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July 8, 2020

China
Slouching Toward Phase One

On current trends, goods exports to China will struggle to reach their 2017 level—there won't be any big gains from the Phase One deal.

US Goods Exports to China Cumulative Comp and projections for 2020

October 7, 2020

Economics
Tracking Currency Manipulation

Currency manipulation is one way countries can shift patterns of trade in their favor. By buying foreign currency in the market, a country can artificially change the price of its imports and its exp…

February 8, 2021

Economics
Farewell

I am stepping down from my position at the Council of Foreign Relations to take a new job. That, among other things, means that I will not be blogging here for the foreseeable future. I am enormou…

February 18, 2021

Currency Reserves
The Dollar Privilege

The dollar is the world’s primary reserve currency, accounting for $6.7 trillion in foreign reserves. This has given the United States what some have called “an exorbitant privilege,” allowing it to …

Podcast A one dollar bill

June 17, 2019

International Economic Policy
Three Recommended Changes to U.S. Currency Policy

I have a new Policy Innovation Memo that recommends three changes to U.S. currency policy, and specifically, three changes to the U.S. Treasury’s Foreign Exchange report: 1. The Foreign Currency r…

Passers-by are reflected on a signboard displaying currency signs outside a bank in Tokyo November 27, 2014. REUTERS/Issei Kato/File Photo