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November 5, 2019

Uganda
How Will China React to Uganda’s Looming Debt Crisis?

Uganda is heading toward a debt crisis. According to a senior official at the Bank of Uganda, unless the country is able to sustain a growth rate of at least 7 percent—which economic projections show Uganda will not do—the country will default on its payments. As is the case for many African countries, China is Uganda’s largest creditor, making up 39 percent of total debt this past fiscal year. If Uganda defaults, it is unclear how China will react.

Ugandan President Yoweri Museveni shakes hands with Chinese President Xi Jinping flanked by Chinese and Ugandan flags.

October 17, 2019

Defense and Security
Funding the Nuclear Triad to Deter Great Power Adversaries

Captain Brian L. Sittlow is a naval officer, specializing in submarines, and a military fellow at the Council on Foreign Relations (CFR). The opinions expressed in this article are solely those of th…

Following a strategic deterrence patrol, the Ohio-class ballistic-missile submarine USS Alaska returns to its homeport at Naval Submarine Base Kings Bay, Georgia, U.S. in this April 2, 2019 handout photo.

August 20, 2019

Trade
The Next Stage of the U.S.-China Trade War Will Be Much Worse

The trade war between the United States and China has entered a new and dangerous phase.

U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu

October 9, 2019

Taiwan
$130+ Billion in Undisclosed Foreign Exchange Intervention by Taiwan's Central Bank

Based on the profits and losses disclosed by Taiwan’s central bank, it appears that its true FX exposures exceed its disclosed foreign exchange reserves by USD 130bn, and perhaps by as much as USD 20…

fig 19

October 9, 2019

Ukraine
The President's Inbox: Stephen Sestanovich on Ukraine

The latest episode of The President’s Inbox is live. I sat down with Steve Sestanovich, CFR’s senior fellow for Eurasian and Russian studies and the former U.S. ambassador-at-large for the former Sov…

Ukrainian President Volodymyr Zelensky speaks with President Trump at the United Nations General Assembly on September 25.

October 11, 2019

United States
Happy 244th Birthday to the U.S. Navy!

The U.S. Navy turns 244 years-old this weekend. On October 13, 1775, the Continental Congress commissioned two ships, each with eighty sailors, “for intercepting such transports as may be laden with …

U.S. Navy

September 30, 2019

News Release
CFR Welcomes Visiting Fellows

September 30, 2019—The Council on Foreign Relations (CFR) welcomes the 2019–20 visiting fellows to the David Rockefeller Studies Program. Selected fellows have the opportunity to broaden their perspe…

July 30, 2019

Trade
Elizabeth Warren's "New Approach to Trade" Looks Awfully Dated

The Democratic candidate has laid out a comprehensive trade policy, but it speaks more to party activists than to voters.

Elizabeth Warren

October 24, 2019

Japan
A Puzzle in Japan’s Balance of Payments: What Explains Strong Foreign Demand for JGBs?

Japanese investors have an obvious incentive to search for yield abroad. But why has foreign demand for Japanese bonds almost matched Japanese demand for foreign bonds?

A Puzzle in Japan’s Balance of Payments: What Explains Strong Foreign Demand for JGBs?

July 1, 2019

G20 (Group of Twenty)
More Questions Than Answers in Trump's Asian Summitry

President Trump delayed tariffs on China and visited North Korea over the weekend, contributing to the most unpredictable international environment in decades.

Trump Xi G20