However one judges the results, there is no question that President Donald Trump has taken American trade policy in a very different direction than his predecessors going back decades. He has rejected multilateralism and severely weakened the World Trade Organization, while embracing the use of tariffs against allies and adversaries alike. Biden has been clear that, if elected, he would restore a more multilateral approach, especially with respect to challenging Chinese trade practices. He has also assured union supporters that he would put the interests of American workers at the core of his trade policy. Beyond those broad principles, however, [...]
President Donald Trump touts them as campaign promises he has delivered on, but by reversing Washington’s long-standing commitment to open markets and clamping down on immigration, he may have done permanent damage to the U.S. economy and America’s global reputation. Tariffs, especially against China, are now higher than they have been in decades. American acceptance of refugees is sharply lower, and the Trump administration has recently turned its sights on temporary foreign workers and foreign students. Although the tariff increases and some of Trump’s executive actions against immigration could be undone if his Democratic challenger, Joe Biden, wins in November, [...]
The global clout of OPEC, never one of the world’s most admired institutions, reached a nadir in April when a dispute between Saudi Arabia and Russia triggered a price war just as global oil demand was collapsing due to the coronavirus pandemic. Three months later, the cartel has re-emerged as a model of transnational cooperation and collective sacrifice, implementing historic production cuts in an effort to stabilize prices. Oil markets have noticed. After cratering below $20 a barrel in April, Brent crude, the international benchmark price, has hovered between $42 and $45 so far this month, even as demand remains [...]
