Whatever you may think of trade tariffs, there is no doubting the massive trade imbalance that has developed between China and the United States over the past three decades. Deliberate currency manipulation has enabled China to become the world's factory through resisting any meaningful appreciation of the Renminbi against the U.S. dollar. Parts of Europe have also suffered much economic damage as a result of the failure to balance out regional economic differences. If strong, accommodating economic control cannot be delivered, freely-floating currencies are the answer — but not tariffs. Background music: 'Something Is Wrong' by Sir Cubworth

Published: Mon 10 February 2025