Key data yesterday pointed directly to the tensions we should all have at back of mind. While the US Beige Book was, well, ‘beige’, China saw a trade surplus for 2025 of $1.2trn, the size of the Dutch economy, and up 20% y-o-y. If that pile grows at the same pace ahead then by 2030 it will be $3.0trn, around the size of the French economy. By 2035, it will be the German plus Italian economies. If you can’t see why isn’t sustainable, you’re in the wrong business. If you can’t plot out the ways this can be addressed, and the problems arising from doing so, the same holds true. On which, Politico reports ‘EU foreign ... (full story)