Global markets tumbled in the wake of Donald Trump’s tariffs, as UK business chiefs warn the fallout of the measures will “wreak havoc”.
Donald Trump has slapped a 10 per cent tariff on US imports of UK goods, as he set out sweeping trade levies hitting countries across the world.
In response, London’s FTSE 100 dropped sharply on opening, falling 122.4 points or 1.4 per cent in the first few minutes of trading. Japan – which was hit with a 24 per cent tariff – saw its Nikkei 225 index slump to an 8-month low.
Shevaun Haviland, director general of the British Chambers of Commerce, has said Trump’s imposition of tariffs is a “lose-lose situation for everyone”.
“No-one will escape the fallout from these decisions, there will be an increased risk of trade diversion, and it will wreak havoc on business communities across the world,” she said. “Orders will drop, prices will rise, and global economic demand will be weaker as a result.”
Key points
- World leaders respond to tariff plans
- FTSE 100 plummets at opening
- Starmer urges calm response to US tariffs
- The full list of Trump's reciprocal tariffs
- Wall Street futures tumble
Watch: Keir Starmer says he will 'fight' to secure deal with US
10:24Update on FTSE100
10:18 , Athena StavrouSince opening at a sharp fall on Thursday morning, the London Stock Exchange is up 23 points to 8,505 at 10:04am.
However, this is still far below where the market closed on Wednesday, at 8,608 points.
Wall Street futures in a tailspin
10:00 , Athena StavrouWall Street stock futures have sunk in response to Donald Trump’s tariff measures intended to “liberate” the US economy.
Futures tracking the S&P 500 fell 3 per cent by 4:10 am ET, Dow futures dropped 2.4 per cent while Nasdaq 100 e-minis tumbled 3.3 per cent, led by declines in shares of megacap tech companies.
Apple sank 6.5 per cent, hit by an aggregate 54 oer cent tariff on China - the base for much of Apple's manufacturing.
Microsoft dropped 1.8 per cent, Nvidia slipped 3.5 per cent and Amazon.com fell 5.1 per cent.
The full list of Trump's reciprocal tariffs
09:52 , Athena Stavrou1. China: 34%
2. European Union: 20%
3. South Korea: 25%
4. India: 26%
5. Vietnam: 46%
6. Taiwan: 32%
7. Japan: 24%
8. Thailand: 36%
9. Switzerland: 31%
10. Indonesia: 32%
11. Malaysia: 24%
12. Cambodia: 49%
13. United Kingdom: 10%
14. South Africa: 30%
15. Brazil: 10%
16. Bangladesh: 37%
17. Singapore: 10%
18. Israel: 17%
19. Philippines: 17%
20. Chile: 10%
21. Australia: 10%
22. Pakistan: 29%
23. Turkey: 10%
24. Sri Lanka: 44%
25. Colombia: 10
Trump tariffs in full: Every country hit on ‘Liberation Day’ – and the surprising exemptions
09:45 , Shweta SharmaDonald Trump has imposed the steepest American tariffs on imports in over a century, levying rates as high as 50 per cent on some countries in a move described by the EU as a “major blow” to the world economy.
Southeast Asian nations and some of the world’s weakest economies were hardest hit, compounding the effects of the Trump administration’s cuts to the USAID programme in many of those countries.
Below is The Independent’s breakdown of the countries hit hardest by the new levies and those that have been exempt:
Trump tariffs in full: Every country hit on ‘Liberation Day’ – and those exempt
Some pharmaceutical stocks avoid morning sell-off
09:39 , Karl MatchettIt's worth a look at some of the share prices which have not only avoided the morning sell-off, but are actually thriving - GSK, Hikma Pharmaceuticals and AstraZeneca are all up between 0.6 and 1.3 per cent.
That will in part be due to the fact that among last night's tariffs, a few exemptions were noted, including pharmaceutical products.
Those already subject to tariffs like car parts and steel, are also not additionally impacted...yet, anyway.
The biggest riser of the morning on the FTSE 100 is Diageo, a drinks-maker which had earlier this year suffered a big hit to its share price when tariffs were placed on Mexico, where it makes a significant portion of its tequila which ends up in the USA.
Diageo is up 2.69 per cent - but the share price is still down more than 17 per cent since the start of 2025.
