Institute for International Economics

The US preference for working with “friendly” and “like-minded” countries in an attempt to limit China’s growing economic influence and dominance of clean energy supply chains faces a difficult reality. China’s positions in the United Nations General Assembly (UNGA) and its authoritarian political institutions distance it from the United States and other advanced Western democracies. But these same factors make it much closer to those of the developing and middle-income countries that represent the vast majority of the international system. Читать дальше...

Christopher J. Waller, member of the Federal Reserve Board of Governors, delivers remarks at the Peterson Institute for International Economics on his outlook on the US economy and monetary policy. A discussion with PIIE president Adam S. Posen follows.
MODERATOR
Adam S. PosenPresident, PIIE
SPEAKER
Christopher J. Waller Member, Federal Reserve Board of Governors

On March 26, 2024, the Francis Scott Key Bridge collapsed, and since then, efforts to clear the channel for shipping are ongoing. The Port of Baltimore handled trade valuing $6.96 billion in April 2023, representing 4.43 percent of all US imports and 3.25 percent of all US exports that month. Fifty-two percent of all trade by value through the Port of Baltimore either originated from or was destined for Europe, and 31 percent to or from Asia.
Despite its small size in terms of overall US trade... Читать дальше...

Trade and tax policy proposals floated by presidential candidate Donald J. Trump and his advisers would reduce the United States' reliance on income taxes while increasing reliance on import tariffs. Should these proposals become law, lower- and middle-income Americans would shoulder increased tax burdens; only upper-income earners would experience net tax cuts.
The lowest quintile of workers in the United States would experience a reduction of 3.7 percent in after-tax income after extensions... Читать дальше...

At the beginning of its history, the United States relied on tariffs—taxes on imported goods—as its major source of government revenue. That changed starting in the early 20th century, with the enactment of the federal income tax and the advent of a new consensus recognizing tariffs as regressive, burdening the working class while leaving untaxed much of the income accruing to the wealthy. At present, less than 2 percent of government revenue in high-income countries comes from import taxes.
Today... Читать дальше...

A central topic of concern for the governments and peoples of the world is, understandably, food security.
Not every country can be largely self-sufficient. Each must, in varying degrees, rely on imports. The degree of food security for any country has can be assessed in terms of food availability, as well as affordability, quality and safety, and more recently, sustainability.
Food security has become a heightened 21st century concern. This is despite the fact that the green revolution should have made food shortages... Читать дальше...

The Port of Baltimore closed with the collapse of the Francis Scott Key Bridge on March 26, 2024. Efforts to clear the channel for shipping are ongoing, but logistical disruptions have been, and continue to be, significant. How well will Baltimore’s share of trade be absorbed by the many other ports along the east coast of the United States?
Base metals and minerals transported by bulk cargo ships and rail gondola cars may find an easy diversion through many alternative east coast ports. However... Читать дальше...

Real business investment in manufacturing structures in the United States has risen sharply since the end of 2022. The amount of investment in this category in the first quarter of 2024 was about 80 percent higher than the amount at the end of 2022. “Industrial policy” legislation enacted in recent years likely helped fuel this sharp increase. For example, the Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act, both enacted in 2022, provided large subsidies... Читать дальше...

Within hours of each other, the European Union and the Biden administration acted in April to take dramatic and unprecedented actions against Chinese economic interests. Though the actions appear to have been uncoordinated, they had a common purpose in opposing Chinese economic practices deemed a threat to national and economic security. Another less noticed commonality was that their actions are potentially reshaping their long-accepted norms in dealing with international trade and investment.
... Читать дальше...

In 2021–22, the International Sustainability Standards Board (ISSB) started its activity of setting global standards for sustainability-related disclosures, under the same institutional roof as the International Accounting Standards Board. In April 2022, the ISSB’s recently appointed vice-chair Sue Lloyd presented the first draft standards in an episode of this event series. Two years on, we take stock in this episode.
HOST
Nicolas VéronSenior Fellow, Peterson Institute for International Economics (PIIE)GUESTS
Sue Lloyd Vice-Chair... Читать дальше...