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difficile de faire a la fois du business dans les red et les blue states. There are more Buddy Garritys today. In 2024, 47% of Americans reporting annual incomes above $1m lived in Trump-voting states, up from 43% in 2014. Incomes among poorer folk are rising, too. Population growth is strong. And the maga economy has lots of big businesses that liberals rarely encounter. Yuba City is home to WinCo, which feels like a knock-off Costco, and Boot Barn, which sells cowboy boots. Fox News’s viewers may be on the poorer side, yet over the past year the company’s share price has been on a tear.

Like other countries, China is still subject to a 10% universal tariff. It must also pay a 20% charge Mr Trump says he has applied to punish China for producing fentanyl. Low-value items posted directly from China to American consumers used to attract no levies; today they incur a 54% duty or $100 flat charge. There are also tariffs on steel, aluminium, cars and parts; more may soon come for pharmaceuticals, critical minerals and semiconductors. Moreover, America is trying to persuade other countries to trade less with China.

Sanctions have also pushed Russia to cut its reliance on the dollar. In 2023 the Chinese yuan overtook the dollar to become the most popular currency traded on the Moscow Exchange, the country’s largest. Last year Russia’s central bank said it had no real alternative to the yuan to use for its reserves. Most of Russian trade with China is now settled in the currency. This makes its reserves vulnerable to losses if relations with China worsen.

The Geneva agreement, he emphasised, includes a commitment by Chinese officials to ongoing talks. If that “mechanism” had already been in place, the “unfortunate escalations” that followed Mr Trump’s announcement on April 2nd could have been avoided, he said. It was an extraordinary admission. If only America’s top economic officials had hit upon the ingenious idea of meeting their Chinese counterparts in person before Liberation Day, the world’s two biggest economies might have been spared a great deal of turmoil.

But as their on-the-ground knowledge was incorporated into software products, the number of fdes per customer shrank and the business began to scale profitably. In the past two years, Palantir’s revenues have surged while its employees, who number 4,000, have barely increased. That has enabled the firm to maintain gross margins of 80%-plus. Its new ai platform, aip, which maps and organises its customers’ data to help them run large language models, is following a similar path.