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boundary="P5mxuHd9w54b=_?:" This is a multi-part message in MIME format. --P5mxuHd9w54b=_?: Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: 8bit The Economist https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4a747928fd00d80db12ce7481397b83198c9caf99c737a3e2d149b1b47ccee84f095c95a4456f49fcbd1f59f7722f4d53c3d9ec6db231635d https://view.e.economist.com/?qs=155b5b9580332ecf914bb0680dd1cb2025a508d64fb887c9ae59f3a9f088c7d73b7abd7bb6678dc52a8b23cdcf51ebd029964a346867e508b25764839bac4a245af273a5b2df291b4dbea3677037e194 Read in browser January 22nd 2025 The Economist today The best of our journalism, handpicked each day https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4b15592cb50f6672557a5b67777090e4ef4a8207e69f18e42bb48265b518f2110c3a5406819079763f2e67cc5477f4caf708ccc92bcc04e9a https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4ba39092df7f1c275247c8714e889553dc147b6e5bba2ff953289c92e69e4ced34ec84af775108a0b81f216dfdb36e929c7b4175df6e2f898 https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4ba39092df7f1c275247c8714e889553dc147b6e5bba2ff953289c92e69e4ced34ec84af775108a0b81f216dfdb36e929c7b4175df6e2f898 Lane Greene Senior digital editor Donald Trump promised America a new “golden age”. You can be forgiven for discounting his promises. But he could reach epoch-defining achievements on foreign policy, immigration and other areas, argues our https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4a3ba3718efde2c49f9589c0033526679b77d23977a57b77a70a533eb714c7d64ab5a73af5c2b85f836cfa0eac9c8d96636285846166a4d77 Lexington columnist . Mr Trump has shown flashes of willingness to get there—but usually gets in his own way. And economists love cities, for bringing together capital, infrastructure and especially people and their ideas. This is good for efficiency. But do cities really need to be as big as New York or London? A https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4eaac0979c226a49ab43f2100f0b237f22ea95677db46d881ec737c5d55fb3ee74b529fcd85d04102e5348c24624f9d392536d2839efaf2b0 new paper says no. https://click.e.economist.com/?qs=b5e25ca0e6b0bfd49ba959a7c33e8e1b873a2a05b8152f1455bb0880915fca9ea6b86e82490e35c12daa1922a1f907af1a6d317494ff64197043d15fe45d63e4 https://click.e.economist.com/?qs=b5e25ca0e6b0bfd49ba959a7c33e8e1b873a2a05b8152f1455bb0880915fca9ea6b86e82490e35c12daa1922a1f907af1a6d317494ff64197043d15fe45d63e4 Lexington https://click.e.economist.com/?qs=b5e25ca0e6b0bfd49ba959a7c33e8e1b873a2a05b8152f1455bb0880915fca9ea6b86e82490e35c12daa1922a1f907af1a6d317494ff64197043d15fe45d63e4 America really could enter a golden age https://click.e.economist.com/?qs=b5e25ca0e6b0bfd49ba959a7c33e8e1b873a2a05b8152f1455bb0880915fca9ea6b86e82490e35c12daa1922a1f907af1a6d317494ff64197043d15fe45d63e4 Donald Trump would need to build on its strengths, and subdue his own weaknesses Related → https://click.e.economist.com/?qs=b5e25ca0e6b0bfd429c05d4e4b51a43a45d04e071e22e4194ce39c0559fb9368c85655000b6c6c8f4ee30c80f0d16b698d96a6659c86453289c409ff0cc318ba Keep tabs on Trump’s executive orders, cabinet and popularity https://click.e.economist.com/?qs=b5e25ca0e6b0bfd451135bf057f7f1ceb58c41a1d7e196c7084de61add476197faa957375549a15dc96f1598e4eeda268e418063ecfc59f88ba2f2f3274de18a https://click.e.economist.com/?qs=b5e25ca0e6b0bfd451135bf057f7f1ceb58c41a1d7e196c7084de61add476197faa957375549a15dc96f1598e4eeda268e418063ecfc59f88ba2f2f3274de18a Trading losses https://click.e.economist.com/?qs=b5e25ca0e6b0bfd451135bf057f7f1ceb58c41a1d7e196c7084de61add476197faa957375549a15dc96f1598e4eeda268e418063ecfc59f88ba2f2f3274de18a Tariffs will harm America, not induce a manufacturing rebirth https://click.e.economist.com/?qs=b5e25ca0e6b0bfd451135bf057f7f1ceb58c41a1d7e196c7084de61add476197faa957375549a15dc96f1598e4eeda268e418063ecfc59f88ba2f2f3274de18a Donald