US President Donald Trump's policies are causing significant damage to the global economy, according to Ambrose Evans-Pritchard. The "economic phoney war" of the past six months has ended, and its effects are being felt worldwide. Trump's actions have led to a decline in investor confidence, causing stock markets to fluctuate and interest rates to rise. This is particularly concerning for countries heavily reliant on international trade, such as Australia, which imports many goods from the US.