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boundary="hmprhC1mtcwA=_?:" This is a multi-part message in MIME format. --hmprhC1mtcwA=_?: Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: 8bit The Economist https://click.e.economist.com/?qs=17aefc8186fe6ac0c3f63bd1b3f2c8e431e02be51c30f65c931efdb28530f7b2ed6a3223b6b8187e5f902e94c4518b4d372bdbec1d21fefe5074ed3b0e1fbcf3 https://view.e.economist.com/?qs=6135b4e8d84934d1c968445e4565a863f20fe3e3e4d6302d1b10fe9440174d7070372bfc8c1d76730569d86b4999b9dcd1af14f555cb4b53e863c22ef44bcd238e0c5c32bf7b8b994441421320d49fff Read in browser April 8th 2025 The Economist today The best of our journalism, handpicked each day https://click.e.economist.com/?qs=17aefc8186fe6ac0932e608526db7405b62c8fefbf1d418657a443a94dc39f69ee6d36688ac7b5befbf73d9dae313a002ed6cdef83c9039974adab8fe90ab387 https://click.e.economist.com/?qs=17aefc8186fe6ac038c152660347317d8836a53a177f2fb83156734453dd89cacbe06e064655045e6c1a1307b4c1088788f7e6bb1adb6586 https://click.e.economist.com/?qs=17aefc8186fe6ac038c152660347317d8836a53a177f2fb83156734453dd89cacbe06e064655045e6c1a1307b4c1088788f7e6bb1adb6586 Simon Long Editor-at-large Donald Trump is a well-known fan of combat sports, such as wrestling and mixed martial arts. His Chinese counterpart, Xi Jinping, seems also to relish a fight. Some observers expected China to respond to Mr Trump’s imposition of sweeping tariffs by meekly seeking compromise—especially after its domestic stockmarkets https://click.e.economist.com/?qs=17aefc8186fe6ac0400d889314014e3cc695b910b0a9f491e006f376d93bd66cf84482c5cd34cd55ce67ecc625ff81fe1b48aeae0af0f3cc suffered badly as part of a massive global sell-off on Monday. But instead of suing for peace, China has retaliated. Maybe, as https://click.e.economist.com/?qs=17aefc8186fe6ac0b9b9807f5aaf2151fb84f113ffccc47c2a869d83740f74aadf20a16165dec9a07279152f8b1f268d49117c4a388fd45c our article suggests, that is because China thinks that, if a full-blown trade war breaks out, it will win. We now publish our mini crossword, with a choice of straight or cryptic clues based on the headlines, twice a week. Try the https://click.e.economist.com/?qs=17aefc8186fe6ac00889e65140f41d0b08cca1c2a3540b1e80bae9acbdef9f9b183cc364944c1c04d949079e74d2d5ba97c0f0b493836132 latest puzzle . https://click.e.economist.com/?qs=17aefc8186fe6ac08d27286d8ec6f648f3400fa220a07a3162b94d7721315db809895a063c833666707f7237f1982c10b5cfebf9f5e5c159bbae855a07639338 https://click.e.economist.com/?qs=17aefc8186fe6ac08d27286d8ec6f648f3400fa220a07a3162b94d7721315db809895a063c833666707f7237f1982c10b5cfebf9f5e5c159bbae855a07639338 A superpower clash https://click.e.economist.com/?qs=17aefc8186fe6ac08d27286d8ec6f648f3400fa220a07a3162b94d7721315db809895a063c833666707f7237f1982c10b5cfebf9f5e5c159bbae855a07639338 Why China thinks it might win a trade war with Trump https://click.e.economist.com/?qs=17aefc8186fe6ac08d27286d8ec6f648f3400fa220a07a3162b94d7721315db809895a063c833666707f7237f1982c10b5cfebf9f5e5c159bbae855a07639338 The country’s officials vow to “fight to the end” Related → https://click.e.economist.com/?qs=17aefc8186fe6ac0d9e89f5eda0e1055aa945752ac2223c97145bc6c420d2a1c1e96c247ca4bbd36ae0aba2142307c324fbb8571f0a350ed The world flatters the tariff king → https://click.e.economist.com/?qs=17aefc8186fe6ac01a738384a600d660d6c375b37a015c2c8243f9505f1f4b090a14adfd692004225bda2fd1a9b6116a92857c9d93212e34 Where real danger might lurk in chaotic markets → https://click.e.economist.com/?qs=17aefc8186fe6ac0b8e38d7fa6bc839571c640c6ac77ddc8dd92f53daaad84f8d211021bda9c6829f71027454e8102fcde6f25a6d15ac431 Trump’s approach to geoeconomics carries dark echoes, writes Maurice Obstfeld https://click.e.economist.com/?qs=17aefc8186fe6ac0d28b7d7d69710a4b321b739d7d26f3fb9504e5387cfaa36603bae09da46d90d9778bd04a55eb7a948cf6755c38f89dad24cf12f067882dd6 https://click.e.economist.com/?qs=17aefc8186fe6ac0d28b7d7d69710a4b321b739d7d26f3fb9504e5387cfaa36603bae09da46d90d9778bd04a55eb7a948cf6755c38f89dad24cf12f067882dd6 Not now, Bibi https://click.e.economist.com/?qs=17aefc8186fe6ac0d28b7d7d69710a4b321b739d7d26f3fb9504e5387cfaa36603bae09da46d90d9778bd04a55eb7a948cf6755c38f89dad24cf12f067882dd6 Trump rebuffs Netanyahu and gambles on a deal with Iran https://click.e.economist.com/?qs=17aefc8186fe6ac0d28b7d7d69710a4b321b739d7d26f3fb9504e5387cfaa36603bae09da46d90d9778bd04a55eb7a948cf6755c38f89dad24cf12f067882dd6 