Trump’s pursuit of tariffs will make the world poorer—and America, too Go beyond the headlines Subscribe for unlimited access to The Economist https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4e16f584e41007fb6cec3e495b3664389ea02cb8aa00cb4741646d298d604dfc923605827532f95710be467e2a100afb6afbef711497f2d0d Subscribe https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4a2bf16098fa8e94bf518fffba9a3027067c55f5adc5a699e5f718b6e12e1b0d4eac82f0256c67593771ad28d0060ba8b5ed5bd648bf1433c https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4a2bf16098fa8e94bf518fffba9a3027067c55f5adc5a699e5f718b6e12e1b0d4eac82f0256c67593771ad28d0060ba8b5ed5bd648bf1433c Into a scrap https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4a2bf16098fa8e94bf518fffba9a3027067c55f5adc5a699e5f718b6e12e1b0d4eac82f0256c67593771ad28d0060ba8b5ed5bd648bf1433c To end birthright citizenship, Trump misreads the constitution https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4a2bf16098fa8e94bf518fffba9a3027067c55f5adc5a699e5f718b6e12e1b0d4eac82f0256c67593771ad28d0060ba8b5ed5bd648bf1433c It would also create huge practical problems Related → https://click.e.economist.com/?qs=b5e25ca0e6b0bfd42d3b8325546508baae9fc5918c69856d538ec0b68b8db6b241387c9c4476256db9567e0fdbc1a44a3ee0ec27e47d0b0180d76d5ac6046604 Donald Trump cries “invasion” to justify an immigration crackdown https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4db7ee94dded17366930e0a07b6b068a27e15176338c6baa33ed751fcb570c87265e1ffcc27ba9ea8b1c5328036d79c48f03170bbf11e1b88 https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4db7ee94dded17366930e0a07b6b068a27e15176338c6baa33ed751fcb570c87265e1ffcc27ba9ea8b1c5328036d79c48f03170bbf11e1b88 Up in smoke https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4db7ee94dded17366930e0a07b6b068a27e15176338c6baa33ed751fcb570c87265e1ffcc27ba9ea8b1c5328036d79c48f03170bbf11e1b88 Are big cities overrated? https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4db7ee94dded17366930e0a07b6b068a27e15176338c6baa33ed751fcb570c87265e1ffcc27ba9ea8b1c5328036d79c48f03170bbf11e1b88 New economic research suggests so https://click.e.economist.com/?qs=b5e25ca0e6b0bfd470957e65ad488d1f0d4fb7d43e3ad392a714635518e50554037f89ff09fc9b43b37a9851d3f976c422fc8157e71bf8d1678090c624931ef4 https://click.e.economist.com/?qs=b5e25ca0e6b0bfd470957e65ad488d1f0d4fb7d43e3ad392a714635518e50554037f89ff09fc9b43b37a9851d3f976c422fc8157e71bf8d1678090c624931ef4 Chambers and secrets https://click.e.economist.com/?qs=b5e25ca0e6b0bfd470957e65ad488d1f0d4fb7d43e3ad392a714635518e50554037f89ff09fc9b43b37a9851d3f976c422fc8157e71bf8d1678090c624931ef4 Britain’s family courts are opening up to reporters https://click.e.economist.com/?qs=b5e25ca0e6b0bfd470957e65ad488d1f0d4fb7d43e3ad392a714635518e50554037f89ff09fc9b43b37a9851d3f976c422fc8157e71bf8d1678090c624931ef4 Transparency and privacy can work together https://click.e.economist.com/?qs=b5e25ca0e6b0bfd47e5402344f07109b8540b982638e8c0e6c82b2acf39ce0c29788b5540ec5c80843e80e875be6d44716c2953acca4d6c41a4749fbdd60a9f6 https://click.e.economist.com/?qs=b5e25ca0e6b0bfd44584e9095b5eb4736e54f19282b1a28fb175f3b2586f3ca6b02bf5d5f4e8a939e5a36859c2a7b1ae4fffc51830f66d955dbdbf94e18e3beb https://click.e.economist.com/?qs=b5e25ca0e6b0bfd44584e9095b5eb4736e54f19282b1a28fb175f3b2586f3ca6b02bf5d5f4e8a939e5a36859c2a7b1ae4fffc51830f66d955dbdbf94e18e3beb Your money or your life https://click.e.economist.com/?qs=b5e25ca0e6b0bfd44584e9095b5eb4736e54f19282b1a28fb175f3b2586f3ca6b02bf5d5f4e8a939e5a36859c2a7b1ae4fffc51830f66d955dbdbf94e18e3beb Houthi Inc: the pirates who weaponised globalisation https://click.e.economist.com/?qs=b5e25ca0e6b0bfd44584e9095b5eb4736e54f19282b1a28fb175f3b2586f3ca6b02bf5d5f4e8a939e5a36859c2a7b1ae4fffc51830f66d955dbdbf94e18e3beb Their Red Sea protection racket is a disturbing glimpse into an anarchic world Related → https://click.e.economist.com/?qs=b5e25ca0e6b0bfd45d333efbf481bcce61606adabb64d5585053108cf470c66cc4cfc08fb30e52307490cf673294c2d119edcef7f100954462f57171d0a9738f Inside the Houthis’ moneymaking machine https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4b8949323f04aca3b95d320147159a265d86b0a3b768aacabadffeb440a869f74d742fb3b96f5ec5202d31a7947244dac6cc1f13cedd327cb https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4b8949323f04aca3b95d320147159a265d86b0a3b768aacabadffeb440a869f74d742fb3b96f5ec5202d31a7947244dac6cc1f13cedd327cb Bartleby https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4b8949323f04aca3b95d320147159a265d86b0a3b768aacabadffeb440a869f74d742fb3b96f5ec5202d31a7947244dac6cc1f13cedd327cb The year ahead: a message from the CEO https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4b8949323f04aca3b95d320147159a265d86b0a3b768aacabadffeb440a869f74d742fb3b96f5ec5202d31a7947244dac6cc1f13cedd327cb From the desk of Stew Pidd https://click.e.economist.com/?qs=b5e25ca0e6b0bfd410f528f8bc614c74b6777e3910fac6cf32844df48dd6ad4e8d29c3a74305e34d651817fdf5dee0d5a3c4eec2f065f6d3adb0b663ad26669d https://click.e.economist.com/?qs=b5e25ca0e6b0bfd410f528f8bc614c74b6777e3910fac6cf32844df48dd6ad4e8d29c3a74305e34d651817fdf5dee0d5a3c4eec2f065f6d3adb0b663ad26669d Trudeau? Hardly knew him https://click.e.economist.com/?qs=b5e25ca0e6b0bfd410f528f8bc614c74b6777e3910fac6cf32844df48dd6ad4e8d29c3a74305e34d651817fdf5dee0d5a3c4eec2f065f6d3adb0b663ad26669d In the race to lead Canada, handling Trump is the biggest issue https://click.e.economist.com/?qs=b5e25ca0e6b0bfd410f528f8bc614c74b6777e3910fac6cf32844df48dd6ad4e8d29c3a74305e34d651817fdf5dee0d5a3c4eec2f065f6d3adb0b663ad26669d Mark Carney and Chrystia Freeland are the front-runners https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4005efc831301cf31e24488e0d630a6a1f334af94364f18e5e3c37d46d2cbccc07e7f14ef07d5506c8cdd7cceb6bf41f00ce3328e30d3d054 https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4005efc831301cf31e24488e0d630a6a1f334af94364f18e5e3c37d46d2cbccc07e7f14ef07d5506c8cdd7cceb6bf41f00ce3328e30d3d054 Back Story https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4005efc831301cf31e24488e0d630a6a1f334af94364f18e5e3c37d46d2cbccc07e7f14ef07d5506c8cdd7cceb6bf41f00ce3328e30d3d054 Witty and wise, “A Real Pain” is a masterpiece in a minor key https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4005efc831301cf31e24488e0d630a6a1f334af94364f18e5e3c37d46d2cbccc07e7f14ef07d5506c8cdd7cceb6bf41f00ce3328e30d3d054 Jesse Eisenberg’s deceptively slight film asks big moral questions Podcast https://click.e.economist.com/?qs=b5e25ca0e6b0bfd438f13a76e386481f9264e4730dfbbeb931b1f25231289f27090d4ae251ebd79c138a9ab9f4679d78a2c7eda0067e76dd3e2c2ed1f8da7757 https://click.e.economist.com/?qs=b5e25ca0e6b0bfd438f13a76e386481f9264e4730dfbbeb931b1f25231289f27090d4ae251ebd79c138a9ab9f4679d78a2c7eda0067e76dd3e2c2ed1f8da7757 Drum Tower https://click.e.economist.com/?qs=b5e25ca0e6b0bfd438f13a76e386481f9264e4730dfbbeb931b1f25231289f27090d4ae251ebd79c138a9ab9f4679d78a2c7eda0067e76dd3e2c2ed1f8da7757 Can Shein escape its Chinese roots? https://click.e.economist.com/?qs=b5e25ca0e6b0bfd438f13a76e386481f9264e4730dfbbeb931b1f25231289f27090d4ae251ebd79c138a9ab9f4679d78a2c7eda0067e76dd3e2c2ed1f8da7757 Our weekly podcast on China. This week, as the TikTok saga continues, we look at the hurdles another wildly popular Chinese company faces overseas Figure of the day $2.2bn, the amount that Venture Global, an American energy firm, aims to raise at its IPO. https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4a47097daddc434fdd8e7e85da62397dfa9c7c722ee427586edcb4e879e34568dc9902422dbeffa7aadcaa86eeadddf7b0363f582dc406091 Read the full story . 