Economics & Business Archive

For decades American presidents pursued multilateral trade agreements and supported international institutions that bolstered liberal trade policies around the world because they believed it was in the United States’ interest to do so. Yes, multilateral trade rules and institutions are relatively more beneficial for smaller, less powerful countries that cannot take on the United States or European Union on their own. And, yes, the rules under the World Trade Organization, or WTO, constrain the United States’ freedom of action, as did the predecessor arrangement, the General Agreement on Tariffs and Trade, or GATT. Yet U.S. presidents going back to Harry […]

Last week, Nigeria’s ruling party, the All Progressives Congress, split, with several parliamentarians and former allies of President Muhammadu Buhari breaking away to form the Reformed-All Progressives Congress, or R-APC. “The APC has run a rudderless, inept and incompetent government that has failed to deliver good governance to the Nigerian people,” the national chairman of the new rival faction, Buba Galadima, a former Buhari confidant, declared. In a sense, the schism merely formalized tensions within the APC that go back years. On one level, it reflects some northern Nigerian politicians’ impatience with waiting their turn for the presidency and with […]

Last month, nationwide protests laced with anti-Chinese sentiment erupted in Vietnam in response to the government’s plans to offer long-term foreign leases in three special economic zones. More than 100 people were arrested in the demonstrations, which once again exposed a fundamental challenge for the Communist Party of Vietnam in managing public opinion over its relationship with China. This is hardly a new issue for Vietnam. Its giant northern neighbor dominated it for nearly a millennium of imperial Chinese rule, and they have fought multiple wars in more recent centuries. Given that long, contested history, along with its proximity to […]

Editor’s Note: Every Friday, WPR Senior Editor Robbie Corey-Boulet curates the top news and analysis from and about the African continent. In recent years, the leaders of a number of African countries have tried to curtail the influence of social media by imposing internet blackouts, especially during elections and other times of heightened tension. This year, Uganda has been pushing something different: a tax on the use of social media, which would have the added benefit of raising revenue while muffling criticism of President Yoweri Museveni’s government. The BBC reported that, under the new measure, users of social media sites […]

Venezuela should be benefiting from the global rise in oil prices. Instead, the country is seeing its oil income continue to plummet, along with the rest of its economy. The country's oil operations are in a state of collapse, output is falling and other challenges Venezuela is facing are also weighing down the oil industry. When oil prices started their collapse in 2014, plummeting from well above $100 a barrel to just over $29 by early 2016, the market drama sent shockwaves across the global economy, producing winners and losers. Oil importers benefited from sharply lower import costs, while producers’ […]

America’s trade war with China is back on. But where it is headed, no one knows. Just after midnight on July 6, the United States began collecting 25 percent tariffs on $34 billion in imports from China. Beijing immediately retaliated with similar duties on U.S. exports. President Donald Trump has already ordered tariffs on another $16 billion in Chinese exports for later this summer, after the comment period on the American list closes, and China will retaliate again. Assuming that happens as planned, the Trump administration will have levied tariffs on over $100 billion in imports into the United States. […]

More than four years after Thailand’s military seized power in a coup—the 19th coup or coup attempt since the end of absolute monarchy there in 1932—the country still seems far from a return to civilian rule. Since his putsch, junta leader Prayuth Chan-ocha has repeatedly promised that elections will be held, only to put them off again and again. Most recently, the junta allowed political parties to register earlier this year and suggested that new elections would be held by February 2019 at the latest. However, in recent weeks the military has again waffled on that date, and is now […]

Much of the commentary surrounding the upcoming summit between U.S. President Donald Trump and his Russian counterpart, Vladimir Putin, has focused on geopolitics. Will Trump change America’s position on not recognizing Russia’s annexation of Crimea? Can Putin offer concessions on the Russian position in Syria or Ukraine? Most importantly, will the United States and Russia resume talks on ensuring a level of strategic stability, especially when it comes to nuclear weapons? There is, of course, not a good deal of optimism for any substantial breakthroughs in Trump and Putin’s meeting next week in Helsinki. Sanctioning and punishing Russia is by […]

