Expectations for widespread price hikes following a wave of new tariffs this year have largely fallen short, surprising economists and fueling claims from tariff defenders that the levies are having no impact on inflation.

Financial news has been breaking fast and furious, thanks to President Trump.

Now President Donald Trump is betting that his go-to economic weapon — tariffs — can succeed where Ukrainian drones and rockets haven’t, and finally persuade Putin to end his war.

The country has also agreed to purchase $15bn worth in US energy, $4.5bn in American agricultural products and 50 Boeing jets, he later wrote on social media.