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boundary="EZmRAEeSCTeh=_?:" This is a multi-part message in MIME format. --EZmRAEeSCTeh=_?: Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: 8bit The Economist ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ https://click.e.economist.com/?qs=b38442de5019bb51b877df94e5628a0dc79e1b0c1678e4624e6c9aa8b2ebde1c09dc53f34306f58863ff438c6efcc9fdb81fea42e8bcea7ca1c6b1718e61432c https://view.e.economist.com/?qs=340324f48225b5c32a8b200df1ae3825269461c3f9e2052c937432b167babc899ec39214c43422b0717d9e406ae80b8b7e0f5a9b0dcd9ff82afbc1f49b4368167508c24c11701b3ffad41a4935ec7d09 Read in browser April 10th 2025 The Economist today The best of our journalism, handpicked each day https://click.e.economist.com/?qs=b38442de5019bb5121766d2b92fb9d70fde5f9d0647fdac56bbae89941db90e8b682a01247c4d666344a7eb1b2ce6258e08b8e8c45320350615079a9c2da1547 https://click.e.economist.com/?qs=b38442de5019bb51979589b1fd092bab8d1de007bdc732f3b9084d6ff2413527bf7a206fc148098ca1232731f49811faf33e5f5abbccf6a7fce818f830ce0432 Bo Franklin Senior digital editor Sliding stockmarkets are one thing. But when the market for Treasury bonds started plummeting as well, America&rsquo;s financial system suddenly looked very shaky. Within hours Donald Trump paused his punitive tariffs. https://click.e.economist.com/?qs=b38442de5019bb51a0609084210d3f4dc197ed5bd8af5e793b670905b12dbaa6fcaa42e45bb23cd44bddfdf259878d526c82e7d1b23a559dd1d6a025f90bf846 We explain what caused the instability, and whether it could return. https://click.e.economist.com/?qs=b38442de5019bb51a995d9a1678eb0a6410a00fb9197a5be73f67183470844d49036e5a92ff83607e73d6046837d18bac97574db126b5ec3d579b64c8b8f145d Our cover this week , featuring the man who caused it all, argues that his incoherent trade policy will do lasting damage. And AI&rsquo;s hunger for energy is immense: asking ChatGPT a question uses ten times more energy than an old-fashioned search query. But the sector is more efficient than you might assume, and could even help https://click.e.economist.com/?qs=b38442de5019bb519e8a53c780b2dc0b0ff0b32aa37c35973645000b7b1ac5a97d9f07ebf729ac88e28aa4b99842ee2a693c8a0ca94872ad4783c58dbadd39ef decarbonise other industries . https://click.e.economist.com/?qs=b38442de5019bb5190687c30aa2248709574f246167a1f9618a7e75333e7f43567eac3688848ea5ddafd6f1e741df605e1add3eef9d2ff54fee4223a9f77f58a https://click.e.economist.com/?qs=b38442de5019bb5190687c30aa2248709574f246167a1f9618a7e75333e7f43567eac3688848ea5ddafd6f1e741df605e1add3eef9d2ff54fee4223a9f77f58a On the edge https://click.e.economist.com/?qs=b38442de5019bb5190687c30aa2248709574f246167a1f9618a7e75333e7f43567eac3688848ea5ddafd6f1e741df605e1add3eef9d2ff54fee4223a9f77f58a America’s financial system came close to the brink https://click.e.economist.com/?qs=b38442de5019bb5190687c30aa2248709574f246167a1f9618a7e75333e7f43567eac3688848ea5ddafd6f1e741df605e1add3eef9d2ff54fee4223a9f77f58a Chaotic markets threatened to trigger a full-blown crisis Related &rarr; https://click.e.economist.com/?qs=b38442de5019bb51a995d9a1678eb0a6410a00fb9197a5be73f67183470844d49036e5a92ff83607e73d6046837d18bac97574db126b5ec3d579b64c8b8f145d Trump&rsquo;s incoherent trade policy will do lasting damage https://click.e.economist.com/?qs=b38442de5019bb51dad120c6465dbb5a526dab84359254acf52d6c060c777391d4343e11088acb8048253bd3e446dae0460a52efda4fa580905b6624a1272d1a https://click.e.economist.com/?qs=b38442de5019bb51dad120c6465dbb5a526dab84359254acf52d6c060c777391d4343e11088acb8048253bd3e446dae0460a52efda4fa580905b6624a1272d1a