Dollar dominance and the Trump administration
There is general agreement that a currency’s safe-haven status can be gauged by its response to changes in financial volatility. This column documents how, in
Trumpian tariffs are import substitution industrialization 2.0
The new Trumpian tariffs are not the familiar protectionism G7 nations have applied for decades. Instead of shielding particular sectors, they wall off the entire
The (non) effect of tariffs on manufacturing employment
The two most prominent arguments President Trump has advanced for his trade war – both during the early months of his second term, and for
Industrial policy and retaliatory protection under the WTO: Lessons from China
Industrial policy is increasingly implemented worldwide, with many policymakers and researchers highlighting its benefits. However, the cost of industrial policy remains less understood. Using Chinese
European stocks fall, dollar steady, traders wait for Jackson Hole
Euro zone business activity expanded in August, PMIs show. European stock markets fell slightly in early trading on Thursday, hovering just below recent highs, as
How Donald Trump should have tackled the US trade deficit
The US trade deficits will have to be reduced materially to prevent a crisis down the road. This column argues that fiscal consolidation, in association
Oil steadies ahead of US-Russia talks
Oil prices steadied on Monday, after falling more than 4% last week, as investors looked towards talks this week between the U.S. and Russia over
Oil steadies as investors mull US tariff impacts
Investors weigh impact from Trump threats over Russian oil. Oil prices were little changed on Friday and heading for a weekly gain as investors weighed
An alliance for open trade: How to counter Trump’s tariffs
The US administration’s latest threat to impose sweeping new tariffs on many of its closest allies signals a renewed embrace of aggressive unilateralism and misunderstood
Transmission of foreign shocks to import prices in firm-to-firm networks
A key question in the context of a trade war is whether the burden of tariffs falls on foreign exporters or domestic importers. This column
