It is accepted that international tax competition is harmful. Pascal Saint-Amans writes that US objections have not killed off the 15 percent global minimum tax, but they have altered it and given the US a competitive advantage
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The global minimum tax represents the most ambitious international effort in decades to curb profit shifting to tax havens. Katarzyna Bilicka, Michael Devereux and Irem Güçeri argue that profit shifting doesn’t just affect tax revenues, it alters investment incentives, creating fundamental trade-offs that cannot be ignored
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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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MNEs routinely allocate profits across jurisdictions with differing tax regimes. Fotis Delis, Manthos Delis, Sotirios Kokas, Luc Laeven and Steven Ongena examine how stock markets price profit shifting and consider the economic effects
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In the past most government spending was funded from import tariffs. Simon Evenett and Marc-Andreas Muendler discuss whether this practice could work today, paying attention to the displacement effect on revenues
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EU targeting of digital services in tariff retaliation would present challenges. Bertin Martens argues that the European Union lacks an instrument to unpick crossborder transactions on US digital platforms
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The tariff measures represent a seismic shift in the global trading landscape. Simon Evenett and Johannes Fritz discuss how the US has moved away from rules-based trade governance toward a results-oriented and probably a more transactional approach
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Agriculture contributes significantly to greenhouse gas emissions. Mattia Ricci, Ignacio Pérez Domínguez, Stijn Van Houtven, Jordan Hristov and Toon Vandyck examine how to tax agriculture as a path to greening consumption in Europe
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