Trump’s U-turn https://click.e.economist.com/?qs=b38442de5019bb51dad120c6465dbb5a526dab84359254acf52d6c060c777391d4343e11088acb8048253bd3e446dae0460a52efda4fa580905b6624a1272d1a The tariff madness of King Donald, explained https://click.e.economist.com/?qs=b38442de5019bb51dad120c6465dbb5a526dab84359254acf52d6c060c777391d4343e11088acb8048253bd3e446dae0460a52efda4fa580905b6624a1272d1a As his policy turns on a dime, pity those tasked with justifying his actions Related &rarr; https://click.e.economist.com/?qs=b38442de5019bb51e43b908d5403bf9da912643ae1c0e0dad5490ce1503589125c40f972faf7e505e8c3390c22711fc0a75df5efba2d224e62df0988f4c815e3 With tariffs paused, Republicans dodge a fight with Trump https://click.e.economist.com/?qs=b38442de5019bb51dafc46c087fec3465b122d7844f326698d6f1891dcfb0bab74d29112712ef4644823eb1936ad80ca6843f50cabd9841132e54ad39a80fbc0 https://click.e.economist.com/?qs=b38442de5019bb51dafc46c087fec3465b122d7844f326698d6f1891dcfb0bab74d29112712ef4644823eb1936ad80ca6843f50cabd9841132e54ad39a80fbc0 Friend, not foe https://click.e.economist.com/?qs=b38442de5019bb51dafc46c087fec3465b122d7844f326698d6f1891dcfb0bab74d29112712ef4644823eb1936ad80ca6843f50cabd9841132e54ad39a80fbc0 How AI could help the climate https://click.e.economist.com/?qs=b38442de5019bb51dafc46c087fec3465b122d7844f326698d6f1891dcfb0bab74d29112712ef4644823eb1936ad80ca6843f50cabd9841132e54ad39a80fbc0 The technology could help decarbonise the industries that have proved the hardest to clean up Related &rarr; https://click.e.economist.com/?qs=b38442de5019bb5146d3d07ab49fe4fd8832d7f8a76e6ebd1130c50ef504583b96b5f2a06b8438f296c2b8c3e6e6e89f2de1bcca480aa371a8306aa521af4ce0 The tricky task of calculating AI&rsquo;s energy use Start your free trial today Get digital access to independent global analysis https://click.e.economist.com/?qs=b38442de5019bb51408d5b88739465ee9af8b066db642bbfaefcf6c8fdea9ad5f85f2886df7fe83d5bc7003c6b035f07c105d5dea41f730e24b112b4bf39e7be Subscribe https://click.e.economist.com/?qs=b38442de5019bb51665e5b938ea89388d32dc636114a983d7df76998fafef339530e3d6a550939eb02cffa5e976360968cb1ccd728c3b0ea06e2de29ff242449 https://click.e.economist.com/?qs=b38442de5019bb51665e5b938ea89388d32dc636114a983d7df76998fafef339530e3d6a550939eb02cffa5e976360968cb1ccd728c3b0ea06e2de29ff242449 Soldiers of misfortune https://click.e.economist.com/?qs=b38442de5019bb51665e5b938ea89388d32dc636114a983d7df76998fafef339530e3d6a550939eb02cffa5e976360968cb1ccd728c3b0ea06e2de29ff242449 Why are Chinese soldiers fighting in Ukraine? https://click.e.economist.com/?qs=b38442de5019bb51665e5b938ea89388d32dc636114a983d7df76998fafef339530e3d6a550939eb02cffa5e976360968cb1ccd728c3b0ea06e2de29ff242449 They have been showing up on both sides of the battlefield throughout the war https://click.e.economist.com/?qs=b38442de5019bb51661ff379904a670b146286ce12957f9c45f371585f7902475b3f0ca6b2a6c8edb8c2d1483f01dac9804da2e4aba7e7120cb6423b68e13410 https://click.e.economist.com/?qs=b38442de5019bb51661ff379904a670b146286ce12957f9c45f371585f7902475b3f0ca6b2a6c8edb8c2d1483f01dac9804da2e4aba7e7120cb6423b68e13410 Mea culpa https://click.e.economist.com/?qs=b38442de5019bb51661ff379904a670b146286ce12957f9c45f371585f7902475b3f0ca6b2a6c8edb8c2d1483f01dac9804da2e4aba7e7120cb6423b68e13410 What your boss makes of your apology https://click.e.economist.com/?qs=b38442de5019bb51661ff379904a670b146286ce12957f9c45f371585f7902475b3f0ca6b2a6c8edb8c2d1483f01dac9804da2e4aba7e7120cb6423b68e13410 Does it win you favours or hold you