The prime minister tied Israel’s fate to Trump. Now America is talking to its enemy https://click.e.economist.com/?qs=17aefc8186fe6ac0df8f3fd5a0ed17ee3fef3ee9efb65c089c52a1782e793b66a3fc4a71d9c70fb7b4ab609196ecbd202d3e81ea01692c9250f1150e6d9a9dc6 https://click.e.economist.com/?qs=17aefc8186fe6ac0df8f3fd5a0ed17ee3fef3ee9efb65c089c52a1782e793b66a3fc4a71d9c70fb7b4ab609196ecbd202d3e81ea01692c9250f1150e6d9a9dc6 Advantage, defence https://click.e.economist.com/?qs=17aefc8186fe6ac0df8f3fd5a0ed17ee3fef3ee9efb65c089c52a1782e793b66a3fc4a71d9c70fb7b4ab609196ecbd202d3e81ea01692c9250f1150e6d9a9dc6 Ukraine is confident it can hold off Russia as long as it needs to https://click.e.economist.com/?qs=17aefc8186fe6ac0df8f3fd5a0ed17ee3fef3ee9efb65c089c52a1782e793b66a3fc4a71d9c70fb7b4ab609196ecbd202d3e81ea01692c9250f1150e6d9a9dc6 Russia may have Chinese volunteers, but Ukraine has drones https://click.e.economist.com/?qs=17aefc8186fe6ac0d17e777acabd2fe5835e96d640bd70885550843461e0abb760f4de9ebc5e553298ed2175c9655ba2c7078e724826e1cd https://click.e.economist.com/?qs=17aefc8186fe6ac0d17e777acabd2fe5835e96d640bd70885550843461e0abb760f4de9ebc5e553298ed2175c9655ba2c7078e724826e1cd Free exchange https://click.e.economist.com/?qs=17aefc8186fe6ac0d17e777acabd2fe5835e96d640bd70885550843461e0abb760f4de9ebc5e553298ed2175c9655ba2c7078e724826e1cd What a refugee camp reveals about economics https://click.e.economist.com/?qs=17aefc8186fe6ac0d17e777acabd2fe5835e96d640bd70885550843461e0abb760f4de9ebc5e553298ed2175c9655ba2c7078e724826e1cd In Dzaleka, Malawi, everyone receives $9 a month Start your free trial today Get digital access to independent global analysis https://click.e.economist.com/?qs=17aefc8186fe6ac09627eff6bcac7851553c38ad3fdf4662457f336540082af412dd8bf17004756fdacab5eb68c11f56bd067ad4dc5868a454d74c6be7869ba1 Subscribe https://click.e.economist.com/?qs=17aefc8186fe6ac00284504e1c506aac29f04e6d80d573e897a3786ad6fe8f50860961df3bd6848ed9d9ab06e33352ce7803d0cea8cca521eda5c22c2ac77a15 https://click.e.economist.com/?qs=17aefc8186fe6ac00284504e1c506aac29f04e6d80d573e897a3786ad6fe8f50860961df3bd6848ed9d9ab06e33352ce7803d0cea8cca521eda5c22c2ac77a15 Proxy wars https://click.e.economist.com/?qs=17aefc8186fe6ac00284504e1c506aac29f04e6d80d573e897a3786ad6fe8f50860961df3bd6848ed9d9ab06e33352ce7803d0cea8cca521eda5c22c2ac77a15 Turkey and Israel are becoming deadly rivals in Syria https://click.e.economist.com/?qs=17aefc8186fe6ac00284504e1c506aac29f04e6d80d573e897a3786ad6fe8f50860961df3bd6848ed9d9ab06e33352ce7803d0cea8cca521eda5c22c2ac77a15 The Middle East’s beefiest powers are playing out their regional ambitions there https://click.e.economist.com/?qs=17aefc8186fe6ac0f467566488761cf4132566e1df2a7c7935a466e1b1b8908662c0b2bd15d7ce18a12a7ec2ede6f7f1887fc7ae0b6b270bdffcb6ca49451bcb https://click.e.economist.com/?qs=17aefc8186fe6ac0f467566488761cf4132566e1df2a7c7935a466e1b1b8908662c0b2bd15d7ce18a12a7ec2ede6f7f1887fc7ae0b6b270bdffcb6ca49451bcb Pix a winner https://click.e.economist.com/?qs=17aefc8186fe6ac0f467566488761cf4132566e1df2a7c7935a466e1b1b8908662c0b2bd15d7ce18a12a7ec2ede6f7f1887fc7ae0b6b270bdffcb6ca49451bcb Brazil’s government-run payments system has become dominant https://click.e.economist.com/?qs=17aefc8186fe6ac0f467566488761cf4132566e1df2a7c7935a466e1b1b8908662c0b2bd15d7ce18a12a7ec2ede6f7f1887fc7ae0b6b270bdffcb6ca49451bcb Pix has spiced up Brazil’s fusty banking sector, but it gives the central bank a worrying amount of power https://click.e.economist.com/?qs=17aefc8186fe6ac0382ae53f6049b49eab55f717aa9d93b2ca16258c9806df61a08353cb7e6c887d0865e7e9f84cd5f401d2d53815e11e5c61bdaa2bc9074d25 https://click.e.economist.com/?qs=17aefc8186fe6ac0591a73d1d2ffea938d08841801146bec6a558b1f7827b81d759e0dce4c6a1281c5b5915b5b5e8d3a1ec055fe63243aeae82a9419a10b8bf5 https://click.e.economist.com/?qs=17aefc8186fe6ac0591a73d1d2ffea938d08841801146bec6a558b1f7827b81d759e0dce4c6a1281c5b5915b5b5e8d3a1ec055fe63243aeae82a9419a10b8bf5 AI think, therefore AI am https://click.e.economist.com/?qs=17aefc8186fe6ac0591a73d1d2ffea938d08841801146bec6a558b1f7827b81d759e0dce4c6a1281c5b5915b5b5e8d3a1ec055fe63243aeae82a9419a10b8bf5 Researchers lift the lid on how reasoning models actually “think” https://click.e.economist.com/?qs=17aefc8186fe6ac0591a73d1d2ffea938d08841801146bec6a558b1f7827b81d759e0dce4c6a1281c5b5915b5b5e8d3a1ec055fe63243aeae82a9419a10b8bf5 They plan