Special Edition: Global Cakeism

Philip Pilkington is away in Belgrade on a foreign assignment, which means we’re serving up a Sleepless In Seattle-style double header, on tariffs.

First off: what is the end game for trade and the dollar? With Liberation Day now a distant memory and the passing of The Big Beautiful Bill, Philip has crunched the numbers, and figured out that all is not what it seems.

Meanwhile, Andrew, casts his eyes eastwards. How are tariffs affecting the geopolitical balance of power in south-east Asia? Are the Japanese slicing up some lessons in Cakeism for Trump?

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