British jobs will be lost, shadow minister warns
09:29 , Athena StavrouThe shadow home secretary has warned that British jobs will be lost in light of Donald Trump’s tariff announcements.
When asked if the UK had ‘got off lightly’, senior Conservative MP Chris Philp said said: “No, I wouldn’t say that.
“Dozens and dozens of countries have the same 10% tariffs on all goods and 25% on cars, just the same as us – from Costa Rica to Colombia, from Peru to Paraguay.
“So we’re not getting any special deal or special treatment.”
He told LBC: “This is really bad for our economy. It’s going to put jobs and growth at risk.”
European stock markets try to recover after morning plummet
09:23 , Athena StavrouEuropean shares slumped to a two-month low on Thursday, with Germany hit the hardest.
In Frankfurt, Donald Trump’s announcement played on screens in the stock exchange after the Dax fell more than 2 per cent.
'Grave times': World leaders respond to tariff plans
09:14 , Athena StavrouCountries around the world have been left reeling in the wake of Donald Trump’s tariff announcements.
Italy’s prime minister Meloni has cancelled all of her engagements on Thursday to focus on the country’s response to the tariffs.
China’s foreign ministry called for the Trump administration to reverse the measures altogether.
Elsewhere in Europe, Spain’s prime minister is set to announce a plan in response to the tariffs.
The French prime minister said the tariffs marked a “catastrophe” for the world economy and said we are living in “grave times”, Reuters reported.
Recap: Trump's tariffs spark global fears of economic downturn
09:06 , Athena StavrouIf you’re just joining us now, here is a summary of what has happened overnight and this morning:
• Donald Trump announced his “Liberation Day” plans which included sweeping tariffs for countries around the world.
• The UK did not escape the measures, and British firms have been hit by a 10 per cent tariff on all exports to the US.
• European Union nations face 20 per cent penalties while China will pay 34 per cent and Cambodia an eye-watering 49 per cent.
• Global markets tumbled in response, with heavy falls in Asia seeing Japan’s Nikkei index slump to an 8 month low.
• London’s FTSE 100 dropped sharply on opening, falling 122.4 points or 1.4 per cent in the first few minutes of trading.
• World leaders responded differently to the measures. China has urged the US to reverse its “wrongdoing” whilst the UK appears to still be working on a deal to secure a better economic deal with Trump.
China urges US to correct 'wrongdoing' over reciprocal tariffs
08:52 , Athena StavrouChina has called for Donald Trump to reverse its new tariff measures, after it was hit with a 34 per cent levy on imports to the US.
China's foreign ministry urged the US to correct its "wrongdoing", claiming that the imposition of additional tariffs on China and other countries "severely violated" World Trade Organisation rules, and "harmed" rule-based international trading regime,
The ministry spokesperson Guo Jiakun urged the US to resolve trade and economic disputes with it and other countries through consultation.
Business secretary working to reverse tariffs
08:44 , Athena StavrouJonathan Reynolds has said he is working to reverse Donald Trump’s tariff measures altogether rather than securing a deal to compensate for them
When asked if he was hoping to do a deal to ofsett the tariffs, the business secretary said: “No, I want those tariffs removed. I want them removed in terms of the 10 per cent that’s been announced. I want them removed on steel and aluminium.”
He added: “I want not only to remove what has been announced so far, but to strengthen that relationship.”
London market falls sharply after Trump’s punishing trade tariffs
08:36 , Athena StavrouPM chairs roundtable with UK business leaders after tariff announcement
08:32 , Athena Stavrou
London Stock Exchange opens in the red
08:23 , Karl MatchettAs expected, the London Stock Exchange opens with many companies in the red and the index as a whole down by 1.4 per cent - though not every single constituent is down, with 15 in the green and a further three companies flat.
For the other 82 though it's red all the way, with Barclays down 4.5 per cent, Anglo American (4.49 per cent) and Polar Capital Tech Trust (4.78 per cent) likewise strongly impacted and JD Sports (6.23 per cent) as the hardest hit in early trading.
Doubtless there will be a big initial reaction as retail traders and other investors are now added to the mix, though often we do see an initial plummet and then a slight recovery later in the day.
Then again, we don't exactly have worldwide tariffs imposed by the richest economy on the planet every day, so who knows what the template is for the upcoming eight hours or so.
