Investment Conclusions.
This week marks the publication of “Egonomics” analysing how President Trump’s economic ecosystem may be more stable than thought. But is nevertheless threatened by Supreme Cout ruling and, in the longer term, escalation of the Russian war in Europe.
I try and explain the significance of Trump’s latest Pharma tariffs.
Watch for retaliation when the EU moves to de-facto expropriate Russian central bank assets in Euroclear. And my indicator of Russian Grayzone intrusions into Europe appears as a measure of escalation for the first time.
The shipping data is pretty dire as an indicator of US demand. But China sails on (sic!).