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When the levy doesn’t break: a trade-war world adjusts

The Trump administration’s dedication to tariffs now seems more fervent than the first time around. Markets (https://www.economist.com/finance-and-economics/2025/03/10/how-trump-provoked-a-stockmarket-sell-off?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=theintelligence&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners) are noticing (https://www.economist.com/finance-and-economics/2025/03/11/will-americas-stockmarket-convulsions-spread?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=theintelligence&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners). We ask what might temper the trade war. Europe’s once-fringe hard-right parties are now leading polls (https://www.economist.com/graphic-detail/2025/02/28/hard-right-parties-are-now-europes-most-popular?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=theintelligence&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners), even if not yet leading governments; we look at where things are headed (11:07). And tackling the mythology behind people’s very first and very last words (https://www.economist.com/culture/2025/02/27/finding-meaning-in-peoples-first-words-and-their-last?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=theintelligence&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners) (16:47).

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