Finding winners in a tariffed world

The role tariffs play is more than just political; they change industries, impacting capacity utilisation, cost structures, and pricing power. This shift is creating opportunities in companies that have faced disadvantages caused by globalisation. The world may be entering a new period of structural change, with events this century causing companies and governments to prioritise resilience over cost minimisation in some sectors – a shift one historian has called “National Capitalism”. Tariffs are commonly viewed through a macroeconomic lens, but their microeconomic impact also matters. They...