back? https://click.e.economist.com/?qs=b38442de5019bb51da63d6f3c3b21eeab1c34c46400987ef9e53c5db992bfe39f0f81693bb7d2e462f8af2246d3dc32a38487315de8d33222fe77ff07f7f72be https://click.e.economist.com/?qs=b38442de5019bb51afef7c55e72f02bc39e2de71d76c82641723f61ea491e26a7b4dc3f0e6c319efd2cc6ae8f3a04f130b4a60854da142a29a93bfe42ed31652 https://click.e.economist.com/?qs=b38442de5019bb51afef7c55e72f02bc39e2de71d76c82641723f61ea491e26a7b4dc3f0e6c319efd2cc6ae8f3a04f130b4a60854da142a29a93bfe42ed31652 Amazon deliverance? https://click.e.economist.com/?qs=b38442de5019bb51afef7c55e72f02bc39e2de71d76c82641723f61ea491e26a7b4dc3f0e6c319efd2cc6ae8f3a04f130b4a60854da142a29a93bfe42ed31652 Negotiators must prepare for a chaotic COP in Brazil https://click.e.economist.com/?qs=b38442de5019bb51afef7c55e72f02bc39e2de71d76c82641723f61ea491e26a7b4dc3f0e6c319efd2cc6ae8f3a04f130b4a60854da142a29a93bfe42ed31652 The climate meeting will be hot, humid and uncomfortable. That might help https://click.e.economist.com/?qs=b38442de5019bb51212a81168ded4376876a98172ae05a64c25ec011768be2e3fa282556a5aa6259f71eb8115610351472fd689bc1096be28fab37ccaf07b91b https://click.e.economist.com/?qs=b38442de5019bb51212a81168ded4376876a98172ae05a64c25ec011768be2e3fa282556a5aa6259f71eb8115610351472fd689bc1096be28fab37ccaf07b91b Less bold than promised https://click.e.economist.com/?qs=b38442de5019bb51212a81168ded4376876a98172ae05a64c25ec011768be2e3fa282556a5aa6259f71eb8115610351472fd689bc1096be28fab37ccaf07b91b Germany’s new centrist government is reassuring but bland https://click.e.economist.com/?qs=b38442de5019bb51212a81168ded4376876a98172ae05a64c25ec011768be2e3fa282556a5aa6259f71eb8115610351472fd689bc1096be28fab37ccaf07b91b Friedrich Merz’s promises to transform the country have been scaled back https://click.e.economist.com/?qs=b38442de5019bb51efc20d12106f0833ad5f847ed340fdd52de74fa04e54257b5d9bf3ed57d760e184dbdba930032e2379d1af2b5956f2e309a521ab8690f7ef https://click.e.economist.com/?qs=b38442de5019bb51efc20d12106f0833ad5f847ed340fdd52de74fa04e54257b5d9bf3ed57d760e184dbdba930032e2379d1af2b5956f2e309a521ab8690f7ef Phone boxes https://click.e.economist.com/?qs=b38442de5019bb51efc20d12106f0833ad5f847ed340fdd52de74fa04e54257b5d9bf3ed57d760e184dbdba930032e2379d1af2b5956f2e309a521ab8690f7ef British telephone boxes are getting a facelift, of sorts https://click.e.economist.com/?qs=b38442de5019bb51efc20d12106f0833ad5f847ed340fdd52de74fa04e54257b5d9bf3ed57d760e184dbdba930032e2379d1af2b5956f2e309a521ab8690f7ef Grimy phone boxes are becoming shiny billboards https://click.e.economist.com/?qs=b38442de5019bb51b22c76859381d1c058ab3bce52a1f6f3ae3fa1a3519d2bd2dd58dc026d178a605bb093117144bdf15596127b42b86041562deed184a8faea https://click.e.economist.com/?qs=b38442de5019bb51b22c76859381d1c058ab3bce52a1f6f3ae3fa1a3519d2bd2dd58dc026d178a605bb093117144bdf15596127b42b86041562deed184a8faea Secrets within secrets https://click.e.economist.com/?qs=b38442de5019bb51b22c76859381d1c058ab3bce52a1f6f3ae3fa1a3519d2bd2dd58dc026d178a605bb093117144bdf15596127b42b86041562deed184a8faea Betty Webb never spoke about her work, until she had to https://click.e.economist.com/?qs=b38442de5019bb51b22c76859381d1c058ab3bce52a1f6f3ae3fa1a3519d2bd2dd58dc026d178a605bb093117144bdf15596127b42b86041562deed184a8faea The Bletchley Park “secretary” died on March 31st, aged 101 Podcast https://click.e.economist.com/?qs=b38442de5019bb510858b7bf84c2518c9cacf570716e3c1d2b426731f02ffe1e1dd29888ed21fa1ee9a8c00b429051d55af890f7bccc6d465f2ba2fcc981f67a