Charting Trump's tariffs. The world's wealthiest people. India building in the Himalayas & bombing Somalia.
Great links, images, and reading from Chartbook Newsletter by Adam Tooze
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Ennio Calabria
You need three dimensions to capture the full impact of Trump’s tariffs in 2025
Trump’s tariffs are bringing in c. $360bn per year.
But that is a small fraction of Federal revenue
Source: Financial Times
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The world’s wealthiest people added $2.2 trillion to their net worth in 2025.
Source: Bloomberg
If in 2025 you shorted 30-year German bunds and put the proceeds into the STOXX European Aerospace & Defense index, you more than doubled your money.
Ennio Calabria, Umani Pensieri
India is spending hundreds of millions of dollars to build roads, tunnels and landing strips throughout the Himalayas …
as it prepares for a possible future clash with its longtime nemesis China. … When fighting erupted in 2020—soldiers at 14,000 feet fought hand-to-hand using batons and clubs wrapped in barbed wire—Beijing could have rushed in reinforcements within hours, according to analysts. India would have needed up to a week to send additional troops along its bumpy or nonexistent roads.
Some of the projects are designed to link high-altitude areas with military outposts and civilian settlements that are isolated during the winter. One of the most ambitious is the Zojila tunnel, which is being carved into the mountains of northern India at around 11,500 feet. Work on the more than $750 million project began a few months after the 2020 clash. The 9-mile stretch, projected to be completed in about two years, will ease the Herculean task of supplying border outposts in Ladakh, which is cut off by heavy snowfall for up to six months each year, said Lt. Gen. Deependra Singh Hooda, former commander of India’s Northern Command.
Source: Wall Street Journal
The US is conducting a largely unreported bombing campaign in Somalia.
Ennio Calabria, Without title, 1961
