During his campaign, Donald Trump persuaded voters that he would look after “America First.” It would be hard to find an institution that plays a greater role in supporting the economic and strategic interests of the United States than does the IMF. Therefore, it would be in the United States’ and the world’s interests if Secretary Mnuchin were to deliver a strong and clear statement of support for the IMF from its biggest beneficiary.
With its population and living standards rising quickly, India is a wild-card country that could prevent the world from limiting global warming to sought-for levels—or it could help make the difference in a better future. For the country to make a low-carbon transition, technical and financial support from other nations will be crucial, writes Varun Sivaram.
The U.S.-China relationship is one issue on which President Trump’s instincts are at least partly right — for China, let’s be honest, does not always play fair in international economic relations. It has limited respect for intellectual property; it subsidizes strategic industries with bargain loans and export credits; it uses government power over procurement to favor domestic firms.
Britain’s Theresa May is in many ways the anti-Trump. Though her Brexit mandate carries the same populist message, she has tamed it with evasive statements. As the moment of reckoning for Britain’s relationship with the EU approaches, however, the inevitable tradeoffs associated with her agenda will be harder to anesthetize.
Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn writes that Greece and its creditors are again locked in a showdown over reforms, cash, and debt relief. Another cliff-hanger ahead of heavy July debt payments looks likely. Extend-and-pretend is a dead end for Greece and an increasingly populist Europe, and a more ambitious agreement seems ruled out by bailout fatigue in creditor countries. Markets are once again underestimating the risks of “Grexit.”
Authors: Thomas J. Bollyky and Petros C. Mavroidis Journal of International Economic Law
Global value chains have changed the way that the world trades. The World Trade Organization (WTO) should embrace the confluence of shared social preferences and trade, where it may exist such as digital trade, food and drug safety, and climate smart-agriculture, as a motivation for advancing international regulatory cooperation. To do that, changes to the corporate governance of the WTO are needed to facilitate the use of plurilateral agreements and to multilateralize progress already occurring bilaterally and regionally.
Speaker: Joshua W. Busby Speaker: David Michel Presider: Paul B. Stares
As part of the Center for Preventive Action's Flashpoint Roundtable Meeting Series, Joshua Busby, associate professor of public affairs at the Lyndon B. Johnson School of Public Affairs, and David Michel, nonresident fellow at the Stimson Center, discuss global water issues and their effect on U.S. national security.
President Trump asserts that the U.S. economy is a disaster and that he alone can fix it. The truth is that the U.S. economy is doing better than most Americans realize, and activist attempts to fix what ain’t broke are one of the gravest threats to it. What’s at stake is not simply that the president is vague or wrong about the facts. It’s that bad facts make for bad policy.
When then-President Bill Clinton signed the North American Free Trade Agreement in a White House ceremony in December 1993, he called it “a defining moment” for the United States and praised Mexico and Canada as “our partners in the future that we are trying to make together.” All three countries had made what then seemed like an irreversible decision to marry their economic futures. Yet today, less than a quarter-century later, those bonds are badly fraying.
Benn Steil and Emma Smith show how China mirrors the U.S. “exorbitant privilege” from minting the world’s primary reserve currency. While the United States is deeply indebted to the rest of the world, it still earns far more abroad than it pays out. China, in contrast, has become the world’s largest creditor while paying foreigners far more than it receives. Steil and Smith argue that China is making itself vulnerable to financial crisis by massively subsidizing its geostrategic objectives.
In a special section of Global Policy edited by Miles Kahler, five authors examine the opportunities and risks presented by regional institutions across five issue areas: finance, trade, development lending, human rights, and peace operations.
Donald Trump came to Washington determined to shake up America’s economic relations with the world, to pursue what he has unapologetically called an “America first” strategy “to benefit American workers and American families." At the heart of that strategy is restoring manufacturing to its former glory, writes Edward Alden.
In Market Madness, Blake C. Clayton shows that predictions of dwindling oil supplies and a rise in prices have been empirically proven incorrect. Technological advances and geopolitical shifts have repeatedly prompted sudden, severe drops in oil prices—exactly like the one we are experiencing today.
In By All Means Necessary, Elizabeth C. Economy and Michael Levi explore the unrivaled expansion of the Chinese economy. China is now engaged in a far-flung quest, hunting around the world for resources, and deploying whatever it needs in the economic, political, and military spheres to secure them. More
In Money, Markets, and Sovereignty, the authors present a fascinating intellectual history of monetary nationalism from the ancient world to the present and explore why, in its modern incarnation, it represents the single greatest threat to globalization. More
In The Closing of the American Border, Edward Alden goes behind the scenes to tell the story of the Bush administration's struggle to balance security and openness in the wake of the September 11, 2001, terrorist attacks. More