Tracking the cost of Donald Trump’s tariffs

America’s global effective tariff stands at 10.0%

The high cost of phantom tollbooths

Freedom of navigation is worth preserving

However you measure it, China’s job market is weak

Some workers are going back to the farm

Why bond markets are unnerving rich-world politicians

As stocks rise ever higher, yields have been rising across the rich world

Stock indices no longer reflect equity reality

Lies, damned lies and stock markets

The White House’s absurd claim of a Chinese transshipment “scam” 

High tariffs on Chinese goods have had predictable effects

The world’s most influential economist is oddly unconvincing

Daron Acemoglu is revered. Why?

When Japan buys yen, it unwinds a dangerous trade

The world’s biggest carry trader begins to exit its position

Is China’s debt-bomb squad about to blow up?

Firms tasked with defusing credit crises are getting into trouble

Can Singapore ever build a proper stock market?

The city-state wants to fill a hole in its financial portfolio

Kevin Warsh is struggling to escape his predecessor’s problems

High inflation, weak jobs numbers and presidential interference trouble the Federal Reserve

Hooray for index funds—just don’t call them passive

Jack Bogle’s creation has transformed markets, and involves plenty of choices

China is now the world’s great oil power

Forget OPEC. The Chinese Communist Party calls the shots

How China became the world’s great oil power

Forget OPEC. The Chinese Communist Party now calls the shots

India’s IT sector is surviving artificial intelligence

Though the technology is making life still harder for many graduates

African countries are souring on the dollar

The yuan and local currencies stand to benefit

How—and how much—should central banks talk? 

The art is to say enough, and no more

Investors in Situational Awareness deserved to lose their shirts

The plight of the hedge fund says more about them than about its 24-year-old founder

How China gets better bang for its buck than America in AI

Its investment lags far behind America’s. Its models do not

What will Kevin Warsh do if America’s economy breaks?

An enigmatic Fed faces the risk of AI stocks falling and the oil price soaring

Oil prices remain highly flammable

As tensions flare in the Gulf, triple digits could return in a flash

How many people are dying as a result of USAID’s demise?

Fewer than academics imagine, but more than Elon Musk will admit

A common European safe asset is still unlikely

For that, blame high national debts

High government debt makes a common European safe asset unlikely

Japan pursues an ill-timed fiscal stimulus

Takaichi Sanae’s economic agenda bears little resemblance to her mentor’s

Retail investors should beware perpetual futures

These peculiar products, popular in the crypto world, are hitting the mainstream

AI revenues are growing fast, but not fast enough

The returns on trillions of dollars of spending are deeply uncertain

How to design paper money that represents Europe

The euro gets a makeover

Oil markets are on edge again

The bombing may have paused, but energy supplies are precarious

How high will oil prices go this time?

As trouble mounts in the Gulf and the Red Sea, fears are rising once again

The world’s balance-sheet is out of kilter with its economy

Restoring balance could be painful

A brief history of Luddism

States ultimately decide how fast technology is adopted

Can China dominate AI exports, too?

Robotaxis offer an early test case

The rise of the deserving rich

Today’s billionaires are more likely than yesterday’s to have made their own money

Can prediction markets win over Wall Street?

Clearing the regulatory hurdles is only half the battle