Is tariff confusion a feature of international trade?
Tariffs are supposed to be a cost businesses can calculate. But with US trade policy changing rapidly, the bigger challenge for exporters and importers may be knowing which tariff will actually apply when goods arrive. In this episode of Trade Links, Tim Phillips is joined by Aastha Gupta and Scott Livingstone to explore the economic impact of tariff uncertainty and what it means for businesses making cross-border investment and sourcing decisions. The conversation then turns to another maj...
5 Aug 2026
Shadow fleets and the new rules of global trade
Global trade is increasingly being shaped by geopolitics rather than economics alone. In this episode of Trade Links, host Tim Phillips is joined by Aastha Gupta and Scott Livingstone to examine two stories that illustrate this shift. First, the panel explores the rise of the so-called shadow fleet – a network of vessels transporting sanctioned oil from countries including Russia, Iran and Venezuela. What began as a workaround to sanctions has evolved into a parallel shipping system that now...
30 Jun 2026
The big re-shoring puzzle
Since 2020, governments across the US, Europe and the UK have promoted re-shoring, near-shoring and friend-shoring as ways to strengthen supply chains, create jobs and reduce strategic dependence on China. But how much of this shift is genuinely bringing industry home, and how much is simply reorganising global trade? In this episode of Trade Links, Tim Phillips is joined by Aastha Gupta and Scott Livingstone to separate the headlines from the underlying data. In this epi...
7 May 2026
Brexit: 10 years on, what next for the UK-EU relationship?
In this episode of Trade Links, host Tim Phillips is joined by Aastha Gupta and Scott Livingstone to revisit two major trade stories shaping the global economy: 10 years on from Brexit, and one year after the US “Liberation Day” tariff announcements. The discussion explores how trade relationships have evolved, where economic frictions remain, and why geopolitics is increasingly influencing global commerce. Brexit – Ten Years On1. UK–EU trade has stabilised, but at a lower level UK good...
24 Mar 2026
The Iran war: what will peace look like?
In this episode of Trade Links, Tim Phillips is joined again by Aastha Gupta and Scott Livingstone to explore an unprecedented scenario in global trade: what happens when both the Strait of Hormuz and the Red Sea are compromised at the same time? With escalating tensions in the Middle East and warnings from the Houthi movement, the team considers the far-reaching consequences for energy, food security and global supply chains. They also talk about Donald Trump’s delayed China trip, and...
27 Feb 2026
India's trade deal blitz and the future of the WTO
In this episode of Trade Links, Tim Phillips is joined by Aastha Gupta and Scott Livingstone to unpack the political and economic forces shaping global trade deals and the evolving role of the World Trade Organization (WTO). Key Topics: India’s Trade Deal Blitz: Comparing India’s agreements with the EU, UK, and US – from comprehensive free trade deals to targeted strategic partnerships.Politics vs. Economics: How deals are increasingly shaped by geopolitics, including the impact of US tarif...
3 Feb 2026
Coercion, control and the Trade Links curse
As Trade Links returns in 2026, host Tim Phillips is joined by our regular panel of experts, Aastha Gupta (European Economist, Economics and Market Strategy) and Scott Livingstone (International Advisor) to talk trade and the international backdrop. It’s been a dramatic start to the year, so naturally the discussion focuses on US intervention in Venezuela and that most perennial of trade topics… oil. What are the impacts on the region immediately, and longer term? The discussion then tu...
24 Nov 2025
Everything, everywhere, all at once
In this Trade Links special, host Tim Phillips is joined by guests Aastha Gupta, Scott Livingstone and Ross Walker to talk about what lies ahead in 2026. There's a lot to ponder as global trade tilts towards resilience away from cost efficiency in supply chains, and geopolitically, the world is rearming at pace. So it's good news that the economy is so rosy. Well, maybe not. With topics ranging from national technology competition and rare earths to protectionism and import price infl...
8 Oct 2025
Commodity routes, and the risks that surround them
This time, host Tim Phillips is joined by regular guests Aastha Gupta and Scott Livingstone to talk about the world's most vital trade routes – from what goes through them to what happens around them. They also discuss potential new trade routes and which countries may lay claim to them, as well as discuss that age old question: what issues are being overlooked, but which might be on all of our lips by the time of the next episode? Please check out and subscribe to our channels on Apple...
16 Sept 2025
The EU-US trade deal: stability and compromise?
In this episode of Trade Links, Tim Phillips reunites with regular NatWest panelists Aastha Gupta, European Economist, and Scott Livingstone, International Advisor. They delve into the recent EU-US trade deal, announced at Turnberry Golf Course on 27 July 2025, exploring its implications on global economics, geopolitics, and sector-specific impacts. Key points: The deal : Aastha explains the framework agreement, including a 15% tariff ceiling on key EU exports and a €750bn EU commitment to US...
8 Aug 2025
Trade Links (episode 4): Treasury and trade special
While Aastha and Scott are on their much-deserved summer breaks, Tim Phillips speaks to Naresh Aggarwal (Associate Director Policy & Technical at the Association of Corporate Treasurers) and Rowan Austin (Head of Trade Finance Origination & Advisory at NatWest) in this special episode. Both treasury and trade finance functions are on the front line of balancing risk management and growth. Get it wrong and you're facing funding shortfalls, regulatory breaches, delayed shipments a...
10 Jul 2025
Technology, rare earths and the price of oil
This month, Tim Phillips is joined by regular guests Aastha Gupta and Scott Livingstone to delve into the intricacies of the global tech trade. They unravel the complexities of supply chains, the strategic importance of rare earth elements, and the geopolitical tensions shaping today’s trade landscape. Semiconductors may be the new oil, but what about the old oil? They also talk about OPEC, peak oil demand and revenue, and the status of petrodollars presently and in the years to come. ...
12 Jun 2025
Episode 2: The end of globalisation?
Tim Phillips returns with regular NatWest guests Aastha Gupta and Scott Livingstone to talk trade. This time, they focus on the super big questions: how is the very nature of trade evolving and whether the era of globalisation is nearing an end? They also discuss: • Trade Patterns: Trade volumes, particularly in services and digital trade, are still increasing, but supply chains are becoming more regional and complex. • Regional trade blocs: How the world is shifting from a single regime to a...
11 Jun 2025
Episode 1: A short intro, and a deep dive into major themes
Welcome to Trade Links, your go-to podcast for data-driven analysis of global trade trends and pivotal developments in international relations. Designed for international businesses looking to navigate the complexities of the global market, Trade Links brings you expert commentary, in-depth discussions, and the latest updates that shape the world of trade. Each month, host Tim Phillips will be joined by NatWest's Aastha Gupta (European Economist) and Scott Livingstone (International Adv...
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