sentences far in advance. They also bullshit themselves when reasoning out loud https://click.e.economist.com/?qs=17aefc8186fe6ac0e570769bced3f7abd4126f6fc3cfe81766208d2e5dd21c6c32aceae1b046c4b589a7f35ce59be3c935e693495c9b676d5caf517842db2ccb https://click.e.economist.com/?qs=17aefc8186fe6ac0e570769bced3f7abd4126f6fc3cfe81766208d2e5dd21c6c32aceae1b046c4b589a7f35ce59be3c935e693495c9b676d5caf517842db2ccb The spies that bind https://click.e.economist.com/?qs=17aefc8186fe6ac0e570769bced3f7abd4126f6fc3cfe81766208d2e5dd21c6c32aceae1b046c4b589a7f35ce59be3c935e693495c9b676d5caf517842db2ccb How the CIA smuggled Orwell and Le Carré into the eastern bloc https://click.e.economist.com/?qs=17aefc8186fe6ac0e570769bced3f7abd4126f6fc3cfe81766208d2e5dd21c6c32aceae1b046c4b589a7f35ce59be3c935e693495c9b676d5caf517842db2ccb The agency’s most highbrow covert op https://click.e.economist.com/?qs=17aefc8186fe6ac0bf1aecee4f6d698efc08f17101a78fc27746d80e73ad78de5958bd5513a45837fcaa838d843cf620ef984d6b8663bd80092b739538e97e6a https://click.e.economist.com/?qs=17aefc8186fe6ac0bf1aecee4f6d698efc08f17101a78fc27746d80e73ad78de5958bd5513a45837fcaa838d843cf620ef984d6b8663bd80092b739538e97e6a New goal standard https://click.e.economist.com/?qs=17aefc8186fe6ac0bf1aecee4f6d698efc08f17101a78fc27746d80e73ad78de5958bd5513a45837fcaa838d843cf620ef984d6b8663bd80092b739538e97e6a Alex Ovechkin tops Wayne Gretzky’s once-unbreakable record https://click.e.economist.com/?qs=17aefc8186fe6ac0bf1aecee4f6d698efc08f17101a78fc27746d80e73ad78de5958bd5513a45837fcaa838d843cf620ef984d6b8663bd80092b739538e97e6a As our charts show, the Russian machine defies both his age and his era Podcast https://click.e.economist.com/?qs=17aefc8186fe6ac06a7a478bbcaab58ef886c2e1b11b8d66fb132236b3fdeb2435f522c3f3f13a66ef0ad31ab7bcb83acf2ba60147378fbe9f941fdcf68769e1 https://click.e.economist.com/?qs=17aefc8186fe6ac06a7a478bbcaab58ef886c2e1b11b8d66fb132236b3fdeb2435f522c3f3f13a66ef0ad31ab7bcb83acf2ba60147378fbe9f941fdcf68769e1 The Intelligence https://click.e.economist.com/?qs=17aefc8186fe6ac06a7a478bbcaab58ef886c2e1b11b8d66fb132236b3fdeb2435f522c3f3f13a66ef0ad31ab7bcb83acf2ba60147378fbe9f941fdcf68769e1 The business model of migrant-smuggling in the English Channel https://click.e.economist.com/?qs=17aefc8186fe6ac06a7a478bbcaab58ef886c2e1b11b8d66fb132236b3fdeb2435f522c3f3f13a66ef0ad31ab7bcb83acf2ba60147378fbe9f941fdcf68769e1 Also on the daily podcast: East Asian wildfires and US and Europe fall out of love Figure of the day 55,000, the number of containers sent from China to Europe via the Caspian sea in 2024—up from around 25,000 in 2021. https://click.e.economist.com/?qs=17aefc8186fe6ac0bef84bcf8af08e1384f31e06ce6a356e6f2d643621880d6ad8c82472da9b0fe4c38865343b3d271efec1a28037b6cd87 Read the full story . Most read by subscribers → https://click.e.economist.com/?qs=17aefc8186fe6ac0ebae99545ffe9dfa5838d5450ba73b5931ab18bc364ea0e1430927ae5ff92b7648320b4e15e532f3639b0f544ca89d88 Trump’s trade war threatens a global recession → https://click.e.economist.com/?qs=17aefc8186fe6ac0c6915c515e6cce21175852cd6a600791f67d2518637ae901aeba3736cbd2a159ec66bb5f12814b39b9432212736d536b Trump has exposed America’s world-leading firms to retaliation → https://click.e.economist.com/?qs=17aefc8186fe6ac0400d889314014e3cc695b910b0a9f491e006f376d93bd66cf84482c5cd34cd55ce67ecc625ff81fe1b48aeae0af0f3cc Market carnage goes global → https://click.e.economist.com/?qs=17aefc8186fe6ac052159a11bcf61f8bb9285e3bec11b0dc9fc891bbe34117996b91eff2c746d3847d11b435cc14c996aa4ee78e8f945023 Five crazy Trump tariffs you wouldn’t believe Thanks for reading, Harmony. If you liked The Economist today, please share it with a friend. 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" 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"><!-- BYLINE --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td align="left" style="padding:0 16px 16px 16px;" valign="top"> <table align="left" border="0" cellpadding="0" cellspacing="0" role="presentation"> <tr> <td style="vertical-align:middle; padding:0 16px 0 0;" valign="middle" width="67"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac041c5f453904bc537c4fc55e1488d321083d388712cd30bc9f5b570d71c1928179b70605142a29786d0efc0a751ef2e28" title=""><img alt="" data-assetid="353080" src="https://image.e.economist.com/lib/fe8d13727c650c7976/m/1/fffa95c0-ff3e-4dc8-bf02-1db8d7507c80.