Tariffs that rattled Wall Street, a dollar suddenly under siege, and boardrooms scrambling for geopolitical playbooks—watch this fast-moving conversation where FT veterans Katie Martin and Michael Skapinker spar with industrial heavyweight Paul Drechsler on how power politics rewrites market maths. If you steer capital, risk or strategy, these seven minutes are your must-see cheat-sheet.

Key Takeaways:
- Markets Repriced Overnight – Liberation-Day tariffs flipped 2025 forecasts upside-down and shattered the dollar’s “safe-haven” aura. 
- Boardroom Risk Radar – CEOs now juggle Ukraine, Israel-Palestine, Red-Sea shipping and the South China Sea before they even open the earnings deck. 
- Dollar Dominance Questioned – With 57 % of reserves still in greenbacks, major buyers are testing alternatives; Europe senses an historic opening.
- Investment Needs Certainty – Tariff whiplash, labour costs and policy flip-flops delay hiring and cap-ex—only the “brave” boards commit early. 
- Europe’s Joint-Debt Play – A pan-EU defence-and-infrastructure bond could slash borrowing costs and give the euro real reserve-currency heft.