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What Happened In 2025

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I like to bookend the New Year holiday with two posts, one looking back at the year that is ending (What Happened) and one looking forward to the year ahead (What Will Happen). This is the first of these two posts. The second one will run tomorrow. Here's a top ten list of things that happened this year that really matter. 1/ The end of globalization. The Trump Tariffs represent a fundamental change in trade policy, and if they remain the approach of future White Houses, it will mark a return to protectionism and the end of the Free Trade era in the US, which has been the default policy of the US for my entire adult life. Whether you are for or against this change, it is massive and means that the rest of the world will now have to pay to access our markets in the US, making the reshoring of critical infrastructure possible. One thing I am less sure about but super interested in is whether tariffs can become a significant revenue generator for the US Government, as was the case until 1

What Happened In 2025 I like to bookend the New Year holiday with two posts, one looking back at the year that is ending ( What Happened ) and one looking forward to the year ahead ( What Will Happen ). This is the first of these two posts. The second one will run tomorrow. Here's a top ten list of things that happened this year that really matter. 1/ The end of globalization. The Trump Tariffs represent a fundamental change in trade policy, and if they remain the approach of future White Houses, it will mark a return to protectionism and the end of the Free Trade era in the US, which has been

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