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padding:0 16px 0 0;" valign="middle" width="67"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd45475624e644dfcde699e4b0561eb269805732fda2696bcf7054d8c4279ed0472b1e2bea6980399a5788f02f978a7b53e6f79b56316cb0887" title=""><img alt="" data-assetid="272234" src="https://image.e.economist.com/lib/fe8d13727c650c7976/m/7/d745c659-f97f-4e95-955d-e28ad28381c6.jpg" style="border-radius: 50%; display: block; padding: 0px; height: auto; width: 100%; text-align: center; border: 0px none transparent;" width="67"></a></td><td class="serifLF" style="vertical-align:middle; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="middle"> <p style="margin:0;"> <b><a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4665983065c8dd0bf166f251a92461ac7804717a63cf0c55a4e79730ee39ba3eea6152155ffd9e842bfc5e06265f8dca9c9bde9fcc316616f" style="color:#000000;text-decoration:none;" title="Lane Greene">Lane Greene</a></b><br> Senior digital editor</p></td></tr></table></td></tr></table><!-- //BYLINE --></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="background-color: transparent; min-width: 100%; " class="stylingblock-content-wrapper"><tr><td style="padding: 0px; " class="stylingblock-content-wrapper camarker-inner"><!-- FULL-WIDTH CONTENT --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 0px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:0 0 1px 0; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left;" valign="top"> </td><td class="article-text" style="padding: 0px 0px 1px; font-family: EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size: 18px; line-height: 25px; text-align: left;" valign="top"> <p> Donald Trump promised America a new “golden age”. You can be forgiven for discounting his promises. But he could reach epoch-defining achievements on foreign policy, immigration and other areas, argues our <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4aa2e1caffa18c073bf9f867fce6ab381b3191c136627d625936c2adf8e6225e41eb8405b3ecbd9858093eca6ae5358ef9cb6de01d5bbcb8a" style="text-decoration:none;" title="Lexington columnist">Lexington columnist</a>. Mr Trump has shown flashes of willingness to get there—but usually gets in his own way.<br> <br> And economists love cities, for bringing together capital, infrastructure and especially people and their ideas. This is good for efficiency. But do cities really need to be as big as New York or London? A <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd47cfcf1addf229b0c016ae26b04a96b79fa5bf44833ccd42f285190040ca77b43cccfd9a22f2072691d3b0b0e2ed804b6a37b39da0618aa23" style="text-decoration:none;" title="new paper">new paper</a> says no. </p></td></tr></table></td></tr></table><!-- //FULL-WIDTH CONTENT --></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- BLANK SPACE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> </tr></table></td></tr></table><!-- //BLANK SPACE --></td></tr></table><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- ARTICLES (3) --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 8px 16px 8px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="pb8" style="padding:0 0 16px 0; font-size:0; text-align:center;" valign="top"> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <td width="292" align="left" valign="top" style="width:292px;"> <![endif]--><div class="fluid" style="display:inline-block; width:100%; min-width:100%; max-width:292px; vertical-align:top;"> <p> </p><table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> </table></div><!--[if mso]> </td> </tr> </table> <![endif]--></td></tr><tr> </tr><tr> <!--[if mso]> <table width="584" align="center" cellspacing="0" cellpadding="0" border="0" role="presentation" style="width:584px;"> <tr> <!--[if mso]> </td> </tr> </table> <![endif]--></tr><tr> <td align="center" style="padding:0 8px 8px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:1px; margin:0; background-color:#d7d7d7; color:#d7d7d7; border-width:0;"> </td></tr></table></td></tr></table><!