Don’t be fooled — everything has changed for the global economy
Damage caused by US tariffs has so far been muted but that won’t last
Damage caused by US tariffs has so far been muted but that won’t last

Trump’s tariffs have not led to the kind of retaliatory action many expected

Total economic and financial insulation is an impossibility

Trump’s tariff war brings with it unpredictability and a consequent loss of confidence

The market’s calm in the face of war is beginning to crack

We are living in a ‘barbell’ world where international threat meets technological opportunity

US President Donald Trump announces levies on dozens of countries and formalises some trade deals