An international finance expert has played down speculation that the Trump administration will transform the US into potentially the world’s biggest tax haven. Carl Tannenbaum, chief economist of Northern Trust, which employs 16,500 people, addressing a Limerick Chamber of Commerce event yesterday, said the likelihood of a border tax passing was low.

Northern Trust’s chief economist has cast serious doubt over the possibility of a significant oil price recovery this year as the ongoing price war continues.

The US unemployment rate took another big leap upward in November to 5.7% - the highest level in six years - as 331,000 more workers lost their jobs, the government reported today.