The foundations of the multilateral trading system have been shaken. Petros Mavroidis argues that reviving the WTO will require a determined effort from the key stakeholders to address issues that the membership has previously avoided

Thematic sanctions are being increasingly used as a foreign policy tool. Henrietta Worthington and Jaime Rosenberg consider the benefits and challenges for multinational organisations operating across jurisdictions

The Trump administration imposed ‘reciprocal tariffs’ using powers granted under the International Emergency Economic Powers Act. Gene Grossman and Alan Sykes argue that the tariffs do not meet two core requirements for the exercise of emergency powers under the Act

Stablecoins have emerged as a major innovation with broad implications for payments and international finance. Richard Portes explores the risks such stablecoins pose to financial stability and measures that could contain these risks

Cybercrime is now a national emergency. Jonathan Sharp says crimes will not stop unless we educate young adults of the dangers of cybercrime, and businesses ensure that its cybersecurity strategy is top of their agenda

In 2025 the US government underwent a large fiscal switch. Kimberly Clausing and Maurice Obstfeld evaluate tariffs as a broad tool of fiscal policy, reviewing both tax policy and macroeconomic considerations, and concludes that this fiscal switch will leave most Americans worse off