The latest from CFR’s RealEcon Initiative
RealEcon

Reimagining American Economic Leadership

Mexico's aluminum and steel exports to the United States

Latest on Trade

Section 232 Tariffs and the Relentless Rise of U.S. “National Security” Protectionism

Since President Donald Trump’s first term, U.S. imports subject to tariffs under Section 232 national-security authority have soared. They are set to soar further, writes Senior Fellow and Director of International Economics Benn Steil. Read more

A chart about tariffs under Section 232

Brussels Warns Trump About Tariffs and the Lobster Trap

A trade war with the European Union could hurt many U.S. industries. The lobster trade provides a specific case study of how one significant industry could be severely harmed, writes Georgetown University Professor Marc L. Busch. Find out more

North Atlantic right whales and lobstermen entangled, could on-demand fishing gear help

Trade Fun Fact 

How many Section 232 investigations are currently being conducted?

Answer at the bottom of the newsletter

Where Does Trade Go From Here?

As global trade tensions boil over, questions about the U.S. economic future are at the center of the debate. Trade experts explore what comes next, how the United States reached this point, and how the Trump administration’s trade policies will reshape the global order of tomorrow.

Listen
Podcast: Why It Matters

Also From RealEcon

Development

The Global Fragility Act Is a Model for Cost-Effective Foreign Assistance

The Global Fragility Act serves as a blueprint for smart U.S. funding to prevent and end conflict, and bipartisan congressional leaders advocate reauthorization of the 2019 law, writes Senior Fellow for Women and Foreign Policy Linda Robinson. Read her article

Viviane Kouame, Ivorian chocolate artisan, produces chocolates at her chocolate factory in Abidjan

Development

A Conversation With Ajay Banga

World Bank Group President Ajay Banga discusses the future of the World Bank and lessons learned from his distinguished career to open the 2025 National Conference. Watch the conversation

U.S. Treasury Secretary Yellen welcomes incoming World Bank President Banga at the Treasury Department in Washington

Perspectives

Ten Key Takeaways From Treasury’s Foreign Exchange Report

Whitney Shepardson Senior Fellow Brad W. Sester analyzes the U.S. Treasury Department’s June 2025 Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. Check out Setser’s article

Ten Key Takeaways From Treasury’s Foreign Exchange Report

Event

A Conversation With Deputy Treasury Secretary Michael Faulkender

Deputy Secretary of the Treasury Michael Faulkender addresses the current state of the U.S. economy and outlines the Trump administration’s upcoming economic priorities. View the meeting

The U.S Treasury building in Washington

Featured From the Greenberg Center

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, says Setser. Read the post

The Dollar’s Global Role and the Financing of the U.S. External Deficit

In the News

Inu Manak featured in Donald Trump’s Go-It-Alone Trade Doctrine Shakes Paris Summit (Financial Times)

 

Brad W. Setser featured in Trade With China Is Becoming a One-Way Street (Wall Street Journal)

 

Rebecca Patterson featured in Single Best Idea: Patterson & Fordham (Bloomberg Surveillance)

 

Matthew P. Goodman quoted in G-7 Confronts New Reality After Trump Spoils Hopes for Unity (Bloomberg)

Recent CFR Events

Virtual Media Briefing: The U.S. Strikes Iran (June 23) with Senior Fellow Max Boot, Senior Fellow Steven A. Cook, Senior Fellow Daniel B. Poneman, Senior Fellow Ray Takeyh, Senior Fellow Farah Pandith (presiding), and CFR President Michael Froman (introductory remarks)

American Views on Economic Leadership  

RealEcon Director Matthew P. Goodman and Associate Director Allison J. Smith traveled across the country to ask Americans for their thoughts on trade, aid, and other international economic policies. Read more 

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