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=17aefc8186fe6ac06be83df1e7f5897a69a310a460f7d4cea7c4279e93bf1128b6cb0b0aed37d353d96b477b1fb9876a4c1c652a5d8be6ca" style="color:#000000;text-decoration:none;" title="Simon Long">Simon Long</a></b><br> Editor-at-large</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 is a well-known fan of combat sports, such as wrestling and mixed martial arts. His Chinese counterpart, Xi Jinping, seems also to relish a fight. Some observers expected China to respond to Mr Trump’s imposition of sweeping tariffs by meekly seeking compromise—especially after its domestic stockmarkets <a data-linkto="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac0297b42b925a3da71275e8ede40a6d7da9000d5d1902d387f616faeb68b4e27815b35b6bc16b37735c831df5f561b10bc" style="text-decoration:none;" title="suffered badly">suffered badly</a> as part of a massive global sell-off on Monday. But instead of suing for peace, China has retaliated. Maybe, as <a data-linkto="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac0bb17d6d43e8472a4dea9db4a50530c753e53064b7397fd2a04e03e01da033b2f93bd540b861a60265203403790f801f3" style="text-decoration:none;" title="our article">our article</a> suggests, that is because China thinks that, if a full-blown trade war breaks out, it will win.<br> <br> We now publish our mini crossword, with a choice of straight or cryptic clues based on the headlines, twice a week. Try the <a data-linkto="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac06dd89798bb1c12131b665e818720859fb895674799e84cf9a4adfd25ed9f68daab929ad2e0fc21c3c2c6c273af063250" style="text-decoration:none;" title="latest puzzle">latest puzzle</a>. </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"><!-- 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; 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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=17aefc8186fe6ac039e1312b6897f34e15af3eaa99b5521851f83f1b4f8dc2d0d94699a829da6cafd6ce98548ed5b0aec9126bbb617473918486c3dcd3446c1b" target="_blank"><img alt=" Xi Jinping on a screen making a speech" src="https://www.economist.com/content-assets/images/20250412_FNP505.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=17aefc8186fe6ac039e1312b6897f34e15af3eaa99b5521851f83f1b4f8dc2d0d94699a829da6cafd6ce98548ed5b0aec9126bbb617473918486c3dcd3446c1b" style="color:#e3120b;text-decoration:none;" target="_blank">A superpower clash</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=17aefc8186fe6ac039e1312b6897f34e15af3eaa99b5521851f83f1b4f8dc2d0d94699a829da6cafd6ce98548ed5b0aec9126bbb617473918486c3dcd3446c1b" style="color:#121212;text-decoration:none;" target="_blank">Why China thinks it might win a trade war with Trump</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=17aefc8186fe6ac039e1312b6897f34e15af3eaa99b5521851f83f1b4f8dc2d0d94699a829da6cafd6ce98548ed5b0aec9126bbb617473918486c3dcd3446c1b" style="color:#000000;text-decoration:none;">The country’s officials vow to “fight to the end”</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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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=17aefc8186fe6ac08ae239e67172bc1a701f77b0e8e70e4130225ca4cd013eda0bacd9452ddaaff877916ed441100d5c7eb57614daf49538e3f896b8142aa297" style="color:#e3120b;text-decoration:none;" target="_blank">Not now, Bibi</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=17aefc8186fe6ac08ae239e67172bc1a701f77b0e8e70e4130225ca4cd013eda0bacd9452ddaaff877916ed441100d5c7eb57614daf49538e3f896b8142aa297" style="color:#121212;text-decoration:none;" target="_blank">Trump rebuffs Netanyahu and gambles on a deal with Iran</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=17aefc8186fe6ac08ae239e67172bc1a701f77b0e8e70e4130225ca4cd013eda0bacd9452ddaaff877916ed441100d5c7eb57614daf49538e3f896b8142aa297" style="color:#000000;text-decoration:none;">The prime minister tied Israel’s fate to Trump. Now America is talking to its enemy</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=17aefc8186fe6ac04b4a7b723859a604a25879b5bedf088f5b2ab707c46994ca9c60a662821f67a72d0e480dfc825505c73c4d081d4535e7c138eae5eab3868c" target="_blank"><img alt="Zhelizniak Zoia, 61, arrives at an evacuation centre in Sumy from a village near the Russian border " src="https://www.economist.com/content-assets/images/20250412_EUP502.