America’s bosses may see similarities between the great tariff shock of 2025 and the covid-induced panic of 2020. Then, as now, share-price volatility spiked, consumer sentiment dropped and oh, Donald Trump was president. But the consequences for American big business of Mr Trump’s trade war are likely to be far more profound and enduring, writes our Schumpeter columnist.

Elsewhere, India and Pakistan are teetering on the threshold of war. We’ve seen this several times before. But the conflict between the two countries is changing in ways that make things more dangerous. There is an off-ramp from Armageddon, we say in our leader. Will each country take it?