World Opium War III has begun

In today’s issue:

• Why did Trump justify tariffs with fentanyl?
• What is Opium War III?
• A dark period of history is more than just rhyming

Prognosticators and pundits have been forecasting World War III or Cold War II for years now. But they’re all wrong. We’re facing Opium War III.

US President Trump has declared tariffs against China and Mexico over the fentanyl smuggling trade. That might sound confusing or surprising to you. But it’s an echo of history from the days of the British Empire.

Almost 200 years ago, the UK smuggled Indian opium into China. The aim was to rebalance a severe trade deficit from buying too much tea and silk.

Of course, this ravaged China. And the UK and China fought two very one-sided wars over the immoral practice.

Today, the roles are somewhat reversed. But the story is also remarkably similar. Opioids smuggled from China into the US via Mexico are ravaging the US. And now the US is fighting back with a trade war.

The question is, will Europe and Canada take sides? And what does it mean for investors?

Find out from the team that forecast all this a year ago, myself and John Butler.

Before you go, remember to sign up for our free Gold Summit 2025. We will be kicking off on Monday 9 December with a series of interviews with some of the world’s top gold experts – and you won’t want to miss it. Just click here to collect your free viewing pass.

Until next time,

Nick Hubble
Editor, Fortune & Freedom