This is a terrible abuse of the 301 process. These tariffs should be tossed out, and once again, Congress should take steps to reassert its powers to set taexes. The President illegitimately raised taxes today. www.nytimes.com/2026/07/23/b...

Trump Administration to Impose New Tariffs of Around 10% on Over 80 Nations

The administration announced new duties tied to countries’ imports of goods made with forced labor, replacing a global 10 percent tariff set to expire at midnight.

nytimes.com

States face enormous penalties based on "error rate." But, error rate is calculated by examining only the population of households *actively receiving benefits.* So if someone is improperly denied benefits entirely, doesn't count toward the state’s error rate. www.thebulwark.com/p/trumps-one...

As I said. Predictable and horrible.

Lauren Bauer@laurenhlb.bsky.social · 2w ago

Well it took two more weeks and a New York Times front page story, but I'm delighted to see the internet talking about the devastating (and reversible with political will and serious effort) cuts to SNAP.

This is entirely unsurprising,but still important to track and take note of. Work requirements and other high hurdles of paperwork keep eligible people who need support from accessing benefits. Kids will go hungry. We could all see it coming. Doesn’t make it less horrible.

Carl Quintanilla@carlquintanilla.bsky.social · 2w ago

Page One. @nytimes.com

Again, when we make it through this, finally, every single one of these "magic words" imperial presidency trade & national emergency laws need to go. Every one of them: bsky.app/profile/mcop...

Sky Marchini@sky.skymarchini.net · 2w ago

ok quick why 338 matters: never-previously-used section of the smoot-hawley tariff act. allows the President to impose up to 50% duties on imports from countries that, in his view discriminate against American commerce. no time limit. unclear on judicial/congressional review.

Using section 338 is important. It is far more flexible than 301 (no investigations and rules just whatever the President says) no time limits. Only small silver lining for the economy is it is capped at 50%. He can’t keep escalating on whims. Someone should introduce a bill tomorrow revoking 338.

Congress desperately needs to re-assert control over tariff (tax) policy, by getting rid of these old laws that everyone assumed no one would use. Our system is not intended to let one person raise taxes on a whim.

Carl Quintanilla@carlquintanilla.bsky.social · 2w ago

“.. The move could unleash a new wave of economic chaos ..” @apnews.com apnews.com/article/trum...

Forget halftime music at the World Cup. I would tune in for this and be riveted.

Razzball@razzball.bsky.social · last mo.

my kind of Jubilee, the Japanese national team vs. 100 kids

That was the most remarkable NBA game I've ever seen.

For NBA fans waiting 2 days for a game. This is addictive. (And Wilt is clearly the cheat code). www.82-0.com/share?id=oXv...

New OECD report: "Industrial firms based in China receive more subsidies than competitors based everywhere else. Between 2005 and 2024, Chinese firms received on average 3-8 times more gov support than firms based in the OECD, a conservative estimate" www.oecd.org/en/publicati...

OECD MAGIC Database of Industrial Subsidies

Industrial subsidies have reached their highest levels since the global financial crisis, amounting to USD 108 billion in 2024 and reflecting governments’ renewed interest for industrial policy in a c...

oecd.org

One of the reasons oil prices didn't spike to $200 is because temporary supply buffers played a big role in plugging the shortfall in the global oil market. Those supply buffers are depleting fast. @econharris.bsky.social and I lay out a timeline in this blog post: www.brookings.edu/articles/the...

The timing of the impending crude crisis | Brookings

With the closure of the Strait of Hormuz and reserves depleting, Robin Brooks and Ben Harris estimate a timeline of increasing oil prices.

brookings.edu

Tariffs didn't encourage re-shoring of musical instrument production - in fact, they did the opposite, spurring further offshoring and eating the seed corn of the US musical instrument manufacturer's customer base: student musicians. www.piie.com/blogs/realti...

Tariffs slashed US musical instrument imports, but to what end?

The Trump administration argued that steeply higher tariffs on imported goods would spur a wave of reshoring and reinvestment in US manufacturing. For musical instruments, that hasn't happened. Instea...

piie.com

Reminder: the IMF has a fund — the Catastrophe Containment & Relief Trust — designed exactly for moments like the Ebola outbreak now raging in DR Congo. BUT it's nearly empty. The cash left wouldn't even cover DRC's own debt repayments to the IMF in 2026 May- Dec.

The Knicks are in great company as they head to the NBA Finals. Teams to win 11 straight playoff games in the same spring: 2017 Warriors (champs), 1999 Spurs (champs), 2001 Lakers (champs), 1989 Lakers (swept in the Finals). And now the 2026 New York Knicks.

If you have a Knicks fan in your life, you may have to excuse them if they are a bit distracted/dazed right now. Oh. And really happy.

The Athletic@theathletic.com · 2mo ago

The Knicks took a commanding 3-0 series lead over the Cavs — and are just one win from their first NBA Finals trip in nearly 27 years. www.nytimes.com/athletic/730...

