In tribute to Stoppard, someone should put on a memorial run of Every Good Boy Deserves Favour. Rarely performed as it has only six characters but an entire symphony orchestra on stage. Incredible play. [www.youtube.com/watch?v=1cdB...]( ) [Every Good Boy Deserves Favour...]( )

Today's Trade Secrets newsletter. One of Donald Trump's (multiple, contradictory) aims in imposing tariffs was to close the trade deficit. Is it happening? No. But is it likely to happen? Also no. [Donald Trump’s tariffs are not...](https://on.ft.com/4pMqogh )