https://click.e.economist.com/?qs=b38442de5019bb510858b7bf84c2518c9cacf570716e3c1d2b426731f02ffe1e1dd29888ed21fa1ee9a8c00b429051d55af890f7bccc6d465f2ba2fcc981f67a Money Talks https://click.e.economist.com/?qs=b38442de5019bb510858b7bf84c2518c9cacf570716e3c1d2b426731f02ffe1e1dd29888ed21fa1ee9a8c00b429051d55af890f7bccc6d465f2ba2fcc981f67a The market mayhem will not be easily forgotten https://click.e.economist.com/?qs=b38442de5019bb510858b7bf84c2518c9cacf570716e3c1d2b426731f02ffe1e1dd29888ed21fa1ee9a8c00b429051d55af890f7bccc6d465f2ba2fcc981f67a Our podcast on markets, the economy and business Figure of the day 51,000, the number of government workers sacked by Argentina&rsquo;s president during his first year in office. https://click.e.economist.com/?qs=b38442de5019bb519a2eb002a1df75eced2855297143acbfb925bb7c637a289042b7106bc257de77c591d86bb451147235bf797b12a12b1a102fefa119b92431 Read the full story . Most read by subscribers &rarr; https://click.e.economist.com/?qs=b38442de5019bb51f31dae6f4606d72037228c0925c9ca355cb052b74c8def96e81458b55a7011b7bf043b89f815be710a594dedbddc75cc8acfc7c9c7d3b154 Why China thinks it might win a trade war with Trump &rarr; https://click.e.economist.com/?qs=b38442de5019bb51a3a16d36c4b487097983c3b9912afc98774586f2dbdd58a1bc5cc3eb7d81a613142ed0f4d9fd914f46b05df8b1544591787192d25601b66c Where real danger might lurk in chaotic markets &rarr; https://click.e.economist.com/?qs=b38442de5019bb513b0cea485387a24400ac2f0d7a1004478829134e3affbed205d66c58e56254c3ab088af1e5ffce058dd8679d9d8bca1b1ef1453419447479 Bond-market convulsions look extremely dangerous &rarr; https://click.e.economist.com/?qs=b38442de5019bb51ed5555cde7455304f2df27c7908e2cd763b2855ddef6f531f884adfc5746d29368379755d004c03e88f1b27eff6ebf4d50bbf0a44028fdd3 Market carnage goes global Thanks for reading, Harmony. If you liked The Economist today, please share it with a friend. 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&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; &nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;‌&nbsp;&nbsp;‌&nbsp;‌&nbsp; </div> <!--<![endif]--></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"><!----></td></tr></table> <table role="presentation" style="min-width: 100%; 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line-height:19px; text-align:left; text-transform: uppercase; border-top:1px solid #121212;" valign="top"> <p style="margin:0;"> April 10th 2025</p> </td> </tr> </table> </td> </tr> </table> <!-- //DATE --> <!-- Header Logo --> <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 align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td align="center" style="font-size:0; padding:0 0 20px 0;" valign="top"> <!--[if (gte mso 9)|(IE)]> <td valign="top" style="width: 236px;"> <![endif]--> <div class="fluid" style="display: inline-block; width: 100%; min-width: 100%; max-width: 120px; letter-spacing: normal; vertical-align: top;"> <table align="right" border="0" cellpadding="0" cellspacing="0" class="fluid" role="presentation" width="100%"> <tr> <td align="center" style="padding: 1px 0px 1px 0px" valign="middle"> <img alt="The best of our journalism, handpicked each day" data-assetid="152069" height="80" src="https://image.e.economist.com/lib/fe8d13727c650c7976/m/4/bb59d550-d421-4e02-aa19-0d365f6a95c4.png" style="display: block; 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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=b38442de5019bb5176b672b2130b9588e2c3228bfde84041b3e269c8bc1fe8bba4142489651086b5bc2672ab2536e824ac5909d632345fb2ea5ea1c08b54cfbb" title=""><img