FOREIGN AFFAIRS MAGAZINE (February 5, 2025): Today, about 20 percent of southeastern Ukraine is under Russian occupation, including Crimea and large parts of the Donetsk, Luhansk, Kherson, and Zaporizhzhia regions. Russian President Vladimir Putin has painted the war in Ukraine as a nationalist campaign to repel Western advances and reclaim territory that, in his view, rightfully belongs to Russia. But conquest has another motivation: economic gain. If Russia maintains military control over these regions, it may be hoping to reap that benefit. At this stage, however, it is hardly clear that they would become economic assets for Moscow; supporting the war-torn territories could just as easily become a drain on its coffers.
The human costs of this war are enormous. Russian forces are ruling occupied Ukraine with an iron fist, engaging in a ruthless campaign of torture, kidnapping, violence, and arbitrary killing. Any assessment of the war’s economic consequences should not minimize its awful depravity or the immense suffering it has inflicted. But its economic outcome will affect future judgments of Putin’s decision to invade in February 2022. If Russia benefits economically from the occupation of Ukraine, the war may be remembered as a strategic success, albeit a coldblooded one. If Russia instead suffers economically, the invasion will be seen as a self-defeating, barbaric blunder.
The ‘McKinley Tariffs’ were some of the largest hikes in U.S. history, but in his second term, McKinley changed his mind, and argued for more free international trade as a way of helping the U.S. economy. WSJ explores how McKinley used tariffs, how Trump is following a similar playbook and why McKinley. Actually came to speak out against them.
THE ECONOMIST MAGAZINE (February 3, 2025): That Donald Trump may unleash a global trade war is a frightening but familiar risk. Less well understood is the danger that he may also provoke a tax war. One of his first actions on returning to the White House was to warn other countries that if they adopt tax policies America dislikes, he may double tax rates on their companies and even their citizens.
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He returned much as he had departed (not that he ever really did), beneath a pall of controversy. In a Capitol ceremony drenched with quasi-religious fervour, Donald Trump was sworn in as the 47th US president, simultaneously pledging a new golden age for America and a radical shake-up of the global order.
Amid a barrage of unnerving executive orders that will surely set the tone for a new era of disruption and division, David Smith was in Washington DC to witness a dark moment for many, while diplomatic editor Patrick Wintour lays out the fears of a world hoping for the best but preparing for the worst.
From the Middle East came a moment of hope. Bethan McKernan’s dispatch on the first day of the Israel-Hamas ceasefire encapsulates the emotion and relief felt by millions. But will it lead to lasting peace? Don’t celebrate too soon, warns Peter Beaumont.
Spotlight | Has South Korea witnessed its own January 6 moment? Protesters who stormed a Seoul court at the weekend may not have worn animal skins, but the similarities are striking, explain Raphael Rashid and Justin McCurry
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