What is the future of the European Union?

Companies are being forced to rethink how they invest, operate and manage risk as the Iran war reshapes the global economic outlook. What began as a geopolitical shock is now feeding directly into boardroom decisions, pushing executives to delay s...

First published 250 years ago, The Wealth of Nations remains a cornerstone of economic thought. Adam Smith’s treatise on free trade is still highly relevant for today’s fracturing global economy, argues Stefan Michel

This note explains the implications of the Supreme Court's ruling of 20 February 2026 that the International Emergency Economic Powers Act does not provide a legal basis for the imposition of tariffs and sets out the factors likely to govern US tr...

The economics of who pays for US tariffs is largely settled, even if the politics is not. Most of the cost has been borne by American businesses and consumers, new Federal Reserve research shows. The more important question is what happens as the ...

A quarter-century of trade data reveals that the 2025 United States tariff shock did not produce an abnormal redistribution of Chinese exports across third markets. Non-US destination shares of Chinese exports varied less in 2025 than during the G...

Now that a full set of Chinese monthly export data is available for 2025, it is possible to revisit the prominent claim that higher U.S. import tariffs imposed last year led to a massive redirection of Chinese exports to other trading partners. A ...

This paper investigates why firms facing identical carbon-pricing incentives exhibit heterogeneous decarbonization trajectories. We address this question through a theoretical framework that conceptualizes national institutional quality and innova...