Late last week, US President Donald Trump used separate social media posts to announce several new tariffs, described later as the "bonfire of the bathroom vanities."

That's because there's a new 50 per cent tariff on imports of kitchen and bathroom cabinets, plus 100 per cent on pharmaceuticals, 30 per cent on upholstered furniture, and 25 per cent on heavy trucks.

In truth, it's the bonfire of the 80-year-old global trading and financial system and America's leadership of it, along with global economics, technology and science.

A monumental deal

On the same day as Trump took aim at America's foot with those new tariffs, something else happened that was potentially much more momentous for global geopolitics: the Italian energy giant, Eni, agreed to buy $1 billion worth of electr

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