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
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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
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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
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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
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The economic and political gaps between China and the West is one of the defining challenges of the modern era. Avner Greif, Joel Mokyr and Guido Tabellini argue that institutions and culture played a key role in setting Europe and China on divergent paths well before the onset of the Industrial Revolution
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There is a steel overcapacity problem. Ignacio García Bercero considers a European Commission proposal for a tight quota and high steel tariffs that risks undermining perceptions of the European Union as a reliable trading partner
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The rules-based international system has fundamentally altered. André Sapir, Jacob Funk Kirkegaard and Jeromin Zettelmeyer examine the short-term risks, medium-term scenarios and policy choices and discuss how Europe can hold its own in a multipolar world
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The US willingness to weaponise trade makes clear that transatlantic economic relations have become entirely transactional. Luis Garicano argues that Europe must respond to US tariffs with economic strength: faster productivity growth, cheaper energy, a genuine continental market, and tech leadership
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The US administration’s approach to financial markets mixes deregulatory policies with a range of other policies that are largely without precedent. Gary Gensler, Lev Menand and Joshua Younger catalogue the relevant policy shifts and consider how these shifts may impact financial stability, capital markets, and the global dollar system
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History shows that tariffs harm trade. Patrick Minford demonstrates how the US is damaging its long run prospects by pursuing old-fashioned protectionism
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