Prominent officials such as Treasury Secretary Janet Yellen and European Bank President Christien Lagarde tell us that the global trading system is collapsing. The International Monetary Fund has even given a new name for the policy-driven reversal of global economic integration: “geoeconomic fragmentation.” It is important to put “geoeconomic fragmentation” in historical perspective. There have
In tough times or better days, Americans have always found much for which to be grateful. Lately, this has been no easy task with the return of Jimmy Carter-levels of inflation walloping family paychecks and savings over the past three years. Meanwhile, this year’s Thanksgiving Day meal’s cost remains historically high. Our nation would be
The stock market reacts strongly to changes in trade policy, with the United States’ trade policies playing significant roles. The United States has been an economic powerhouse for decades, attracting investors and international businesses to its trade policies due to their impact on the stock market. Therefore, trade policies, such as tariffs, trade agreements, and
Supporting free trade is out of fashion. In rich countries, it has been blamed for job losses and all but abandoned by policymakers. Over the last century, trade had been increasing, seen as a percentage of the entire global economy, but this peaked around the global financial crisis and is now declining. This is regrettable
The European Union and Democrats in Congress think a good way to address climate change is by imposing what is euphemistically called “carbon border adjustments.” They should be called what they really are: “punitive tariffs.” What else should one call taxes that rich countries want to impose on developing countries based on a determination of what
The COVID recovery is going well, but it could be going better. America’s unemployment rate is already down from double digits to under 6 percent. New weekly jobless claims are down from record levels of more than 3 million at the height of the pandemic to about 400,000. With almost two-thirds of U.S. adults vaccinated,