The Rest Is Money 245. The TACO president - Why Trump Always Chickens Out
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Jan 22, 2026 The discussion dives into Trump's tendency to back down under pressure and examines Mark Carney's bold stance against him. The hosts address the UK's heavy reliance on the US, especially in security and trade, and the potential impact of a transatlantic trade war. They explore the EU's anti-coercion tool as a countermeasure and question the viability of appeasement in political strategy. The economic stakes are high, with potential tariffs looming and a focus on how medium-sized democracies can bolster their security ties to mitigate US influence.
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Carney Stood Out As A Clear Critic
- Mark Carney publicly challenged Trump and provided a clear diagnosis of the geopolitical shift away from globalization.
- Peston says Carney's stance exposed a gap where UK leadership, including Keir Starmer, has been less confrontational.
UK's Security Dependence Reduces Leverage
- The UK's dependence on the US for intelligence and military technology weakens its bargaining leverage.
- Peston highlights that US servicing of UK missile systems and tech dependency creates strategic vulnerability.
Weekend With French Officials Informs Perspective
- Robert Peston spent a weekend with French ministers and officials and observed France's stronger posture.
- He uses this experience to explain why Macron feels able to threaten US retaliation more boldly than the UK.