Intro

With EU leaders summoned to the White House to take dictation, it seems as though the Ukraine War is entering its final phase. Can the Europeans take their medicine? Or will they stay doolally on the happy pills? 

India has made it easier for Russian banks to operate. Turns out, Trump’s capricious decision to threaten them with swingeing sanctions has had second order consequences. These days, the monkey’s paw is twitching so hard it’s tapping out morse code. 

Finally, Goldman Sachs has estimated the winners and losers of the tariff wars. And the loser is – US consumers, who can expect to bear 64 per cent of costs before Xmas.

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