UK business secretary reacts to sweeping tariffs
08:20 , Athena StavrouThe UK’s business secretary has been speaking about the potential impact of Donald Trump’s new tariff measures.
Jonathan Reynolds told various news outlets that the announcement marked a “very big moment” and that he was “disappointed” the UK wasn’t exempt.
He said he understood the 10 per cent tariff on US imports of UK goods will not come on top of the 25 per cent imposed on all foreign cars imported to the US.
Tariffs on cars are a “real issue” and there is “no need” for them, he said.
Asked by Nick Ferrari on LBC if up to 25,000 jobs in the motor industry could go following the tariffs, he said: “I know everyone in the automotive sector in particular will have those concerns.
“The products that we have, in the main, are very successful at exporting to the US, from Jaguar Land Rover, BMW, Aston Martin, these are often the higher value parts of the market, so the impact of tariffs will be slightly different to those.”
FTSE 100 plummets at opening
08:09 , Athena StavrouLondon’s FTSE 100 Index dropped sharply on opening, falling 122.4 points or 1.4 per cent to 8486.09 in the first few minutes of trading.
It comes after US President Donald Trump unveiled sweeping new tariffs on US imports.
'Nothing off the table' as UK considers how to respond to tariffs
08:07 , Athena StavrouSir Keir Starmer has restated his position that “nothing is off the table” in considering how to respond to Donald Trump’s tariffs.
But pursuing a deal, rather than hitting back with retaliatory taxes on US imports, appears to be the Government’s priority.
The Prime Minister said: “Today marks a new stage in our preparation. We have a range of levers at our disposal and we will continue our work with businesses across the country to discuss their assessment of the options.
“Our intention remains to secure a deal, but nothing is off the table.”
Japan's Nikkei slumps to 8-month low after Trump's tariff shock
08:03 , Athena StavrouUK firms warn tariff measures will 'wreak havoc'
07:55 , Athena StavrouShevaun Haviland, director general of the British Chambers of Commerce, has said Donald Trump’s imposition of tariffs is a “lose-lose situation for everyone”.
She said: “The Government has kept a cool head so far and must continue to negotiate. This is a marathon not a sprint, and getting the best deal for the UK is what matters most.
“But no-one will escape the fallout from these decisions, there will be an increased risk of trade diversion, and it will wreak havoc on businesses communities across the world. Orders will drop, prices will rise, and global economic demand will be weaker as a result. This is a lose-lose situation for everyone.”
PM warns business chiefs of economic impact of Trump's tariffs
07:44 , Athena StavrouPrime Minister Sir Keir Starmer told business chiefs in Downing Street that “clearly there will be an economic impact” from Donald Trump’s tariffs but the Government would respond with “cool and calm heads”.
It comes after Donald Trump slapped a 10% tariff on US imports of UK goods.
European stock futures plummet
07:35 , Athena StavrouEuropean stock futures have plummeted the morning after Donald Trump unveiled his tariffs.
EuroSTOXX50 and DAX futures both fell around 2.3 per cent 06:58am, while FTSE 100 futures were down around 1.7 per cent.
Analysts forecast potential US recession
07:31 , Karl MatchettOn the back of president Trump's latest tariff update, analysts at Barclays are foreseeing a risk to recession in the US this year - and for inflation to rise beyond four per cent.
The higher-than-expected tariff rating across the board is still pending legal challenges, retaliatory escalations and other factors, so could yet change, but their new assessment suggests a "high risk" the US enters a recession, while job losses increase.
The report read: "We estimate that higher tariffs will boost price and exert a drag on activity.
“This is because tariffs raise the price of final and intermediate imported products, adversely affecting domestic consumers; raise the cost of investment in equipment and infrastructure; generally result in retaliation from other countries, which hurts exporters; and are associated with trade policy uncertainty, which causes businesses to delay capex investment and hiring. In the face of weaker growth in activity and employment, the unemployment rate tends to increase."
People watch stocks plummet outside Tokyo stock exchange
07:30 , Athena Stavrou
Asian markets plummet after being hit hard by tariffs
07:23 , Karl MatchettJapan's Nikkei 225 looks the worst-hit of the overnight markets in Asia, dropping a full 3.28 per cent - and that's after recovering some earlier losses.
The Hang Seng and the Shanghai Composite are likewise in the red but equally striking is the American markets dropping sharply in after-hours trading.
