Donald Trump’s return to the White House has upended long-standing norms in global diplomacy and security.

His stance on the wars in Ukraine and the Middle East are not only unsettling but have heightened uncertainty in global markets. But beyond geopolitics, Trump’s economic policies could also have profound consequences for the UK and Scotland.

Trump’s “America First” economic nationalism agenda risks derailing global growth and fuelling inflation. His new 25% tariff on imports from Mexico and Canada threaten to ignite a trade war, coming on top of a 10 percentage point increase in the effective tariff rate on Chinese imports – which Trump’s team have described as an “opening salvo.” Other countries and trading blocs, including the EU, are clearly in his sights.

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London market drops as Trump tariffs come into effect

Markets have already reacted. Stock prices have fallen, and gold – a traditional haven in times of economic uncertainty – is trading near record highs.

Scotland and the UK cannot expect to be immune from these effects.

The US remains Scotland’s top export destination. In 2021, Scottish exports to the US were valued at more than £5........

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