In this emergency room episode, Mark Leonard is joined by Agathe Demarais, ECFR senior policy fellow and geoeconomics team leader. They explore the dramatic implications of Donald Trump’s unexpected and aggressive tariff policies announcement on 2nd April—which he has dubbed “Independence Day.”  

Mark and Agathe discuss the economic shockwaves hitting the US—where tariffs threaten inflation and the acceleration of a looming recession—as well as their cascading effects on Europe and the global trade system. From the EU’s strategic retaliation options to the fracturing of globalisation, they ask: is this a fleeting disruption or the dawn of a chaotic new economic order?

This podcast was recorded on 3 April 2025.

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