Deglobalisation is one response to tariffs. Dematerialisation is savvier. We are already replacing physical things with intangibles: streaming rather than buying DVDs; kids playing Roblox instead of amassing dolls. Getting a virtual update, whether for phones or cars, beats buying new ones.
Delivery over the internet rather than by ship also means that US President Donald Trump’s “liberation day” tariffs do not apply — at least insofar as anything is certain.
That makes Germany’s SAP, recently elbowing aside Novo Nordisk to become Europe’s most valuable company, a relatively defensive bet. Like its peers, it can boast high recurring revenues. SAP is targeting operating profit growth of between 26 and 30 per cent this year.
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