New MFN just landed hard, like an overnight tariff announcement. open.substack.com/pub/mostfavo...

New MFN just landed hard, like an overnight tariff announcement. open.substack.com/pub/mostfavo...

The vibe.

🚨🚨!!EMERGENCY NEWSLETTER!!🚨🚨 Where is a nice cup of tea really from? open.substack.com/pub/mostfavo...

I'm looking forward to tea production stats from English tea growers (shout out to www.dartmoorestatetea.com, tregothnan.co.uk, and peterstontea.com) that look like this chart...

You mean it's not from Yorkshire?

🚨🚨!!EMERGENCY NEWSLETTER!!🚨🚨 Where is a nice cup of tea really from? open.substack.com/pub/mostfavo...

Since the beginning of the year/of time, I have been boring people by going on about rules of origin. In particular, why large country-by-country tariff means the US will start to pay more attention to where a product is from. From Feb: open.substack.com/pub/mostfavo...

This week's edition of Most Favoured Nation asks Where is the tariff inflation? mostfavourednation.substack.com/p/where-is-t...

This is really good from @samuelmarclowe.bsky.social mostfavourednation.substack.com/p/where-is-t...

Read Dom's thread!

I have much more sympathy for the idea that the pass-through to consumer prices could rise in line with the usual season pattern of inventory accumulation. Meaning the next couple of months of data are going to be really important.

I have a different take on the Baldwin/Lowe theory about the 10% tariff constraining Chinese exporters. Almost think that phrasing has it backwards. Because if you look at the data compiled by PIIE it's pretty clear that the effective tariff rate on imports from China has risen a lot.

This week's edition of Most Favoured Nation asks Where is the tariff inflation? mostfavourednation.substack.com/p/where-is-t...

@samuelmarclowe.bsky.social posed an interesting question a few months about the prospect of Chinese EV production reshoring to circumvent rules of origin tariffs. mostfavourednation.substack.com/p/where-is-i...

It hasn't happened quite yet, but I feel like we're getting closer and closer to the US doing tariff deals with invdividual companies ... mostfavourednation.substack.com/p/most-favou...

In trade deals, the headline tariff matters less than the relative advantage. And here, both sides walk away with wins, just measured differently #FunTradeFactFriday Source: Article by @samuelmarclowe.bsky.social 👉 mostfavourednation.substack.com/p/a-few-thou...

Mexico to raise tariffs on cars from China to 50% reut.rs/4giHOxb

This week's MFN ponders the Trump threat that hasn't really barked yet: Digital Services Tax tariffs. mostfavourednation.substack.com/p/death-and-...

This week's MFN ponders the Trump threat that hasn't really barked yet: Digital Services Tax tariffs. mostfavourednation.substack.com/p/death-and-...

Still find it absolutely wild there’s a Wetherspoons at a motorway service station

MFN: Most Frustrating Nerd?

Worth noting that the US told the UK and impacted firms that tariffs paid between the announcement of the deal and its implementation would be reimbursed. And then they weren’t.

In the latest edition of Most Favoured Nation, I attempt to work out the US tariff on EU-made golf carts. With some high quality data viz mostfavourednation.substack.com/p/american-p...

From yesterday: Do foreign gamers need a visa to play competitive Esports in the UK? | Jack Freeland

„We have a land war on European continent. We are fully dependent on US. None of the EU members was ready to risk further escalation“. The way @sabineweyand.bsky.social explains EU-US-deal is exactly right. She explains EU‘s trade-offs & rationale — and doesn‘t put lipstick on a pig. (SZ-Dossier)

Thank you for your email but I regret to inform you that I have acquired Death Stranding 2 and, well, that’s it for me for a little while.

In the latest edition of Most Favoured Nation, I attempt to work out the US tariff on EU-made golf carts. With some high quality data viz mostfavourednation.substack.com/p/american-p...

Given Pep Guardiola is wearing one, I recommend you to google “Richard Mille watch” and then look at the price.

Sofa so [not] good

Yell at him. (Joking. He’s right.)

How your email finds me

Oh no

But seriously

Can't bloody wait for all the GATT Article XXIV (5) discourse coming our way

Just got my ears unblocked and am currently experiencing the “I’m an actual superhero” phase of enhanced hearing

Taking a slightly break from discussing whatever Donald Trump is up to, here are a few observations and thoughts on the UK-India free trade agreement: mostfavourednation.substack.com/p/a-few-thou...

The vibe.

A colleague wore shorts to the office today. Was difficult to know whether to berate him for the shorts or applaud him for being in the office.

Taking a slightly break from discussing whatever Donald Trump is up to, here are a few observations and thoughts on the UK-India free trade agreement: mostfavourednation.substack.com/p/a-few-thou...

Jimmy Eat Town

New problem unlocked

1yo has finally got into watching TV, and thank the lord for that

*Taps the Tariffs Aint Going Nowhere (… TAGN?) sign*

This is a good thread, but on this particular point I think you can argue that the uncertainty is the point. If ultimately you just want companies to make things in the US, then leaving mega high tariffs dangling over their heads kinda achieves that.

I know there's lots of London angst at the moment, but when walking around central in the evenings it really feels ... busy again. Like, people everywhere, pints on the curbs.

as @alanbeattie.bsky.social frequently observes: Nobody. Knows. Anything.

This is one of the ongoing plot lines of last week's reciprocal tariff announcement. Japan thought it had secured the same treatment as EU ... but US doesn't seem to agree. www.japantimes.co.jp/business/202...

I would like to introduce a new concept to the Trump Tariff discussions. Welcome the "FAFO Theory of Trade" mostfavourednation.substack.com/p/the-fafo-t...

Keohane and Nye (1977)