A wise Sky News commentator said about Trump before his election that his world view was just to carve up the globe between three admirable (in his eyes) strongmen; Xi, Putin and himself. This amoral/immoral approach with little role for democracy appears to be the driving force behind the Trump administration’s new national security strategy published last Friday.

It trashes Europe, warning the continent is ‘subverting democracy’ and faces ‘civilisational erasure’ from high migration. What a load of nonsense and all this coming from a government that is domestically subverting the rule of law, issuing pardons to murderers (January 6th) and drug traffickers. And that is before wide scale state capture as Trump and his cronies enrich themselves at home and abroad, mixing foreign affairs with private business interests.

This sorry national security strategy goes on to attack the EU generally but depicts Russia as no longer a security threat. Selling out Ukraine seems to be a priority, reinforced by a disgraceful interview with Trump yesterday. Meanwhile, China is pushed down America’s list of priorities and consequently, its power grows ever stronger. Lastly, not covered by this document is the mismanagement of India, a future superpower in its own right which is being driven into the arms of Putin via sanctions. And what is the obsession with Venezuela?

The US under Trump and JD Vance can no longer be seen as a friend of democracy or a remotely reliable ally of the UK or Europe. Perhaps the Sky News commentator was too cautious in his assessment of Trump…

It all makes grim reading and grimmer listening. I am a news junky but during my recent trip to the US felt the need to avoid any television, being sick of the sight and sound of Trump.

Sick of the sight and sound of him…

Then back at home, culturally, as the Trump administration seeks to row back from any form of political correctness on the grounds of ‘freedom’, Trump not only threatens universities, museums and media outlets, but has starkly seized control of the Kennedy Center now referring to it as the Trump Kennedy Center. At the weekend, Trump personally hosted the Center’s annual honors gala, politicising the whole event, rewarding his cronies in front of a MAGA friendly crowd. No wonder ticket sales generally at this venerable institution have plummeted.

The damage Trump is now doing to the fabric of this nation is incalculable. Collapsing approval ratings for Trump’s actions are no protection and focus turns increasingly to the mid-term elections next year to curtail his power. Democrats, responsible for Trump’s victory in the first place and currently in disarray, are not guaranteed to win. Incalculable damage may turn into irreversible damage and that is very bad news for all of us.

So, lucky us. We get Donald Trump twice this year. First, playing golf in Turnberry with Ursula von der Leyen and Keir Starmer rushing up to Scotland to pay homage and then the State visit in September. Umm…

Trump has dominated the headlines since day one of his presidency, hitting the ground running with a highly competent far-right team behind him, introducing some ground-breaking and irreversible domestic and international policies. You might not like him, but as with Farage, he is a transformative politician.

Trump swings into Scotland…

So, how does the balance sheet of Trump’s actions look as we head off for the summer holidays? Well, first the good, as it is the shortest part.

Trump was right to goad and threaten Europe into paying more for its own defence. Previous US presidents have urged this but have then done nothing to force Europe’s hand. There has always been a strong isolationist streak in America, and Trump has played this beautifully to get a 3.5 per cent of GDP defence spending commitment from European countries (ex-Spain). Second, immigration. Illegal immigration across the Mexican border has now fallen by 90 per cent on a month on month basis. Whatever you think of the merits of migration or the way Trump has treated this issue, the scale of illegal border crossings was storing up huge tensions in the US, even amongst many Democrat voters as southern states sent immigrants north to be housed. Obama was actually the toughest US president to curb numbers before Trump. Biden was hopeless. In thrall to his left-wing, he totally failed (as did Harris) to understand the strength of feeling on this issue across a majority of voters. Take note, Starmer.

OK, that’s enough ‘praise’. Now the bad. Tariffs do not work. They will potentially cause huge market inefficiencies and drive up prices. The consequences have yet to be felt. The rates are illogical across countries, although the overall impact might not be as great as earlier predictions indicated. Second, the recent tax bill. It strips Medicaid from 16m Americans whilst shovelling cash to the rich. Shame on the Republican Party who pushed it through, ballooning the deficit in the process. What happened to fiscal conservatism? One senses the next global economic crisis might be driven by a fear of America defaulting on its debt, evidence demonstrated by the current weakness of the US Dollar.

Then the very ugly. There could be an entire book on this. Regardless of policy, it is the morality of leaders and their probity, which provides the bedrock to democracy. Trump simply lies, lies, lies. Perhaps an unsurprising trait in a convicted felon. Americans either don’t notice or don’t care about the State capture blatantly on view, whether it is Trump’s crypto-currency deals, the acceptance of a jet from Qatar or the fact that he, his family and ‘friends’ constantly trade on the broader influence of the presidency to enrich themselves. Next is the undermining of state institutions, the bullying of universities and arts generally in a drive to eradicate ‘political correctness’, the attempt to compromise an independent judicial process. The list goes on, but the ugly is also a fair description of fawning Western leaders who have swallowed their pride to accommodate Trump.

Finally, the lowest of the lows was how President Zelenskyy was treated in the White House in February. This was an iconic moment. Surrounded by individuals who had never fought, been under any military threat, and, in some cases, had dodged the Vietnam draft, it was a shameful episode. JD Vance’s behaviour was on this occasion, even worse than Trump’s. How dare they speak to a fellow president like that, representing a country under existential threat. This spectacle alone should be enough to justify a damning analysis of Trump’s presidency. The one silver lining is that Trump hasn’t had the opportunity to hand Ukraine to Putin and now understands the Russian leader isn’t quite the pal he thought he was.

The future? Who knows, as the Democrats sink to record levels of unpopularity and irrelevance. Will the presidency and federal institutions recover from four years of Trump? Will anyone realise the damage done by ineffectual checks and balances on centralised power? One doubts it. In a few years, which can’t come too soon, Trump’s emperor-like reign will end. But the hangover will be enormous.

Donald Trump once said: ‘I could stand in the middle of Fifth Avenue and shoot somebody, and I still wouldn’t lose any (Republican activist) voters, OK?’

Economically, Trump has done just that. Tariffs everywhere. The end of globalisation as we know it. A potential worldwide recession, higher inflation, the breakdown of traditional Western alliances. It is all in the melting pot, and the President of the United States doesn’t care. He is bulletproof, so to speak.

A President out of control…

He has always been in favour of tariffs, taking out advertisements back in the 80s supporting the concept, combining it with disgust at paying to defend countries he deemed could afford to protect themselves. He may have a point on the latter issue, but American defence companies have made a fortune in the process.

Nobody can say they didn’t know what they were electing with Trump. Except… there are no policy analyses in presidential elections. None of his views were ever really tested in debate. For example, the economic jingoism of tariffs resonates with ordinary Republican activists/voters and many others besides but not the realities/practicalities. Such rashness would always be tested in a UK General Election campaign. Just ask Theresa May and her 2017 social care proposals.

Professional Republican politicians, Reaganites if you like, who were brought up believing in free-trade, NATO, and Western democratic values have been swept aside by far-right, isolationist MAGA activists who have taken over the GOP and terrified them into silence.

Cowardice prevails. Janan Ganash of the FT at my company’s annual investment seminar back in November warned Trump, with no re-election pressures, would be unleashed. There seems to be no checks and balances amongst Republicans, professional or otherwise on his actions.

Trump today means what he says. Tariffs, Greenland, the Panama Canal, a bromance with Putin, a third term. He is serious about them all.

Republicans created this monster or, rather, failed to stop him. Whether it be a global recession or a carve up of Ukraine just to start with, they will own the grim consequences of a president who is out of control.