The futures show the anticipated market prices upon opening and each of the Dow Jones Industrial (-2.2 per cent), the S&P500 (-3 per cent) and the Nasdaq (-3.56 per cent) are poised to open significantly lower later today.
Of course there's time for that to alter somewhat, as industries and investors alike start to digest the possible impact of Trump's announcements.
Small African nation among worst hit by Trump's tariffs
07:17 , Alisha Rahaman SarkarDonald Trump yesterday slapped a whopping 50 per cent tariff on the southern African nation of Lesotho, along with French territory Saint Pierre and Miquelon
.Lesotho earlier said it was “shocked” by comments made by Mr Trump, who last month claimed “nobody has ever heard of” the country.
The US imported $237.3m worth of goods from the small landlocked African nation in 2024, up 4.7 per cent from 2023, according to government data.
The US goods trade deficit with Lesotho last year
Vietnam slapped with eye-watering tariff despite push to placate Trump
07:13 , Alisha Rahaman SarkarDonald Trump yesterday slapped a 46 per cent tariff on Vietnam, which the US claimed was one of the worst offenders based on a government tally of the levies imposed on American goods.
The new levies could significantly dent Vietnam's goal of boosting growth to at least 8 per cent this year, according to Bloomberg News.
Nonetheless, Vietnam's prime minister Phạm Minh Chinh argued that the growth target for this year will remain unchanged. He said the government would set up a task force to deal with the US tariffs.
Vietnam on Monday had slashed tariffs on a range of imports, from liquefied natural gas to agricultural products.
Indian shares fall as US tariffs hit markets
06:06 , Alisha Rahaman SarkarIndia's benchmark indexes opened lower this morning after US president Donald Trump slapped 26 per cent tariffs on imports from the South Asian nation, but a temporary exemption of pharmaceutical products helped soften the blow.
The Nifty 50 was down 0.60 per cent at 23,192.40, while the BSE Sensex fell 0.61 per cent to 76,153.68.
Mr Trump's tariff announcement on India is part of his plan to impose a 10 per cent baseline tariff on all trade partners from 5 April, with higher duties on dozens of other countries, including 34 per cent on China from 9 April.
"The tariffs are significantly higher than anticipated and will disrupt global trade and, therefore, global growth," said Ankita Pathak, macro strategist and global equities fund advisor at Ionic Asset.
"This is likely to seep into domestic growth, earnings and consequently valuations," he said.
US treasury secretary warns countries against retaliation
05:28 , Alisha Rahaman SarkarUS treasury secretary Scott Bessent has warned trading partners to not retaliate against Donald Trump's sweeping tariffs that could send the world economy into a tizzy.
"My advice to every country right now is, do not retaliate," Mr Bessent told Fox News.
"Sit back, take it in, let's see how it goes. Because if you retaliate, there will be escalation," he warned. "If you don't retaliate, this is the high watermark.
"China this morning urged the US to roll back the tariffs and properly resolve differences with trading partners through equal dialogue.
China firmly opposes this and will resolutely take countermeasures to safeguard its rights and interests, the commerce ministry said.
Japan reacts to Trump's tariffs
05:21 , Alisha Rahaman SarkarJapan has reacted strongly to US president Donald Trump's sweeping 24 per cent tariffs on imports, calling it "extremely regrettable".
Trade minister Yoji Muto told reporters today that he has "conveyed that the unilateral tariff measures taken by the US are extremely regrettable, and I have again strongly urged [Washington] not to apply them to Japan".
He said he spoke with the US commerce secretary Howard Lutnick before Mr Trump’s announcement.
Japanese prime minister Shigeru Ishiba said Tokyo – one of the strongest US allies – was "making the largest amount of investment to the US".
"So we wonder if it makes sense for (Washington) to apply uniform tariffs to all countries," he said.
"We need to consider what's best for Japan's national interest. We're putting all options on the table in considering the most effective response."
Trump imposes tariffs on uninhabited islands
05:06 , Alisha Rahaman SarkarPresident Donald Trump imposed tariffs on uninhabited islands and a U.S. military base on Wednesday as he announced his widespread levies.
Trump imposed tariffs on the uninhabited Heard and McDonald Islands in the sub-Antarctic Indian Ocean, Axios noted.