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=17aefc8186fe6ac04b4a7b723859a604a25879b5bedf088f5b2ab707c46994ca9c60a662821f67a72d0e480dfc825505c73c4d081d4535e7c138eae5eab3868c" style="color:#e3120b;text-decoration:none;" target="_blank">Advantage, defence</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=17aefc8186fe6ac04b4a7b723859a604a25879b5bedf088f5b2ab707c46994ca9c60a662821f67a72d0e480dfc825505c73c4d081d4535e7c138eae5eab3868c" style="color:#121212;text-decoration:none;" target="_blank">Ukraine is confident it can hold off Russia as long as it needs to</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=17aefc8186fe6ac04b4a7b723859a604a25879b5bedf088f5b2ab707c46994ca9c60a662821f67a72d0e480dfc825505c73c4d081d4535e7c138eae5eab3868c" style="color:#000000;text-decoration:none;">Russia may have Chinese volunteers, but Ukraine has drones</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"><!-- 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="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac029574b2d07479878003cf8a5ce87928e0f43334fa971c4630c6c29a3870513f9c322b4b5996d1c4cab4e4ec2c94a2fef" target="_blank" title=""><img alt="" data-assetid="364260" src="https://image.e.economist.com/lib/fe8d13727c650c7976/m/1/2f51c3f8-046f-4532-9d06-c2775bb0e057.jpeg" style="display: block; width: 100%; max-width: 568px; height: auto; padding: 0px; text-align: center; border: none;" width="568"></a> <a href="" target="_blank"> </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=17aefc8186fe6ac029574b2d07479878003cf8a5ce87928e0f43334fa971c4630c6c29a3870513f9c322b4b5996d1c4cab4e4ec2c94a2fef" style="color:#e3120b;text-decoration:none;" target="_blank" title="">Free exchange</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=17aefc8186fe6ac029574b2d07479878003cf8a5ce87928e0f43334fa971c4630c6c29a3870513f9c322b4b5996d1c4cab4e4ec2c94a2fef" style="color:#121212;text-decoration:none;" target="_blank" title="">What a refugee camp reveals about economics</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="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac029574b2d07479878003cf8a5ce87928e0f43334fa971c4630c6c29a3870513f9c322b4b5996d1c4cab4e4ec2c94a2fef" style="color:#000000;text-decoration:none;" title="">In Dzaleka, Malawi, everyone receives $9 a month</a></p></td></tr></table></td></tr></table><!-- //ARTICLE --></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"> <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;"> Start your free trial today</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;"> Get digital access to independent global analysis</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=17aefc8186fe6ac0c781c39cf7ae53b26daeb35addf1e488fee2999c5655dba6f5709392e13d4a2467570278dc2777b8759ca2eb967607de1ec4c712392d6eda" 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=17aefc8186fe6ac02cf2b08bbd0076d71c8d65663844d6a348f5a2b406294e3d1a20ac4f4ab0fa81be7b759630924d58519bf251ded18ab140b97834262fb5c1" target="_blank"><img alt="An Israeli soldier stands at a lookout point in the Israel-annexed Golan Heights overlooking south Syria, on March 25, 2025" src="https://www.economist.com/content-assets/images/20250412_MAP501.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=17aefc8186fe6ac02cf2b08bbd0076d71c8d65663844d6a348f5a2b406294e3d1a20ac4f4ab0fa81be7b759630924d58519bf251ded18ab140b97834262fb5c1" style="color:#e3120b;text-decoration:none;" target="_blank">Proxy wars</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=17aefc8186fe6ac02cf2b08bbd0076d71c8d65663844d6a348f5a2b406294e3d1a20ac4f4ab0fa81be7b759630924d58519bf251ded18ab140b97834262fb5c1" style="color:#121212;text-decoration:none;" target="_blank">Turkey and Israel are becoming deadly rivals in Syria </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=17aefc8186fe6ac02cf2b08bbd0076d71c8d65663844d6a348f5a2b406294e3d1a20ac4f4ab0fa81be7b759630924d58519bf251ded18ab140b97834262fb5c1" style="color:#000000;text-decoration:none;">The Middle East’s beefiest powers are playing out their regional ambitions there</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=17aefc8186fe6ac015473fbf861f3b99bb39aabadc9b78d69b951ae7690308f7d0f0c86f747bab528b1ae2c8fa9fb9612d78ea69b189fe67930a6b12cc05c67b" target="_blank"><img alt="A pixel art illustration depicting a digital transaction in an urban setting. The central building appears to represent a financial institution. The image shows people using their phones, with digital coins." src="https://www.economist.com/content-assets/images/20250405_AMD001.