On a knife edge: The phrase on a knife edge describes a situation that is very risky or difficult, where things could quickly get much better or much worse. https://links.artisanenglish.jp/OnAKnifeEdge 

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Here is another term from today’s episode that may have been new to you. 

Trade war: a situation where countries impose tariffs or other trade barriers on each other to protect their industries or to respond to trade practices they see as unfair. 

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