In this Economic Letter, we consider the impact of TPU on firms’ decisions to reshore and automate production. Using industry-level data, we show that firms in industries more exposed to international ...

The year 2024 witnessed a number of meaningful anniversaries for the United States and its allies: the 80th anniversary of D-Day, when Allied forces landed on the beaches of Normandy, heralding the ...

Since President Trump’s inauguration on Jan. 20, it seems that many people—particularly the chattering classes—have suddenly become experts in international trade. Mr. Trump’s tariffs have spawned a ...

On April 2, a day he dubbed “Liberation Day,” President Donald Trump stood in the White House Rose Garden and announced a sweeping new program of tariffs intended to rebalance U.S. trade. Trump’s ...

Twenty-five years in the making, the landmark agreement eliminates tariffs on over 90% of goods while reshaping South America-Europe trade ties. A quarter-century after negotiations began, Mercosur, ...

Recent geopolitical events and policy announcements have demonstrated an unusual disconnect between significant economic threats and stock market reactions. Financial markets have shown unexpected ...

Five charts show the impact on the economy after a year of sweeping trade changes by the Trump administration.

With a second Trump administration starting up, 2025 may bring escalating tariffs, retaliatory trade measures, and a rearranging of the international trade order. The anticipated start of US President ...

The United States must play a more active role in reshaping the international economic order. Completely abandoning the international trading system would be a disaster for the American people and our ...