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OUT NOW - Matthew C. Klein on: - the *real* source of China's trade surplus - China's shifting income distribution - why trade wars = class wars Apple shorturl.at/RIajw Spotify shorturl.at/REDL0

YouTube youtube.com/watch?v=iaj4Wo… Book by Matthew C. Klein & Michael Pettis: yalebooks.yale.edu/book/978030026… amazon.com/Trade-Wars-Are…

Senators Wyden, Warner, Warnock and Welch introduced the "Close the Round-Tripping Loophole Act", which denies firms producing abroad for sale back to the US access to the special low GILTI rate (now 10.5%). It is a serious piece of legislation that warrants broad support 1/

🚨Ever wondered how to get promoted as a civil servant under dictatorial occupation? A colleague kindly shared these old internal exam (compositions) topics from Banque de France dated 1943 and 1945 for recruiting internal auditors. Sharing the exam topics and some context🧵

This is interesting in the context of the 'will tariffs' raise inflation?' debate. Not sure if things like free shipping & rebates are included in BLS CPI calculations, but I know they do make qualitative adjustments based on product improvements so ... maybe that includes

Live view of American shale bosses hearing this:

Cogent argument from Skanda Amarnath and Arnab Datta on the benefits of diversifying electric power generation away from natural gas (and crude) towards sources with less volatile prices, i.e. nuclear, hydro, coal, hydro, geothermal, wind, and solar: employamerica.org/researchreport…

This chart would look *even worse* if you use current policy instead of current law as the baseline

Agree completely with Robin Brooks on this: "ever since COVID...inflation has been overstated early in the year and understated in the middle. Adjusting for this, underlying inflation is quite a bit higher than this week’s data make it look." robinjbrooks.substack.com/p/a-more-worry…

We just updated our tariff paper. We now assign products to precise HS-10 codes—replacing the older COICOP-HS mapping—and extend the price data through June 12. Imported prices are up ~3% since early March, a modest increase given the scale of announced tariffs. Most of the

You’re talking about rate cuts and the $1,890 Balenciaga spicy chili bag of chips purse is “out of stock” Please.

New BIS bulletin from Hyun Song Shin et al arguing that USD depreciation since April 2 is attributable to increased FX hedging by Asian investors more than anything else: bis.org/publ/bisbull10…

Great point from Dan Davies: hard to have serious internal deliberations when all of the arguments are recorded for posterity backofmind.substack.com/p/the-magic-bu… also reminds me of how FOMC meeting transcripts changed once members learned that they were going to be read by the public