Canada says response to 25% aluminium and steel tariff will be ‘clear and calibrated’; Hong Kong to file complaint with World Trade Organization over tariffs imposed on city

• Trump announces 25% tariffs on foreign steel and aluminium

It’s always worth noting when a bird changes its plumage. Shedding one coat for another can be both attractive and informative – alerting us to a change in conditions (that’s enough Spring Watch, Ed).

And as in ornithology, also in monetary policy. Last week, Catherine Mann – previously a hawkish Bank of England policymaker opposed to large interest rate cuts, emerged as a dove!

“Demand conditions are quite a bit weaker than has been the case — and I have changed my mind on that,

“To the extent that we can communicate what we think are the appropriate financial conditions for the UK economy, a larger move is a superior communication device, in my view.”