Trump’s market mayhem threatens to upend world order

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Financial Times 22h ago

Trump’s market mayhem threatens to upend world order - Financial Times

Quick Summary:

The US has already signalled it may ditch the stricter capital rules for banks agreed by global regulators at the Basel Committee on Banking Supervision in response to the 2008 financial crisis.

Yet there have been several incidents that regulators believe show the system remains vulnerable to shocks, including the crisis in the UK pension sector caused by Truss’s mini-budget in 2022 that led to a sharp sell-off in the country’s bond market.

At the top end, that would mean wiping out 5 per cent of global GDP — double the output losses caused by the 2020 coronavirus pandemic.“It is not just the actual cost but it is the cost of uncertainty and the impact on trust,” says Quest.“Many of these markets operate on the basis of stability and trust and there will be an additional cost that comes from losing that trust.