Economic News

Donald Trump’s tariff threats are just part of a much wider shift. Gillian Tett explains why commerce is being subordinated to statecraft — and how we can adapt

From (1) Reich and Prussian Minister of Economics and General Plenipotentiary (1937), and (2) President of the Reichsbank (1939) (discussion, Kopper (1998)). While it’s an inexact analogy, it’s of interest to recall it was Hermann Göring. I thought of this when I saw Russell Vought on TV today: Office of Management and Budget Director Russell Vought vowed Friday to press an investigation into renovations at the Federal Reserve building, which he called a “palace” where costs are running amok. A great line from the Wikipedia entry on Schacht: [Schacht] had grown increasingly dissatisfied with Göring’s near-total ignorance of economics, and was also concerned that Germany was coming close to bankruptcy. The main points of disagreement were the Goering’s demand for rearmament despite fiscal strains, aiming for autarky/self-reliance, and dismissal of concerns about deficit spending. Sounds familiar to me. <small>*  Aside: Walther Funk succeeded Schlacht as President of the Reichsbank. I spent half a year living in Funk’s house, on the Wannsee, currently the home of the American Academy in Berlin (as a guest of my wife, a fellow there).</small>    

From Cleveland Fed today: Figure 1: Year on year core CPI inflation (blue), core PCE (tan), Bloomberg consensus of 7/11 (teal triangle). June, July 2025 observations are Cleveland Fed nowcasts as of 7/11. Source: BLS, Cleveland Fed, Bloomberg.

The exorbitant burden of exporting dollars makes it hard for America to govern at home

Long-term frameworks are necessary to lock in the desired effects of the US administration’s most controversial policies

EU’s controversial levy adds to momentum on pricing emissions

Energy advisory body expects global consumption to increase by 700,000 barrels a day this year

While the behaviour of bonds suggests a downturn, American stocks are at record highs

The country has staged a powerful recovery in the 10 years since it faced near economic collapse

After a three-month pause, US president threatens punitive levies on governments and commodities