-- //ARTICLES (3) --></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- BLANK SPACE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> </tr></table></td></tr></table><!-- //BLANK SPACE --></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- ARTICLE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:0 0 12px 0;" valign="top"> <a data-linkto="other" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd40db8c4d0e70c9bd9497f31e590f09c9e930929a0de30852495c7b5c9742182366d590e78caba0360f1deada8cc6e326e7995ee6f6f935750" target="_blank"><img alt="US President Donald Trump" src="https://www.economist.com/content-assets/images/20250125_USP510.jpg" style="display: block; width: 100%; max-width: 568px; height: auto; border: none; padding: 0px; text-align: center;" width="568"></a></td></tr><tr> <td class="econsans" style="padding:0 0 4px 0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:20px; text-align:left;" valign="top"> <p style="margin:0; "> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd40db8c4d0e70c9bd9497f31e590f09c9e930929a0de30852495c7b5c9742182366d590e78caba0360f1deada8cc6e326e7995ee6f6f935750" style="color:#e3120b;text-decoration:none;" target="_blank">Lexington</a></p></td></tr><tr> <td class="h2 serifLF" style="padding:0 0 8px 0; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd40db8c4d0e70c9bd9497f31e590f09c9e930929a0de30852495c7b5c9742182366d590e78caba0360f1deada8cc6e326e7995ee6f6f935750" style="color:#121212;text-decoration:none;" target="_blank">America really could enter a golden age</a></p></td></tr><tr> <td class="pb32" style="padding:0 0 32px 0; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top"> <p style="margin:0;"> <a data-linkto="other" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd40db8c4d0e70c9bd9497f31e590f09c9e930929a0de30852495c7b5c9742182366d590e78caba0360f1deada8cc6e326e7995ee6f6f935750" style="color:#000000;text-decoration:none;">Donald Trump would need to build on its strengths, and subdue his own weaknesses</a></p></td></tr></table></td></tr></table><!-- //ARTICLE --></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- RELATED ARTICLE HEADING --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:4px 0 0 0;" valign="top"> <h2 class="econsans" style="margin:0; 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" class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- ARTICLE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:0 0 12px 0;" valign="top"> <a data-linkto="other" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4d2dce40a29740748af1d1c263b283cc61aa3c42d46789481a80b27ecc7f6715c8e377b0776a667d496b3f53300f4fa56b9d91cdf5e8616da" target="_blank"><img alt="A container ship Gunde Maersk sits docked at the Port of Oakland in California." src="https://www.economist.com/content-assets/images/20250125_LDP501.jpg" style="display: block; width: 100%; max-width: 568px; height: auto; border: none; padding: 0px; text-align: center;" width="568"></a></td></tr><tr> <td class="econsans" style="padding:0 0 4px 0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:20px; text-align:left;" valign="top"> <p style="margin:0; "> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4d2dce40a29740748af1d1c263b283cc61aa3c42d46789481a80b27ecc7f6715c8e377b0776a667d496b3f53300f4fa56b9d91cdf5e8616da" style="color:#e3120b;text-decoration:none;" target="_blank">Trading losses</a></p></td></tr><tr> <td class="h2 serifLF" style="padding:0 0 8px 0; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4d2dce40a29740748af1d1c263b283cc61aa3c42d46789481a80b27ecc7f6715c8e377b0776a667d496b3f53300f4fa56b9d91cdf5e8616da" style="color:#121212;text-decoration:none;" target="_blank">Tariffs will harm America, not induce a manufacturing rebirth</a></p></td></tr><tr> <td class="pb32" style="padding:0 0 32px 0; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top"> <p style="margin:0;"> <a data-linkto="other" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4d2dce40a29740748af1d1c263b283cc61aa3c42d46789481a80b27ecc7f6715c8e377b0776a667d496b3f53300f4fa56b9d91cdf5e8616da" style="color:#000000;text-decoration:none;">Donald Trump’s pursuit of tariffs will make the world poorer—and America, too </a></p></td></tr></table></td></tr></table><!