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Time to End Roundtripping by Big Pharma
U.S. pharma companies should pay rather more of their corporate income tax in the U.S.—and start producing more of their best drugs in the U.S. as well.
The Dollar’s Global Role and the Financing of the U.S. External Deficit
There is too much talk about the dollar’s role as a reserve currency and too little talk about expectations of exceptional returns. Reserve accumulation hasn’t driven the financing of the U.S. current account deficit in recent years.
Will Europe Stand Up to U.S. Tariff Threats?
How should Europe respond to the threat of 50 percent tariffs?
The (Somewhat) Mysterious Surge in China’s Current Account Surplus
China's trade surplus is rising. China's reported current account surplus is rising even faster.
Why Didn’t Tariffs Push up the U.S. Dollar?
Tariffs were supposed to push the dollar up. What happened?
The Evolution of Global Trade in 2024
A rebound in U.S. consumer imports fueled global trade, while Chinese import growth diverged from China’s export growth. Importers imported more, exporters exported more, and imbalances expanded.
American Pharmaceutical Companies Still Aren’t Paying Tax in the U.S.
The 2024 10-K reports of America’s largest pharmaceutical companies show that they continue to avoid paying much, if any, U.S. corporate income tax.
The iPhone, the IMF, and China’s Balance of Payments
The iPhone is priced correctly in China’s customs trade data. A seemingly banal observation that leads to big questions about China’s post 2022 balance of payments methodology.
Xi is Making the World Pay for China’s Mistakes
My recent essay in the New York Times argues that China’s rising surplus in manufactures is a real threat to the global economy.
China’s FX Playbook: December 2024
This is this first blog in an ongoing series which will provide a monthly look at the various indicators of China’s foreign exchange management.
China’s Stunning 2024 Export Growth
Chinese exports are growing much faster in volume than in dollar terms. Europe is losing out.