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=17aefc8186fe6ac015473fbf861f3b99bb39aabadc9b78d69b951ae7690308f7d0f0c86f747bab528b1ae2c8fa9fb9612d78ea69b189fe67930a6b12cc05c67b" style="color:#e3120b;text-decoration:none;" target="_blank">Pix a winner</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=17aefc8186fe6ac015473fbf861f3b99bb39aabadc9b78d69b951ae7690308f7d0f0c86f747bab528b1ae2c8fa9fb9612d78ea69b189fe67930a6b12cc05c67b" style="color:#121212;text-decoration:none;" target="_blank">Brazil’s government-run payments system has become dominant</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=17aefc8186fe6ac015473fbf861f3b99bb39aabadc9b78d69b951ae7690308f7d0f0c86f747bab528b1ae2c8fa9fb9612d78ea69b189fe67930a6b12cc05c67b" style="color:#000000;text-decoration:none;">Pix has spiced up Brazil’s fusty banking sector, but it gives the central bank a worrying amount of power</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 cellspacing="0" cellpadding="0" border="0" align="center"> <tr> <td style="padding: 0 16px 0 16px;" valign="top" align="center"> <a href="https://click.e.economist.com/u/?qs=17aefc8186fe6ac01c1b83578712854a5ea97800e243abe1261496e0c9ec43b47d81acb75856def772e8c9a91b3431de6c9863cb3d09efea883a98db0c73a841" > <img style="display: block; width: 100%; max-width: 600px; height: auto; border: none; padding: 0px; text-align: center;" src="https://pas.economist.com/view/2/38325/57851417e462c4aaa382616de415f6a6/2072882?ad_region=Africa&ad_country=Nigeria&send_date=08/04/2025&segment=4-NG" width="600"> </a> <img width="1" height="1" style="display: none;" alt="timer" src="https://pas.economist.com/t/2/38325/0033z00002rl1PoAAI/2072882?pid=1&ad_region=Africa&ad_country=Nigeria&send_date=08/04/2025&segment=4-NG"> <img width="1" height="1" style="display: none;" alt="trk_px" src="https://pas.economist.com/extt/2/38325/0033z00002rl1PoAAI/2072882?pid=1&ad_region=Africa&ad_country=Nigeria&send_date=08/04/2025&segment=4-NG"> </td> </tr> </table></td></tr></table> <!-- 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 style="padding:0 0 0 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 0px 8px;" valign="top"> <hr style="width:100%; max-width:568px; height:0px; 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"><!-- 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=17aefc8186fe6ac01d4e3de751ed08d2b7b8b1ff8a9b5a30c8fc5d3f5e0f011a9a76d1edb178f9ec42923eb61ac21807981df10a17b55e91fa8542dea6fd4ed7" target="_blank"><img alt="A thoughtful robot sitting on a rock, resembling The Thinker, with a question mark above its head" src="https://www.economist.com/content-assets/images/20250405_STD004.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=17aefc8186fe6ac01d4e3de751ed08d2b7b8b1ff8a9b5a30c8fc5d3f5e0f011a9a76d1edb178f9ec42923eb61ac21807981df10a17b55e91fa8542dea6fd4ed7" style="color:#e3120b;text-decoration:none;" target="_blank">AI think, therefore AI am</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=17aefc8186fe6ac01d4e3de751ed08d2b7b8b1ff8a9b5a30c8fc5d3f5e0f011a9a76d1edb178f9ec42923eb61ac21807981df10a17b55e91fa8542dea6fd4ed7" style="color:#121212;text-decoration:none;" target="_blank">Researchers lift the lid on how reasoning models actually “think”</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=17aefc8186fe6ac01d4e3de751ed08d2b7b8b1ff8a9b5a30c8fc5d3f5e0f011a9a76d1edb178f9ec42923eb61ac21807981df10a17b55e91fa8542dea6fd4ed7" style="color:#000000;text-decoration:none;">They plan sentences far in advance. They also bullshit themselves when reasoning out loud</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=17aefc8186fe6ac0f3578e99cfe99ee7a922209b56e38161fec1957d9687eba50b5ee3bd4949ff66db2ebeeea75d04e418bf881f33a8754424264871e83549d7" target="_blank"><img alt="Rusty barbed wire around an old book" src="https://www.economist.com/content-assets/images/20250405_CUP504.