alt="" data-assetid="261283" src="https://image.e.economist.com/lib/fe8d13727c650c7976/m/7/1a37e155-6cf0-481d-bbf9-fd19ce3c4699.png" 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>Bo Franklin</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> Sliding stockmarkets are one thing. But when the market for Treasury bonds started plummeting as well, America&rsquo;s financial system suddenly looked very shaky. Within hours Donald Trump paused his punitive tariffs. <a data-linkto="https://" href="https://click.e.economist.com/?qs=b38442de5019bb51e326af84c0005e526c800b364b2faf4ce6a154c83e3d4d60ae32f829edaebce407f1cc84d402be88cdaff99b9e9b6dc2f97a90bcd2ba9545" style="text-decoration:none;" title="We explain">We explain</a> what caused the instability, and whether it could return. <a data-linkto="https://" href="https://click.e.economist.com/?qs=b38442de5019bb51ddf13b67d428f9a788af38b034aebd88156bf12751897d173b59373bb091e63b171a024edfd68cd3fabf8c38ebd41157089910d57eea9207" style="text-decoration:none;" title="Our cover this week">Our cover this week</a>, featuring the man who caused it all, argues that his incoherent trade policy will do lasting damage.&nbsp;<br> <br> And AI&rsquo;s hunger for energy is immense: asking ChatGPT a question uses ten times more energy than an old-fashioned search query. But the sector is more efficient than you might assume, and could even help <a data-linkto="https://" href="https://click.e.economist.com/?qs=b38442de5019bb513917cfa4d64833aafe5aa071f46a745cbe26c3b4afb79c46565754002968caf27a237abd4bdc1cf94a436ec1ba05b7fffde51cb6d8e78e44" style="text-decoration:none;" title="decarbonise other industries">decarbonise other industries</a>. &nbsp;&nbsp; &nbsp;</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; 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=b38442de5019bb5162f3236402dfe61d6926b9e6ea47ad5036fb51f51cc335b4b60ea3ca1111beab2bf00e81bb3db490dc3f83a956d8ec1e1c8e4feb12bd7e14" target="_blank"><img alt="People walk aong Walll Street in the rain" src="https://www.economist.com/content-assets/images/20250412_FNP004.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=b38442de5019bb5162f3236402dfe61d6926b9e6ea47ad5036fb51f51cc335b4b60ea3ca1111beab2bf00e81bb3db490dc3f83a956d8ec1e1c8e4feb12bd7e14" style="color:#e3120b;text-decoration:none;" target="_blank">On the edge</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=b38442de5019bb5162f3236402dfe61d6926b9e6ea47ad5036fb51f51cc335b4b60ea3ca1111beab2bf00e81bb3db490dc3f83a956d8ec1e1c8e4feb12bd7e14" style="color:#121212;text-decoration:none;" target="_blank">America’s financial system came close to the brink</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=b38442de5019bb5162f3236402dfe61d6926b9e6ea47ad5036fb51f51cc335b4b60ea3ca1111beab2bf00e81bb3db490dc3f83a956d8ec1e1c8e4feb12bd7e14" style="color:#000000;text-decoration:none;">Chaotic markets threatened to trigger a full-blown crisis</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; 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>Related </b></h2></td></tr></table></td></tr></table><!-- //RELATED ARTICLE HEADING --><!