| I'm Lara Williams and this is Bloomberg Opinion Today, a remake of Bloomberg Opinion's opinions. Sign up here. Western Manufacturing: The Sequel | On Thursday, I watched the trailer for HBO's new Harry Potter series. It was weird to see a core part of my childhood rehashed in a slightly different, but essentially the same way. I was left with many questions: why, why and why? Most of all, I felt tired. That's partly because it was yet another example of where the Anglosphere's talents seem now to lie. We are really good at making blockbuster movies and then rehashing some of them into new movies or TV series that nobody really asked for. Consider all the live-action Disney remakes we've had. Or the recent news that Late Show host Stephen Colbert now has plans to co-write a new Lord of the Rings film. That's in addition to the Lord of the Rings: The Hunt for Gollum, a movie starring Andy Serkis that we're getting. Peter Jackson's trilogy was perfect! Let it rest. Once upon a time, the Anglosphere was also world-renowned for its manufacturing prowess. If you're able to cast your mind back beyond the early 1970s, you might recall steelmaking as a pillar of British industry or the golden age of US manufacturing. In the UK, stoking the furnaces has long been in decline. The sector currently only employs about 37,000 people — about a tenth of its early 1970s peak — but the current government is determined to see its revival. Matthew Brooker notes that there's nothing wrong with a hefty dose of positive thinking — the Labour government's UK Steel Strategy mentions growth and opportunity a total of 106 times across a 72-page document — but, like the Lord of the Rings and Harry Potter, this is another story we've been trying to rehash countless times. Even if there's appetite for a steelmaking sequel, electricity costs remain a huge hurdle to competitiveness. In an attempt to support its domestic industry, the UK said it would cut steel import quotas by 60% and double tariffs on shipments above that level to 50%. Matthew notes that, although it runs against the grain of Britain's historical support for free trade, it has little choice. Meanwhile, in the US, tariffs appear to be President Donald Trump's raison d'être — even when they make things worse. Take aluminum, an essential component in a wide range of products, from canned goods to industrial wire. Last year, Trump raised tariffs to 50%, eliminated exemptions for allies and expanded the levies to cover hundreds of derivative products. Imports have since declined substantially. So far, this just reads as a typical tariff tale, one that has been on repeat since Trump's first term. But this comes with a twist, as Scott Lincicome writes. The US's reliance on imported aluminum reflects structural realities rather than unfair trade, and so tariffs have turned into a spectacular own goal: raising prices, harming American manufacturers, while actively pushing a top producer and ally out of the market, with shrinking domestic sources unable to fill the gap. Yikes. Read more here. We also have a follow-up to the Federal Communications Commission's ban on foreign-made drones. The working title is probably something like: Consumer Routers: 2 Foreign, 2 Risky. Dave Lee says the justification has two pillars. The first is the worry that potential supply chain compromises open the door to spying and cyberattacks. The second is that relying on foreign countries, such as China, for critical components is an inherent risk to US national security. These concerns are bipartisan and legitimate. But, surprise, surprise, just as the original drone ban had significant repercussions for US-based tech, the sequel will also inflict operational trauma on many American companies. Perhaps we could learn from previous mistakes? The reception to Amazon's very, very expensive Rings of Power, which takes from J.R.R. Tolkien's earlier material, was lukewarm. Meanwhile, original shows such as Severance and White Lotus or even fresh adaptations like Heated Rivalry and Bridgerton become must-watch TV events. Policy-wise, there's no point in trying to hark back to a world that simply doesn't exist anymore, or repeating the same painful bans over and over again without making them better. Give us something new!  | | | BYD's electric cars are seen by many as technologically advanced and good value for money. But they're not sexy or particularly desirable vehicles, especially outside of China. That's something the company needs to pay attention to, especially as the international arena is set to be BYD's main growth driver. Wang Chuanfu's backstory as a penniless orphan raised by his older siblings to achieve engineering greatness has the makings of a Hollywood movie, but it probably won't help shift cars. What will help? Juliana Liu says the brand should join Formula One. After all, "racing creates mythology, which in turn generates mass appeal, allowing brands to charge premium prices for the same specifications." It'd work for both F1, which wants to expand the sport's reach and earnings, and BYD, which wants a global profile boost. But how? Juliana suggests either starting its own team centered around its luxury Yangwang brand or buying an existing team. Both options would be an investment, but the automaker can afford it. To understand how the Iran war is unfolding, you need to understand what the Strait of Hormuz means to Iran. One of the Iranians' five conditions for talks with the US is international recognition of their sovereign control over Hormuz. If that were institutionalized, Marc Champion writes that Iranians could turn it into a "cash machine, tolling not just the ships that carry the 25% of the world's seaborne oil and 20% of its liquid natural gas trade, but also the many other products that the Gulf states export via the strait." The top 50 products, excluding crude oil and LNG, totaled a staggering $773 billion in value in 2024.  Health care has become unaffordable for most Americans. That's a problem. But an even bigger problem, writes Lisa Jarvis, is that most of President Trump's announced policies will make the situation worse. The insured and uninsured alike are skipping meals, borrowing cash, stretching out their medicines or cutting back on other essentials to pay for medical care. The president has focused his policymaking on lowering the cost of prescription drugs, but his two main efforts — benchmarking US drug prices to other wealthy countries and launching a direct-to-consumer portal — haven't worked. Before introducing assisted dying, the UK should fix hospice care. — Rosa Prince Private credit's angry investors are showing their limits. — Paul J. Davies The Pentagon needs to give better answers on its 'Golden Dome'. — The Editors Watch this South Korean hawk's answer to the oil shock. — Daniel Moss Meta and Alphabet's courtroom losses may not last. — Stephen L. Carter That McDonald's viral video is good for memes. But sales? — Beth Kowitt Red teaming would fix liberalism's crisis. — Adrian Wooldridge Larry Fink and making BlackRock great again. — John Authers Ukraine is running out of cash to pay for the war. Amazon is in a turf war with Walmart in rural America. How Arc'teryx got so big. Did The Simpsons really predict the future? The hunt for Samba the fugitive capybara enters its 10th day. Why you hate your weather app. Notes: Please send capybara sightings and feedback to Lara Williams at lwilliams218@bloomberg.net. Sign up here and find us on Bluesky, TikTok, Instagram, LinkedIn and Threads. | 
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