The US decoupling from the global gloom has limits
Total economic and financial insulation is an impossibility
Total economic and financial insulation is an impossibility

Damage caused by US tariffs has so far been muted but that won’t last

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

For the first time, investors are talking about ‘US risk’

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

The EU must make itself minimally vulnerable to inevitable US pressure

The sector remains untested in a severe or prolonged economic downturn