By Michael Every of RabobankUnless things change dramatically, the Middle East seems set for massive escalation. In the Middle East, the UK is evacuating its remaining diplomatic personnel from Iran, just as it did the day before the Iran war started in February, but Bulgaria is aiding US military operations from its territory. EU tariffs on China have accelerated Korean tire makers' exit from the country : imagine what broader EU tariffs might achieve (beyond “But prices will go up!”) To conclude, are Hormuz and the Red Sea a bridge too far for the US or Iran? Is the emergence of neo-mercantilism a bridge too far for traditional macro-commentary (or macro-ideology)?