In a stark contrast, our report shows that higher tariff barriers in deficit countries like the United States only have a minor impact on global imbalances. This is because tariffs act as a negative supply shock in the tariffing countries. They reduce both investment, which is less profitable, and savings to smooth the income shock—leaving current

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What happens to the markets if the US Dollar somehow loses its status as the global reserve currency? The climate change threat isn’t going away any time soon. Will a further run up in the financial markets create such extreme wealth disparity that it causes violent unrest? Will governments tax investment gains, or even stifle innovation, in order ... See more