The mostly barren UNESCO World Heritage site was featured on Trump’s list of areas that now face a minimum of 10 percent tariffs on U.S. imports, along with mainland Australia.
Gustaf Kilander reports.
Trump imposes tariffs on uninhabited islands and a US military base
EU preparing countermeasures, says Ursula Von der Leyen
05:04 , Alisha Rahaman SarkarThe EU is preparing countermeasures after US president Donald Trump hit dozens of nations with “reciprocal tariffs” in what is seen as a “major blow” to the world economy.
“We are already finalising the first package of countermeasures in response to tariffs on steel,” EU Commission chief Ursula von der Leyen in a statement read out in Uzbekistan.
“And we’re now preparing for further countermeasures to protect our interests and our businesses if negotiations fail." The EU is facing a 20 per cent tariff hike.
Asian stock markets plummet in aftermath of Trump tariffs announcement
04:28 , Alisha Rahaman SarkarStock markets across Asia fell on Thursday morning at the opening after US president Donald Trump announced sweeping new tariffs on imports.
Tokyo’s Nikkei 225 dropped as much as 4 per cent in early trade before partially recovering to close 2.9 per cent lower at 34,675.97 on Thursday. South Korea’s Kospi slipped 1.5 per cent, while Hong Kong’s Hang Seng fell 1.4 per cent.
The Shanghai Composite dipped slightly by less than 0.1 per cent, and Australia’s ASX 200 was down 1.3 per cent.
Stuti Mishra has more.
Asian stock markets plummet in aftermath of Trump tariffs announcement
Donald Trump slaps 26% tariff on India
04:12 , Alisha Rahaman SarkarUS president Donald Trump announced a 26 per cent tariff on India despite New Delhi's aggressive efforts to avoid his wrath.
Mr Trump unveiled the tariffs late on Wednesday, calling them “discounted" and "reciprocal".
They include a universal rate of 10 per cent for all countries and territories, rising higher for those he deems as charging too much on American goods.
“The United States charges other countries only a 2.4 per cent tariff on motorcycles. Meanwhile, Thailand and others are charging much higher rates, like 60 per cent.
India charges 70 per cent, Vietnam charges 75 per cent, and others charge even higher rates,” he said yesterday.
India had sought to avoid a trade war with its biggest trading partner by already imposing pre-emptive tariff cuts before prime minister Narendra Modi's recent visit to the White House.
Two-way trade exceeded $118bn in fiscal 2023-2024, with India posting a surplus of $32bn.
“India, very, very tough. Very, very tough. The prime minister just left. He’s a great friend of mine, but I said, ‘You’re a friend of mine, but you’re not treating us right," Mr Trump said.
"They charge us 52 per cent. You have to understand, we charge them almost nothing for years and years and decades, and it was only seven years ago, when I came in, that we started with China'," he added.
The Indian commerce ministry has already reduced levies on heavyweight bikes with engines above 1,600cc from 50 per cent to 30 per cent and on smaller models to 40 per cent, complying with the American president's longstanding demand.
China urges Trump to immediately cancel tariffs
03:59 , Alisha Rahaman SarkarChina's commerce ministry has urged the US to immediately cancel unilateral tariff measures and properly resolve differences with trading partners through equal dialogue.
"Many trading partners have expressed strong dissatisfaction and clear opposition," the ministry said in a statement this morning. China firmly opposes this and will resolutely take countermeasures to safeguard its rights and interests, it said.
President Donald Trump announced yesterday that he would impose a 10 per cent baseline tariff on all imports to the US and higher duties on dozens of other countries. The tariffs will take effect on 9 April.
Chinese imports will be hit with a 34 per cent tariff, on top of the 20 per cent he previously imposed, bringing the total new levy to 54 per cent.
Analysis: Trouble ahead if Starmer fails to have UK tariff lifted
03:00 , Jane DaltonThe prime minister will face some brickbats for failing to win a carve-out from tariffs with what many see as a fawning approach to Donald Trump, writes David Maddox, The Independent’s political editor.
But as the world digests the stunning news of reciprocal tariffs unleashed around the globe, Sir Keir Starmer can take some satisfaction from his work and have hope that for the UK at least there is a quick resolution to this nightmare.
As Downing Street was quick to point out, the 10 per cent minimum tariff being imposed on the UK is much better than others, most notably the EU. This literally is the difference between saving and losing many thousands of jobs.