If you keep hearing terms like economic security, chokepoints, export controls, etc tossed around and you want to understand them, read this outstanding piece by @soumayakeynes.ft.com It expertly walks through the tricky world we live in.

Soumaya Keynes@soumayakeynes.ft.com · 2mo ago

By blocking the Strait of Hormuz, could Iran force other countries to invest in long-term workarounds? Are US government export restrictions forcing the Chinese AI chip ecosystem to become more efficient? Are export restrictions a one-shot weapon? 300 clicks free: as.ft.com/r/279b2013-a...

America is burning through missiles faster than the defense industry can replenish them. The constraint is a lack of competition. In 1990 there were 51 prime defense firms. Today there are five. Three control 90% of U.S. missile supply and don’t compete with each other. by Peter Devine & Sam Slocum

Opinion | U.S. Defense Needs More Competition, Not More Money

The Pentagon doesn’t have to rely on legacy suppliers. It can create alternatives that others can produce.

wsj.com

It is good to see the courts enforce the law. Congress has not given the President the authority to use tariffs (a tax) on a whim or on all goods. The section 122 tariffs were clearly inappropriately applied. Congrats to all involved in the case including @stanveuger.bsky.social

Stan Veuger@stanveuger.bsky.social · 3mo ago

The Section 122 tariffs are unlawful, as well.

The Section 122 tariffs are unlawful, as well.

For those who want to witness history, Knicks up 49 with 2:59 to go in the first half. Record for the playoffs is 41 at the half.

I like penalizing the worst teams. You need to change incentives if you want teams to not aim for last. But it seems like there should be a threshold (27 wins? 30 wins?) where this doesn’t apply. If you are 3rd worst but won 30 games, doesn’t seem like there should be a penalty.

Shams Charania Tweets@shamsbot.bsky.social · 3mo ago

The NBA has disclosed to its 30 GMs a singular new anti-tanking reform that expands the draft lottery to 16 teams, flattens odds, and have a relegation zone where the bottom 3 teams are penalized with fewer lottery balls for the No. 1 pick. ESPN details:

Do read @bhgreeley.bsky.social's FAB piece on the petrodollar (1st 300 clicks free to read) as.ft.com/r/92ef3e7b-7...

There’s no such thing as the petrodollar

War on Iran is changing the currency calculations of Gulf energy exporters. But the dollar’s global role depends on far more than the denomination of a barrel of oil

as.ft.com

If not the US dollar, what are the main major drivers of current account imbalances today? - Unsustainable US federal budget outlook - China's failure to shift its economy further toward a non-deflationary, consumption-driven growth model by Maury Obstfeld

Don't blame America's current account deficit on the dollar

The Trump administration and China's leaders generally differ on economic policy, but on one proposition some prominent members of their economic teams seem to agree: The dollar's status as the world'...

piie.com

Well argued and important piece by Maury Obstfeld pointing out that despite many wrong arguments to the contrary, the role of the dollar is not the cause of the U.S. current account deficit. Others wanting to hold dollars does not require a trade deficit. It never has.

Adam Posen@adamposen.bsky.social · 4mo ago

Don't blame America's current account deficit on the dollar Hugely important NEW essay by Maurice Obstfeld at @piie.com ahead of this week's G7/G20 global imbalances focused conversations. www.piie.com/blogs/realti...

Nice explanation of why the dollar’s role is difficult to overturn by @paulblustein.bsky.social Whenever I’m asked if a country is going to start pricing a commodity in RMB. I ask “what are they going to do with the RMB?” Lack of deep financial market makes it impractical.

Paul Blustein@paulblustein.bsky.social · 4mo ago

The Iran war is terrible, horrible, no good, very bad. But is it a big threat to the dollar's role in the international monetary system? Nah. fortune.com/2026/03/30/p...

Very happy to be part of this and thanks to @stanveuger.bsky.social for organizing. Highly recommend people read it. It is in plain English and makes abundantly clear the U.S. does not have a balance of payments deficit or international payments problem and the section 122 tariffs should be tossed.

Stan Veuger@stanveuger.bsky.social · 4mo ago

I had the privilege of organizing economist amicus briefs in support of the parties challenging the administration’s most recent round of worldwide tariffs. The cases are Burlap and Barrel, Inc. v. Trump. and Oregon et al. v. Trump, both before the U.S. Court of International Trade.

I keep seeing articles saying the President may choose to withdraw from NATO. Shouldn’t they mention that the 2024 NDAA included a provision that no President can withdraw from NATO without the assent from Congress? Curious if lawyers or political scientists think that provision does not hold.

This was both predictable and incredibly frustrating to those who believe in helping Ukraine defend itself from an illegal invasion.

Financial Times@financialtimes.com · 5mo ago

Russia rakes in $150mn a day in extra revenue from surging oil prices ft.trib.al/LcDFmtH

We already know the winner in the war with Iran and that's Russia. The closure of the Straits of Hormuz has swung Russian crude from pariah to prized commodity. Urals oil price is the highest since right after the Ukraine invasion. Putin is loving this... robinjbrooks.substack.com/p/markets-in...