-- RELATED ARTICLES --><table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" role="presentation" style="max-width:600px;" width="100%"> <tr> <td class="pb56" style="padding:0 16px 56px 16px;" valign="top"> <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%"> <tr> <td class="serifLF" style="padding:0 0 10px 0; font-weight:500; 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 #121212;;" valign="top"> <p style="margin:0;"> &rarr; <a data-linkto="https://" href="https://click.e.economist.com/?qs=b38442de5019bb518c7718ae5cd712ef64644147448649ad942f23218743d24165d106de3d20b941bfcbaccff03a97126e1316acab82dd04ae63fc18a76b155d" style="color:#000000;text-decoration:none;" title="">Trump&rsquo;s incoherent trade policy will do lasting damage</a></p></td></tr></table></td></tr></table><!-- //RELATED ARTICLES --></td></tr></table> <table cellpadding="0" cellspacing="0" width="100%" role="presentation" style="min-width: 100%; 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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=b38442de5019bb514f501a1c375c7a61e13c6b42c613cceb0b0f44be02cdb0c6f5f715c68c92ad758fad48a5ee74adb2ea97e8f1e74be2b6f89afba6ebfcf9bb" target="_blank"><img alt="A boy kicks a soccer ball near signage for the COP30" src="https://www.economist.com/content-assets/images/20250412_AMP001.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=b38442de5019bb514f501a1c375c7a61e13c6b42c613cceb0b0f44be02cdb0c6f5f715c68c92ad758fad48a5ee74adb2ea97e8f1e74be2b6f89afba6ebfcf9bb" style="color:#e3120b;text-decoration:none;" target="_blank">Amazon deliverance?</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=b38442de5019bb514f501a1c375c7a61e13c6b42c613cceb0b0f44be02cdb0c6f5f715c68c92ad758fad48a5ee74adb2ea97e8f1e74be2b6f89afba6ebfcf9bb" style="color:#121212;text-decoration:none;" target="_blank">Negotiators must prepare for a chaotic COP in Brazil</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=b38442de5019bb514f501a1c375c7a61e13c6b42c613cceb0b0f44be02cdb0c6f5f715c68c92ad758fad48a5ee74adb2ea97e8f1e74be2b6f89afba6ebfcf9bb" style="color:#000000;text-decoration:none;">The climate meeting will be hot, humid and uncomfortable. That might help </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=b38442de5019bb51894428e414d884b1cd6700ad8a12cfea0c9ce3b330228e4339edd01dcb6b0ec7140257a3fe124d9a55238ca1e675cee7e29c67e05c9a1148" target="_blank"><img alt="Presentation of the joint coalition agreement between the SPD and CDU/CSU in Berlin, Germany - 09 Apr 2025" src="https://www.economist.com/content-assets/images/20250412_EUP001.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=b38442de5019bb51894428e414d884b1cd6700ad8a12cfea0c9ce3b330228e4339edd01dcb6b0ec7140257a3fe124d9a55238ca1e675cee7e29c67e05c9a1148" style="color:#e3120b;text-decoration:none;" target="_blank">Less bold than promised</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=b38442de5019bb51894428e414d884b1cd6700ad8a12cfea0c9ce3b330228e4339edd01dcb6b0ec7140257a3fe124d9a55238ca1e675cee7e29c67e05c9a1148" style="color:#121212;text-decoration:none;" target="_blank">Germany’s new centrist government is reassuring but bland</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=b38442de5019bb51894428e414d884b1cd6700ad8a12cfea0c9ce3b330228e4339edd01dcb6b0ec7140257a3fe124d9a55238ca1e675cee7e29c67e05c9a1148" style="color:#000000;text-decoration:none;">Friedrich Merz’s promises to transform the country have been scaled back</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=b38442de5019bb51649f7f1fe7accd76e6c167b18a7f740499649a4fc35d1ee8fb16060e61d23d2a76b520bce3c1dbb4326048d3087af4d1378642a7d6527c72" target="_blank"><img alt="People passing a public telephone box which has sex cards tacked up inside " src="https://www.economist.com/content-assets/images/20250412_BRP005.