The rise of panicans

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FT editor Roula Khalaf, chooses his favorite stories in this weekly newsletter.

The writer, an FT contributor, the executive director of the UK Royal Art Society and the UK Bank is a former chief economist

Panicle: noun. A person or party with extreme panics in a weak and stupid way. Low.

This neologism is only one month. During the one week of the invention, the author (US President) himself is a mockery to be a member of the Panican Party. With a 90-day tariff break, the 24-hour bond market for “Freedom Day” for “Lifting Day” for the “Lifting Day” took Mayhem.

Nevertheless, the question raised by the President of the United States remains in accordance with the same time as it is. Was the reaction to financial markets, politicians and media for their own tariff ads? Is there a political class that declares the world’s end in the financial markets and the media 24/7 disasters and the world?

The impact of tariffs and, especially the fear of an unknown escalation, is very realistic in an important sense. If he had a weapon race, a freedom may train ten years or more in the world trade and growth in the world. The arc of trade history is an alarming regularity, the darkness is bent.

Tariff blows from the United States occurred regularly in the last 250 years: 1789, 1828, 1890, 1890, 1930, 1971. Both are remembered as excellent for the wrong reasons.

In the half century, now the world’s trade is more and more significantly, and more significantly, 2025 tariff shock can still deepen. The goufing economic forecasts of the last month confirms this with the throwing of a coin with the US recession. Thus, it is also in financial markets with more than 6 months, more than 6 months, global stock markets and three-fold variable variability.

On the other hand of this dispute, no one today can be re-established today without the cradle of the cat’s global supply chains of the cat. It is the best boulevard against the conjugation and link costs of world trade, tariff escalation.

Excess sensitivity of financial markets apply a double lock. Telescoping and strengthening these costs, they serve as a real-time disciplined device that claims politicians can keep short-term pain in the weather. This is more scheme than the past. Smoot-Hawley tariffs lasted four years of Nixon’s tariff’s four months. The worst of Trump’s tariffs lasted a week.

Tariffs can reappear. But once bite, twice shy. Last month, a US president leaves as a psychologically intimidated and thin-skinned as enterprises and financial markets with Gossamer. The irresistible forces of its importance caused the spike of the US Tariff, but it will be the liquidation of real estate to protect himself.

For all the rhetoric of a new world order, the forces of global meaningful forces can actually be stronger than ever. A new financial order was expected after the global financial crisis. Twenty years, we saw a slightly redirection of the flows, but it is not open. Something that is strengthened by world trade, recent events, maybe a new champion with China can follow something like a new champion.

Meanwhile, despite external developments, the last month became a political god for many world leaders. Trade War and a new world order talking life in colorful regimes (In Popular Macin, Ammanuel Macin in Russia, Friedrich Merz in Russia, introduces Friedrich Merz in the British Keir Starmer).

However, the escalation, which is solemnly declared by many leaders, except for China, has been very semantic so far. We have a monthly monthly rhetoric, not tariff. If the average turning and self-protection forces remain strong, long-lasting (and wish).

A cycle of globalization is possible. Trump tariffs can still celebrate a new trade chapter. More likely, the events in the bottom of the light of history will be bonded back with the latest events such as headless chapters. What we are witness is a heart attack for the world economy, but it is something that really stops. In a period of worries, in a periodless period, the rise of panors can save us.