Boiling the (Chocolate) Frog

Gaurav is joined by Stefan, Denise, Andrew, and Kamil for a bumper episode on the global fallout from the latest wave U.S. tariffs and deals. The team debates whether this is the end of globalization as we know it or just a messy new chapter. From the EU’s apparent capitulation and Switzerland’s chocolate woes to Japan’s plan B and Southeast Asia’s tightrope walk, the team breaks down the implications for growth, investment, and global trade, and why financial markets still seem oddly calm. Are tariffs now a general-purpose economic weapon for the U.S.? And will European and Asian economies ever fight back, or are we all just frogs in slowly boiling water?

For deeper insights from the Moody’s Analytics research team, watch the latest on-demand webinar, Japan’s Economic Outlook: One Step Forward, Two Steps Back. Available now.

Here is the link: https://events.moodys.com/mc68475-wbn-2025-map27519-japan-economic-outlook-q3

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