The result was almost inevitable, yet Mexico still awoke with a sense of uncertainty Monday as Andres Manuel Lopez Obrador, a veteran leftist and long-time critic of the country’s political establishment, finally captured the presidency in a landslide victory. AMLO, as he is better known in Mexico, fulfilled poll predictions by sweeping aside his rivals, Jose Antonio Meade of the incumbent Institutional Revolutionary Party, or PRI, and Ricardo Anaya of the Citizens Front alliance, winning 53 percent of the vote. His Together We’ll Make History coalition captured majorities in both houses of Congress. His victory had appeared a mere formality […]

Editor’s Note: Every Friday, WPR Senior Editor Robbie Corey-Boulet curates the top news and analysis from and about the African continent.It’s been a rough few weeks for the G5 Sahel Joint Force, a counterterrorism initiative involving five West African countries that launched its first deployments last November. A series of recent setbacks have exposed indiscipline within the force’s ranks, the severity of the security challenges it faces and a lack of political will to ensure it succeeds. First, the U.N. mission in Mali, where the G5 Sahel is headquartered, reported last week that Malian members of the force “summarily and/or […]

To whatever extent it is possible to become accustomed to the president of a major liberal democracy continuously lying, day after day, the world has grown more or less used to President Donald Trump’s practice of incessantly spraying his unique stream of falsehoods across social media, political rallies and assorted public events. Editors at major media organizations have grappled with the complications of deciding whether or when to label the president’s untruths as “lies,” noting that a lie requires a conscious intention to deceive and knowledge that a statement is incorrect—and it is not always clear that is the case […]

The U.S. Constitution gives Congress the power to regulate trade, and for more than a century it did so with gusto. Then, grasping for ways to escape the Great Depression and reverse the downward economic spiral that followed the protectionist Smoot-Hawley Tariff Act, which passed in 1930, Congress delegated some of its trade power to the executive branch. In subsequent decades, Congress provided additional authorities allowing the president to control trade policy. Now, however, with concerns about President Donald Trump’s aggressive trade policy moves—imposing a range of tariffs on close allies and rivals alike, and threatening more—there are calls to […]

NOUMEA, NEW CALEDONIA—In early May, French President Emmanuel Macron touched down in the tropical archipelago of New Caledonia following a two-day visit to Australia, the islands’ closest major neighbor, some 750 miles west across the South Pacific. Macron was more than 10,000 miles from the Elysee Palace in Paris. Famed for its diving sites along an expansive barrier reef, New Caledonia is a French overseas territory that has enjoyed a special, semi-autonomous status for the past two decades, with certain powers gradually being transferred from France to local officials. Yet Paris retains control over critical governance areas such as foreign […]

In mid-June, Georgia’s former finance minister, Mamuka Bakhtadze, was quickly confirmed as its new prime minister following the resignation of Giorgi Kvirikashvili amid a cloud of party infighting and swelling street protests. Following a swift confirmation by parliament, Bakhtadze announced plans to shrink the size of the Georgian government, while simultaneously pursuing more robust social welfare reforms. Internationally, the new government has vowed to maintain the country’s longstanding pro-Western policies, though broader strategic conditions continue to complicate Tbilisi’s persistent Euro-Atlantic ambitions. Kvirikashvili departed from the premiership last month almost as abruptly as he found himself catapulted to the leadership in […]

In the end, Turkish President Recep Tayyip Erdogan easily defeated his electoral challengers last week, winning re-election outright in the first round of voting on June 24. By taking nearly 53 percent of the vote, he even narrowly bested his performance in the 2014 presidential elections, when Erdogan was seeking the newly empowered office of the presidency after more than a decade as Turkey’s prime minister. Perhaps even more impressive, his electoral alliance—made up of his Justice and Development Party, or AKP, and the hard-right Nationalist Movement Party, or MHP—managed to win a majority in Parliament, defying many predictions as […]

On June 22, Greece reached an agreement with its eurozone partners to formally exit from the latest of a series of bailout programs that have provided an economic lifeline to Athens throughout its debt crisis, but at the cost of eight years of brutal austerity. To celebrate the deal, Greek Prime Minister Alexis Tsipras finally donned a tie, something he had pledged in 2015 not to do unless Greece was granted debt relief. In an email interview, Angelos Chryssogelos—a teaching fellow in politics at the Department of European and International Studies, King’s College London, and associate fellow of the Europe […]