If there is one song that captures President Donald Trump’s vision for the US economy in 2026, it is Buster Poindexter’s 1987 cover of Montserratian musician Arrow’s “Hot Hot Hot” with its line about “party people all around me”. That, at least, was the unmistakable vibe emanating from Trump’s entourage at the World Economic Forum’s annual meeting this month.

Trump and his team arrived in Davos with a bullish message. Massive fiscal stimulus - both continuing and newly promised under the administration’s One Big Beautiful Bill Act - will soon be reinforced by a sharp increase in defence spe...