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

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

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

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

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