-- //ARTICLE --></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!----></td></tr></table> <!-- MAIN TITLE + CONTENT --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td bgcolor="#1f2e7a" class="ph32" style="padding:32px 16px 32px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td align="center" style="padding:0 0 8px 0;" valign="top"> </td></tr><tr> <td style="padding:0 0 6px 0;" valign="top"> <h1 class="headerCta23" style="margin:0; font-family:Charter,'Bitstream Charter','Iowan Old Style','Calisto MT',Georgia,serif; font-size:26px; font-weight:500; color:#ffffff; line-height:31px; text-align:center; mso-line-height-rule:exactly;"> Go beyond the headlines</h1></td></tr><tr> <td style="padding:0 0 20px 0; font-family:Charter,'Bitstream Charter','Iowan Old Style','Calisto MT',Georgia,serif; font-size:18px; color:#ffffff; line-height:25px; text-align:center;" valign="top"> <p style="margin:0;"> Subscribe for unlimited access to <i>The Economist</i></p></td></tr><tr> <td align="center" valign="top"> <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:initial !important; border:2px solid #ffffff; border-radius:32px;"> <tr> </tr><tr> <td class="econsans phCta" style="padding:4px 16px 4px 16px; font-family: apple-system,BlinkMacSystemFont,'Segoe UI',Helvetica,Arial,sans-serif; font-size:16px; font-weight:500 !important; color:#141F52; line-height:22px; text-align:center;" valign="top"> <a data-linkto="other" href="https://click.e.economist.com/u/?qs=b5e25ca0e6b0bfd419944abafc5328904172337c7f43a6a40e67200167e7bd09c17e64766b886526195bd5d04819d8ed4c80cadcbf116ccf93d6573d9d3f0277" style="color:#121212;text-decoration:none;" target="_blank" title="">Subscribe</a></td></tr></table></td></tr></table></td></tr><tr> <td height="56" style="font-size:1px; line-height:1px;"> </td></tr></table> <!-- //MAIN TITLE --></td></tr></table> </td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- ARTICLE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:0 0 12px 0;" valign="top"> <a data-linkto="other" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4b3128b515f23fc87136ec32a6ed1d91fe56b9c29b366a84e68bd692db85159f36e25d7a0037c6609af03456d64a5e75b5349d25bf705ff3b" target="_blank"><img alt="A 4-year-old girl carries a doll while walking with her immigrant mother." src="https://www.economist.com/content-assets/images/20250125_USP508.jpg" style="display: block; width: 100%; max-width: 568px; height: auto; border: none; padding: 0px; text-align: center;" width="568"></a></td></tr><tr> <td class="econsans" style="padding:0 0 4px 0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:20px; text-align:left;" valign="top"> <p style="margin:0; "> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4b3128b515f23fc87136ec32a6ed1d91fe56b9c29b366a84e68bd692db85159f36e25d7a0037c6609af03456d64a5e75b5349d25bf705ff3b" style="color:#e3120b;text-decoration:none;" target="_blank">Into a scrap</a></p></td></tr><tr> <td class="h2 serifLF" style="padding:0 0 8px 0; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4b3128b515f23fc87136ec32a6ed1d91fe56b9c29b366a84e68bd692db85159f36e25d7a0037c6609af03456d64a5e75b5349d25bf705ff3b" style="color:#121212;text-decoration:none;" target="_blank">To end birthright citizenship, Trump misreads the constitution</a></p></td></tr><tr> <td class="pb32" style="padding:0 0 32px 0; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top"> <p style="margin:0;"> <a data-linkto="other" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4b3128b515f23fc87136ec32a6ed1d91fe56b9c29b366a84e68bd692db85159f36e25d7a0037c6609af03456d64a5e75b5349d25bf705ff3b" style="color:#000000;text-decoration:none;">It would also create huge practical problems</a></p></td></tr></table></td></tr></table><!