You’d expect Larry Summers, former US Treasury Secretary under President Bill Clinton and adviser to President Barack Obama, to twist the knife, and he did so stylishly. By destroying “about $500bn in equity market value in course of an 11-minute speech”, President Donald Trump had set “what I believe is a new world record for presidential market value destruction”.
Fair point. Trump’s ban on flights from 26 European countries lacked rhyme or reason. It runs counter to the World Health Organization’s advice and virtually guarantees the economic hit to the US will be intensified. More to the point, the president said virtually nothing about how the US will construct its healthcare response to the pandemic.
Trump also managed to lower already-low hopes that the world’s big economies would summon a spirit of collectivism. The US president seems mostly concerned with finding someone to blame while ensuring trade tensions with the EU are set to maximum, the natural reading for why flights from the UK to the US will be permitted (for now).