Even though many of us are holidaying, it is hard to ignore the strange things happening in geopolitics and international trade relations. No one knows the likely outcomes of President Trump’s tariff policies, his interventions in the Gaza and Ukraine crises, and his war on some of the top US universities. It is, however, clear that vital, long term sourcing and manufacturing strategies for many countries and companies have been and will be disrupted for some time to come. Furthermore, major US research projects and some academic careers have been abruptly halted. This will not help productivity in the US or elsewhere. Hopefully, the relative stability and academic freedom of Europe will prove attractive to international companies and talent, and help fuel a European economic revival.

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