What economic lessons can Switzerland learn from the pandemic?

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 ...

After being hit with US tariffs that climbed to 50 per cent over its purchases of Russian oil, India has now struck a deal with the world’s largest economy to cut those duties to 18 per cent, sending the rupee and local markets sharply higher. All...

Escalation Dominance—the ability to credibly threaten escalation to higher levels of conflict while convincing adversaries you would prevail at those levels—depends on unity. So says conventional wisdom. A coherent government that can demonstrate ...

The past year has shown how geopolitical disruptions can simultaneously raise risk levels and generate new opportunities across sectors. Trade fragmentation, intensifying strategic competition in technology, and pressure on supply chains have made...

China’s export-driven economic model is sharpening a trade-off western policymakers know all too well: shielding domestic industry usually comes at the cost of higher prices. Politicians face an uncomfortable choice: disappoint voters worried abou...