There have been positive noises from Downing Street that despite issues around free speech concerns from the US, the UK and America are close to a trade deal which would even see these tariffs go away.
There is though a very much wait-and-see on that.
So while Starmer and his ministers can take some satisfaction now from their efforts there is still a lot of work ahead and high stakes. These tariffs wipe out the chancellor Rachel Reeves’ economic headroom.
A failure to get rid of them will leave the UK government in a lot of trouble.
EU manufacturers urged to move to UK
02:30 , Jane DaltonAt least one Brexiteer has suggested European manufacturers move their businesses to the UK to benefit from the lower 10% tariff than the 20% in the EU.
Dear European Manufacturers.
— Gully Foyle #UKTrade (@TerraOrBust) April 2, 2025
Want to reduce your 20% tariff on your US exports down to just 10%, or perhaps even removing it completely?
Move your manufacturing to the UK. Job done. pic.twitter.com/MozkWc5jUv
Tariffs will drive up prices globally, warns Chambers of Commerce
02:00 , Jane DaltonThe head of the British Chambers of Commerce says the new tariffs will wreak havoc on business communities globally, driving up prices, but that retaliatory tariffs should be only a last resort.
Shevaun Haviland, director general, said: “The Government has kept a cool head so far and must continue to negotiate. This is a marathon not a sprint, and getting the best deal for the UK is what matters most.
“But no-one will escape the fallout from these decisions, there will be an increased risk of trade diversion, and it will wreak havoc on business communities across the world. Orders will drop, prices will rise, and global economic demand will be weaker as a result. This is a lose-lose situation for everyone.
“So, it is vitally important that the government does not give up on negotiations. Tariffs can be lifted at any time and the US has signalled its willingness to do some form of deal with us.
“The UK is not without influence, our bilateral trade with the US is worth £300 billion, we have £500 billion invested there and it has £700 billion tied up in our economy. There is a high-level of co-dependency and we are speaking to businesses across the UK on options for Government to consider.”
She said decisions on taxes would need to be taken very carefully, and the government should keep everything on the table during talks, but retaliatory tariffs should only be a last resort.
“Many firms, especially SMEs, will now be facing difficult decisions and we urge government to do all it can to provide practical support to them.”
How Trump’s tariff plan will work
01:30 , Jane Dalton
Trump’s ‘liberation day’ is here. What do his tariffs mean for Americans?
No escape for UK as Trump targets ‘foreign cheaters' in new global trade war
01:00 , Jane Dalton
No escape for UK as Trump targets ‘foreign cheaters ‘ in new global trade war
Trump claims US industry ‘reborn’ – full report
Thursday 3 April 2025 00:28 , Jane Dalton
Trump claims American industry ‘reborn’ as he imposes sweeping tariffs
Trade war would weaken West, warns Italian PM
Wednesday 2 April 2025 23:58 , Jane DaltonItalian prime minister Giorgia Meloni said Mr Trump’s new tariffs were wrong, and that she hoped to work with the US and Europe to avoid a trade war that would weaken the West.
Lower levy saving thousands of jobs, No 10 says
Wednesday 2 April 2025 23:32 , Jane DaltonThe prime minister’s office hinted at relief that the announcement wasn’t worse.
A Downing Street source said: "We don't want any tariffs at all, but a lower levy than others vindicates our approach.
"It matters because the difference between 10% and 20% is thousands of jobs.
"We will keep negotiating, keep cool and keep calm. We want to negotiate a sustainable trade deal, and of course to get tariffs lowered. Tomorrow we will continue with that work."
No immediate retaliatory measures are expected from the government as it focuses on trying to strike the hoped-for economic deal with the US.
But experts say more than 25,000 UK car manufacturing jobs could be at risk from the 25% tariff on cars.
Irish leader hits out at tariffs
Wednesday 2 April 2025 23:10 , Jane DaltonThere is "no justification" for US tariffs that will hit Ireland, Irish premier Micheal Martin said.
The Taoiseach said: "Ireland believes in open and free trade and that the imposition of tariffs is bad for the world economy. I deeply regret the US decision to impose 20% tariffs on imports from across the European Union. We see no justification for this."
Mr Martin said: "Now is a time for dialogue, and I believe that a negotiated way forward is the only sensible one. A confrontation is in no one's interests."
