The world changed in January 2025 with Donald Trump’s inauguration as US president. Shortly after taking office, Trump threw a hand grenade into the engine room of the global economy with his Liberation Day tariffs. Yet the 47th president of the United States is transactional, not ideological, and by the end of 2025 the US had reached a trade deal with China. While the trade war between the world’s two largest economies may be over, an artificial intelligence and electrification arms race is in full swing. This battle is creating a complex economic environment in...