Upping tariffs may have lifted the president’s mood but it is a headache for the Federal Reserve and its next chair

Donald Trump and Denis Healey don’t have much in common. One of the greatest prime ministers Britain never had shares little of his famous hinterland with what some historians see as one of the worst occupants of the White House.

But Trump would be well advised to remember Healey’s first law of holes – when you’re in one, stop digging