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=b38442de5019bb51649f7f1fe7accd76e6c167b18a7f740499649a4fc35d1ee8fb16060e61d23d2a76b520bce3c1dbb4326048d3087af4d1378642a7d6527c72" style="color:#e3120b;text-decoration:none;" target="_blank">Phone boxes</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=b38442de5019bb51649f7f1fe7accd76e6c167b18a7f740499649a4fc35d1ee8fb16060e61d23d2a76b520bce3c1dbb4326048d3087af4d1378642a7d6527c72" style="color:#121212;text-decoration:none;" target="_blank">British telephone boxes are getting a facelift, of sorts</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=b38442de5019bb51649f7f1fe7accd76e6c167b18a7f740499649a4fc35d1ee8fb16060e61d23d2a76b520bce3c1dbb4326048d3087af4d1378642a7d6527c72" style="color:#000000;text-decoration:none;">Grimy phone boxes are becoming shiny billboards</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=b38442de5019bb519d131b944506b46a73ec504a4f337fec43495b12a82aec4d9c58ca25933edaa91caa64883b7c93a78a2b33d618a6c7d611ae79172b7742e6" target="_blank"><img alt="" src="https://www.economist.com/content-assets/images/20250412_OBP002.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=b38442de5019bb519d131b944506b46a73ec504a4f337fec43495b12a82aec4d9c58ca25933edaa91caa64883b7c93a78a2b33d618a6c7d611ae79172b7742e6" style="color:#e3120b;text-decoration:none;" target="_blank">Secrets within secrets</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=b38442de5019bb519d131b944506b46a73ec504a4f337fec43495b12a82aec4d9c58ca25933edaa91caa64883b7c93a78a2b33d618a6c7d611ae79172b7742e6" style="color:#121212;text-decoration:none;" target="_blank">Betty Webb never spoke about her work, until she had 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=b38442de5019bb519d131b944506b46a73ec504a4f337fec43495b12a82aec4d9c58ca25933edaa91caa64883b7c93a78a2b33d618a6c7d611ae79172b7742e6" style="color:#000000;text-decoration:none;">The Bletchley Park “secretary” died on March 31st, aged 101</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=b38442de5019bb51a08efd4451e9270962f6ecce71adddf7f6401d9410a7488f3cee6fe08b7df517eb25677b55729ffed2001b009c06ffa6ace9ef10a2d91909" target="_blank"><img alt="A trader works on the floor of the NYSE in New York - with blurred digital boards in the background." src="https://www.economist.com/content-assets/images/20250412_PDP508.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=b38442de5019bb51a08efd4451e9270962f6ecce71adddf7f6401d9410a7488f3cee6fe08b7df517eb25677b55729ffed2001b009c06ffa6ace9ef10a2d91909" style="color:#e3120b;text-decoration:none;" target="_blank">Money Talks</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=b38442de5019bb51a08efd4451e9270962f6ecce71adddf7f6401d9410a7488f3cee6fe08b7df517eb25677b55729ffed2001b009c06ffa6ace9ef10a2d91909" style="color:#121212;text-decoration:none;" target="_blank">The market mayhem will not be easily forgotten</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=b38442de5019bb51a08efd4451e9270962f6ecce71adddf7f6401d9410a7488f3cee6fe08b7df517eb25677b55729ffed2001b009c06ffa6ace9ef10a2d91909" style="color:#000000;text-decoration:none;">Our podcast on markets, the economy and business</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>51,000</b>, the number of government workers sacked by Argentina&rsquo;s president during his first year in office. <a data-linkto="https://" href="https://click.e.economist.com/?qs=b38442de5019bb510a74f3fa37869e41f0def492fdd59f51c85186070990b8736bb2cba1dc1fecfe32fe6b51075259e886021c61772b2037a5750e27e612becb" 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%; 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