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Checkers, chess and go
David Goldman analyzes the global economic and geopolitical fallout from President Trump’s escalating tariff war, highlighting gold’s 29% year-to-date surge as a reflection of investor anxiety over inflation, weak currencies, and fiscal instability across major economies.
Merz, missiles, and missed opportunities
Diego Faßnacht assesses Germany’s upcoming political and economic trajectory under Chancellor-in-waiting Friedrich Merz, warning that the new coalition government offers continuity in flawed domestic policy and escalation in foreign affairs.
Kremlin pursues ‘Yes, but’ strategy as trust in Trump wavers
James Davis assesses the latest diplomatic maneuvering surrounding the Russia-Ukraine war, highlighting the widening gap between negotiations and battlefield developments. The Kremlin is pursuing a “yes, but” strategy that preserves military pressure while entertaining talks.
US curbs on Japan holds few cards in trade talks with Trump, but all is not lost
Scott Foster observes that Tokyo enters trade negotiations with the Trump administration under significant economic pressure, particularly from paused but looming US auto tariffs that threaten domestic employment, despite Japan’s deep investments in the US economy.