Ones and Tooze Trump's Trade War with Europe
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May 30, 2025 The discussion kicks off with the significant $236 billion trade deficit between the U.S. and the EU, examining the effects of proposed tariffs. As negotiations progress, the hosts dive into the complexities of international trade, particularly post-Brexit relations. Transitioning to the cultural realm, they celebrate the 60th anniversary of 'The Sound of Music,' exploring its historical context and economic impact on Salzburg, particularly how the film boosted tourism and local employment. A fascinating blend of politics, economics, and nostalgia!
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Europe's Manufacturing Might Explained
- Europe excels in manufacturing with strong industrial sectors like Airbus and ASML.
- This strength comes from comparative advantage, economies of scale, and macroeconomic balance factors.
Legal Issues in Seizing Russian Assets
- Seizing Russian sovereign assets in Europe breaches traditional international law on asset immunity.
- The legal and political challenges make using these assets uncertain as collateral for Ukrainian support.
NATO's 5% Defense Spending Target
- NATO endorses a 5% GDP target for defense, combining military and infrastructure spending.
- Infrastructure spending includes dual-use assets like railways critical for military logistics.