-- //ARTICLE --></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- RELATED ARTICLE HEADING --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:4px 0 0 0;" valign="top"> <h2 class="econsans" style="margin:0; 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" class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- ARTICLE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:0 0 12px 0;" valign="top"> <a data-linkto="other" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd412eeeb01795d5f8a18d38f47f7b88523a6e64877cac4f04c2493c782fdc1d6340ad00fd4276ad7ee4f55393cd77fe04b281c78a3939d92aa" target="_blank"><img alt="Shibuya crossing in Tokyo, Japan" src="https://www.economist.com/content-assets/images/20250118_FNP504.jpg" style="display: block; width: 100%; max-width: 568px; height: auto; border: none; padding: 0px; text-align: center;" width="568"></a></td></tr><tr> <td class="econsans" style="padding:0 0 4px 0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:14px; color:#e3120b; line-height:20px; text-align:left;" valign="top"> <p style="margin:0; "> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd412eeeb01795d5f8a18d38f47f7b88523a6e64877cac4f04c2493c782fdc1d6340ad00fd4276ad7ee4f55393cd77fe04b281c78a3939d92aa" style="color:#e3120b;text-decoration:none;" target="_blank">Up in smoke</a></p></td></tr><tr> <td class="h2 serifLF" style="padding:0 0 8px 0; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:23px; font-weight:bold; color:#121212; line-height:28px; text-align:left;" valign="top"> <p style="margin:0;"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd412eeeb01795d5f8a18d38f47f7b88523a6e64877cac4f04c2493c782fdc1d6340ad00fd4276ad7ee4f55393cd77fe04b281c78a3939d92aa" style="color:#121212;text-decoration:none;" target="_blank">Are big cities overrated?</a></p></td></tr><tr> <td class="pb32" style="padding:0 0 32px 0; font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top"> <p style="margin:0;"> <a data-linkto="other" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd412eeeb01795d5f8a18d38f47f7b88523a6e64877cac4f04c2493c782fdc1d6340ad00fd4276ad7ee4f55393cd77fe04b281c78a3939d92aa" style="color:#000000;text-decoration:none;">New economic research suggests so</a></p></td></tr></table></td></tr></table><!-- //ARTICLE --></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; " class="stylingblock-content-wrapper"><tr><td class="stylingblock-content-wrapper camarker-inner"><!-- ARTICLE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 16px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:0 0 12px 0;" valign="top"> <a data-linkto="other" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd41b30447d86d5e858a466c2caad29ae5585aac0a9c4eacaa560c49946e9254025706af43acec34dd957cc7f0236d2e5e65a4124cdfc3ad9b4" target="_blank"><img alt="Illustration of a shadowy hand banging a gavel in the foreground with a double door in the background which is cracked open with light shining through" src="https://www.economist.com/content-assets/images/20250125_BRD001.jpg" style="display: block; 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font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#121212; line-height:25px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top"> <p style="margin:0;"> <a data-linkto="other" href="https://click.e.economist.com/?qs=b5e25ca0e6b0bfd4c6df23bd9050ce7070ef1273aa08b5e5479a2e78f2b837c8b68d147ac1ca1e703f9a92adc38ca9e2ba3494ebe227d8a4215601999c04f33f" style="color:#000000;text-decoration:none;">Our weekly podcast on China. 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