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=17aefc8186fe6ac0f3578e99cfe99ee7a922209b56e38161fec1957d9687eba50b5ee3bd4949ff66db2ebeeea75d04e418bf881f33a8754424264871e83549d7" style="color:#e3120b;text-decoration:none;" target="_blank">The spies that bind</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=17aefc8186fe6ac0f3578e99cfe99ee7a922209b56e38161fec1957d9687eba50b5ee3bd4949ff66db2ebeeea75d04e418bf881f33a8754424264871e83549d7" style="color:#121212;text-decoration:none;" target="_blank">How the CIA smuggled Orwell and Le Carré into the eastern bloc</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=17aefc8186fe6ac0f3578e99cfe99ee7a922209b56e38161fec1957d9687eba50b5ee3bd4949ff66db2ebeeea75d04e418bf881f33a8754424264871e83549d7" style="color:#000000;text-decoration:none;">The agency’s most highbrow covert op</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=17aefc8186fe6ac0698fcb1580721277746f26b6fe1ce5c60eb48149e3c0f4907bb2399b1e57df06d4dccf6710f964e6eb15f2b7072ed4dd599881735058e5c7" target="_blank"><img alt="Alex Ovechkin of the Washington Capitals celebrates after scoring his 895th career goal during the second period against the New York Islanders." src="https://www.economist.com/content-assets/images/20250412_USP502.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=17aefc8186fe6ac0698fcb1580721277746f26b6fe1ce5c60eb48149e3c0f4907bb2399b1e57df06d4dccf6710f964e6eb15f2b7072ed4dd599881735058e5c7" style="color:#e3120b;text-decoration:none;" target="_blank">New goal standard </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=17aefc8186fe6ac0698fcb1580721277746f26b6fe1ce5c60eb48149e3c0f4907bb2399b1e57df06d4dccf6710f964e6eb15f2b7072ed4dd599881735058e5c7" style="color:#121212;text-decoration:none;" target="_blank">Alex Ovechkin tops Wayne Gretzky’s once-unbreakable record</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=17aefc8186fe6ac0698fcb1580721277746f26b6fe1ce5c60eb48149e3c0f4907bb2399b1e57df06d4dccf6710f964e6eb15f2b7072ed4dd599881735058e5c7" style="color:#000000;text-decoration:none;">As our charts show, the Russian machine defies both his age and his era</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"><!-- 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 40px 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"><!-- SECTION 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; border-top:1px solid #121212;" valign="top"> <h2 class="econsans" style="margin:0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:18px; font-weight:bold; color:#121212; line-height:25px; text-align:left; mso-line-height-rule:exactly;"> <b>Podcast</b></h2></td></tr></table></td></tr></table><!-- //SECTION HEADING --></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=17aefc8186fe6ac09708efc95ecb3202a1fcf9ec7b5e7ed26e6755cddc6b5ded477218afe9e0f845e8de345d5c460994d2a301f8ddf309c4e3e3cf1b2c6a694e" target="_blank"><img alt="Migrants board a smuggler's boat in an attempt to cross the English Channel, off the beach of Gravelines, north of France" src="https://www.economist.com/content-assets/images/20250412_PDP503.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=17aefc8186fe6ac09708efc95ecb3202a1fcf9ec7b5e7ed26e6755cddc6b5ded477218afe9e0f845e8de345d5c460994d2a301f8ddf309c4e3e3cf1b2c6a694e" style="color:#e3120b;text-decoration:none;" target="_blank">The Intelligence </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=17aefc8186fe6ac09708efc95ecb3202a1fcf9ec7b5e7ed26e6755cddc6b5ded477218afe9e0f845e8de345d5c460994d2a301f8ddf309c4e3e3cf1b2c6a694e" style="color:#121212;text-decoration:none;" target="_blank">The business model of migrant-smuggling in the English Channel</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=17aefc8186fe6ac09708efc95ecb3202a1fcf9ec7b5e7ed26e6755cddc6b5ded477218afe9e0f845e8de345d5c460994d2a301f8ddf309c4e3e3cf1b2c6a694e" style="color:#000000;text-decoration:none;">Also on the daily podcast: East Asian wildfires and US and Europe fall out of love</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"><!-- 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 40px 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"><!-- SECTION 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; border-top:1px solid #121212;" valign="top"> <h2 class="econsans" style="margin:0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:18px; font-weight:bold; color:#121212; line-height:25px; text-align:left; mso-line-height-rule:exactly;"> <b>Figure of the day</b></h2></td></tr></table></td></tr></table><!