Liberation Day raised an immediate question in policy circles: would other countries follow suit? Barthélémy Bonadio, Andrei Levchenko and Nitya Pandalai-Nayar study the implications of the US withdrawal from free trade
Read more
The global economy has shown resilience despite heightened uncertainty, supply side shocks, and geopolitical risks, but downside risks remain significant. Andrew Bailey says that sustaining growth and financial stability will require innovation, openness, international cooperation, and strong global institutions
Read more
For over 400 years the world economy has seen greater globalisation. Steve Schifferes believes the weakness of international institutions and the limited visions of governments are not optimistic signs for the future of globalisation
Read more
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more
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
Read more
History shows that tariffs harm trade. Patrick Minford demonstrates how the US is damaging its long run prospects by pursuing old-fashioned protectionism
Read more