FT News Briefing How Trump's tariffs ripped up the global trade order
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Mar 30, 2026 
Katie Martin, FT markets columnist, and Alan Beattie, FT trade writer, unpack how Trump’s Iran threats rattled stocks, bonds and oil. They track Treasury market strain, stagflation fears and investors running out of safe havens. Then Beattie maps how tariff chaos whipsawed trading partners, rerouted global commerce and why trade barriers may stick.
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Iran War Is Hitting Stocks And Safe Havens Together
- Katie Martin says the Iran war created a nightmare market where stocks and government bonds fall together, leaving investors with few places to hide.
- Energy and possible food shocks could revive inflation, while disjointed US Treasury trading raises the risk of market accidents and hedge fund blow-ups.
Stagflation Fear Grows As Policy Tools Look Weak
- Martin says global stagflation is hard to fight because central banks cannot easily offset energy-driven inflation with higher rates.
- Investors hope US midterms cap energy pain, but she warns Trump cannot simply talk the crisis away without an agreement with Iran.
Tariffs Rerouted Chinese Trade More Than They Stopped It
- Alan Beattie says Trump's tariffs changed routes more than volumes, with Chinese goods still reaching the US through third countries.
- China remains a powerful exporter in high-tech goods, and Beattie says market forces still push those products into America somehow.