-- //SECTION HEADING --></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="color:#121212;font-family:EconomistSerifOsF, Georgia, TimesNewRoman, Times New Roman, Times, serif;font-size:18px;line-height:25px;padding:0 0 1px 0;text-align:left;" valign="top"> <b>55,000</b>, the number of containers sent from China to Europe via the Caspian sea in 2024—up from around 25,000 in 2021. <a data-linkto="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac0d8a70215bce3e7289b8b0316e7672063ec0daf296d486ddd69a116174f5981cb492b17d95211131480b73d44a5f39373" style="text-decoration:none;" title="Read the full story">Read the full story</a>.</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="background-color: transparent; min-width: 100%; " class="stylingblock-content-wrapper"><tr><td style="padding: 40px 0px 0px; " class="stylingblock-content-wrapper camarker-inner"><!-- SECTION HEADING --><table align="center" bgcolor="#F5F4EF" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 8px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td style="padding:4px 0 0 0; border-top:1px solid #121212;" valign="top"> <h2 class="econsans" style="margin:0; font-family:EconomistSansLF,Roboto Condensed, Seravek, Arial Nova, Nimbus Sans, Arial, sans-serif; font-size:18px; font-weight:bold; color:#121212; line-height:25px; text-align:left; mso-line-height-rule:exactly;"> <b>Most read by subscribers</b></h2></td></tr></table></td></tr></table><!-- //SECTION HEADING --></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 ARTICLES (3) --><table align="center" bgcolor="#F5F4EF" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td style="padding:0 16px 32px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="serifLF" style="padding:16px 8px 16px 0; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; font-weight:medium; color:#121212; line-height:24px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top" width="16"> <span style="color:#000000;">→</span></td><td class="serifLF" style="padding:16px 0 16px 0; font-family:EconomistSerifLF, 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="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac03aefc4b8d90b7fe9799167441b5e70152b14b9559b841975e2dac9c5ce434dc89451ff024b51c6d5fda60974dd9a41af" style="color:#000000;text-decoration:none;" title="">Trump’s trade war threatens a global recession</a></p></td></tr><tr> <td class="serifLF" style="padding:16px 8px 16px 0; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; font-weight:medium; color:#121212; line-height:24px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top" width="16"> →</td><td class="serifLF" style="padding:16px 0 16px 0; font-family:EconomistSerifLF, 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"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac025747ea43fe87cc4e0ea4ea360bc12ac41910645bee13a64cded3fa1005edeff1bd95848190ddede1fe248332fd9ca7a" style="color:#000000;text-decoration:none;" title="">Trump has exposed America’s world-leading firms to retaliation</a></td></tr><tr> </tr><tr> <td class="serifLF" style="padding:16px 8px 16px 0; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; font-weight:medium; color:#000000; line-height:24px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top" width="16"> →</td><td class="serifLF" style="padding:16px 0 16px 0; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#000000; line-height:25px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac0540bd028a06eff95947a5b38f771dd695d5a247ae087cb2ec5e768c6fdad6d1dabe51383b293432fab5033cd5512e9a1" style="color:#000000;text-decoration:none;" title="">Market carnage goes global</a></td></tr><tr> <td class="serifLF" style="padding:16px 8px 16px 0; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; font-weight:medium; color:#000000; line-height:24px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top" width="16"> →</td><td class="serifLF" style="padding:16px 0 16px 0; font-family:EconomistSerifLF, Georgia, TimesNewRoman, Times New Roman, Times, serif; font-size:18px; color:#000000; line-height:25px; text-align:left; border-bottom:1px solid #d7d7d7;" valign="top"> <a data-linkto="https://" href="https://click.e.economist.com/?qs=17aefc8186fe6ac0a2a28b0a913848267b1ebf3a0a55716baf0dfe40a1d84f971f672c489158c424b68c3a62fee1415b1a6c0fe34902d725" style="color:#000000;text-decoration:none;" title="">Five crazy Trump tariffs you wouldn’t believe</a></td></tr></table></td></tr></table><!-- //RELATED ARTICLES (3) --></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; 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