What the next Dark Ages could look like
judging from news accounts and interviews, numerous people in and around the Trump administration are beguiled by imperial Rome. They see themselves as interpreters of its lessons—beware immigration; uphold masculinity; make babies—and inheritors of its majesty. A banner at this year’s Conservative Political Action Conference, in Washington, D.C., depicted Donald Trump in Augustan profile, his brow garlanded with laurel leaves. Elon Musk styles himself “Imperator of Mars” and has named one of his many children Romulus. Steve Bannon keeps a bust of Julius Caesar in his Capitol Hill office
British Army supplier founded by Tony Blair’s son raises $20m Telegraph. Colonel Smithers: “Where there’s a trough, there’s a Blair.”
The merits of a wartime mentality Engelsberg Ideas
HMRC plans for tax raid on pensions Telegraph
A journalist’s home was vandalized after an investigation. The subject of her reporting was indicted.
In another disturbing case of violence against journalists, prosecutors say Eric Spofford paid thousands to target NHPR staffers
Trump’s tariff tally: $34 billion and counting, global companies say
Reuters – Companies face uncertainty, paralyzing decision-making and affecting profit forecasts; Economists predict final costs will be much higher than disclosed; Tariffs impact automakers, airlines, and consumer goods importers significantly.
President Donald Trump’s trade war has cost companies more than $34 billion in lost sales and higher costs, according to a Reuters analysis of corporate disclosures, a toll that is expected to rise as ongoing uncertainty over tariffs paralyzes decision making at some of the world’s largest companies.
Across the United States, Asia and Europe, companies including Apple have pulled or slashed their profit forecasts, and an overwhelming majority say the erratic nature of Trump’s trade policies has made it impossible to accurately estimate costs.
Reuters reviewed company statements, regulatory filings, conference and media call transcripts to pull together for the first time a snapshot of the tariff cost so far for global businesses. The $33 billion is a sum of estimates from 32 companies in the S&P 500, three companies from Europe’s STOXX 600 indices. Economists say the cost to businesses will likely be multiple times what companies have so far disclosed. “You can double or triple your tally and we’d still say … the magnitude is bound to be far greater than most people realize,” said Jeffrey Sonnenfeld, professor at the Yale School of Management. The ripple effects could be worse, he added, citing the potential for lower spending from consumers and businesses, higher inflation expectations.
Sino-US trade hostilities has offered some relief and Trump has backed down from tariff threats against Europe, it is still not clear what the final trade deals will look like.
A U.S. trade court on Wednesday blocked Trump’s tariffsfrom going into effect. In this environment, strategists say companies will look to strengthen supply chains, boost near-shoring efforts, and prioritize new markets – all of which will push up costs. Companies themselves are uncertain about the final cost. As the corporate earnings season draws to a close, Reuters found at least 42 companies have cut their forecasts and 16 have withdrawn or suspended their guidance.
For instance, earlier this month, Walmart declined to provide a quarterly profit forecast and said it would raise prices, drawing a rebuke from Trump. Volvo Cars, one of the European automakers most exposed to U.S. tariffs, withdrew its earnings forecast for the next two years and United Airlines gave two different forecasts, saying it was impossible to predict the macro environment this year…”
