With Donald Trump threatening sweeping new tariffs on the EU, the European Commission warns that transatlantic trade could become “almost impossible” — a shock that would rattle supply chains and plunge business leaders into uncertainty. As economic forecasters grapple with volatility in Washington, we ask: is America heading for Reagan-style renewal or Carter-era stagflation? 

Back in Britain, Kemi Badenoch has sounded the alarm over spiralling welfare costs, warning that the UK is turning into a “welfare state with an economy attached.” Can the system be reformed to encourage work and protect the public finances? 

CapX editor Marc Sidwell is joined by Dominic Pino of the National Review Institute and CapX contributor Harry Phibbs for a deep dive into the mounting risks facing the global economy.

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