratcliffe/Bloomberg
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