Hindsight · review build · data not yet validated
The letter is mostly themes. The 2025 edition is the 39th (counting back from the 40th in 2026).
Mr Trump may push Ukraine to do a deal with Russia and give Israel a free hand in its conflicts in Gaza and Lebanon.
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For now, America’s rivalry with China will manifest itself as a trade war, as Mr Trump imposes restrictions and ramps up tariffs—including on America’s allies.
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In America, Mr Trump’s policies will make things worse: hefty import tariffs could hamper growth and reignite inflation.
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The backlash against “overtourism” will diminish in 2025, but restrictions introduced by many cities, from Amsterdam to Venice, will remain.
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