Tag: United States Economy

Why America Is Its Own Biggest Geopolitical Risk

Media Library

This is an edited transcript of “The Ezra Klein Show.” You can listen to the episode wherever you get your podcasts. Over the past month, there have been two dominant stories in American foreign policy. One, of course, is the war with Iran. The other is the much-anticipated summit between President Trump and Xi Jinping of China. If you look closely at both of these stories, you see that our foreign policy has entered into a period of absolute incoherence. Trump said that the point of the war with Iran…

Trump’s ‘Learning Curve’ on China Ends With Conciliation at Summit

Media Library

In 2024, Donald J. Trump said China was “killing us as a country.” Last year, he complained that President Xi Jinping of China was “very tough, and extremely hard to make a deal with.” His tariffs on China reached 145 percent at one point. The whiplash that followed culminated in the pageantry in Beijing this week. As Air Force One took off from the Chinese capital on Friday, it remained unclear what deals, if any, President Trump had clinched with Mr. Xi. But the two-day summit in Beijing underscored how…

How the U.S. Is Trying to Ensure the Dollar’s Dominance During Economic Turmoil

Media Library

The summit between President Trump and China’s top leader, Xi Jinping, in Beijing this week is likely to include tense discussions about tariffs, Taiwan, Iran and sanctions. But simmering below the surface is another battle between the United States and China: an intensifying currency war. Concerns about America’s mounting debt load and its aggressive use of sanctions to cut adversaries off from the Western financial system have raised doubts about the safety of the dollar as the world’s reserve currency. Those fears have led to growing demand for gold and…

Tim Cook Did Wonders for Apple. He Also Did a Lot for Xi Jinping.

Media Library

Tim Cook is ending his illustrious stint as chief executive of Apple. The soft-spoken operator accomplished the near impossible, filling the shoes of the visionary co-founder Steve Jobs, turning the iPhone from a cultural phenomenon into a financial juggernaut and transforming his company into a $4 trillion goliath — growing its market value by $682 million per day, on average, for 15 years. By the metrics investors care about, Mr. Cook is nothing short of a rock star. But when one considers his role in the sweep of American history,…

America Can’t Make What the Military Needs

Media Library

In 2020 the Navy had a simple plan to build its next fleet of small warships, the Constellation class: take a European design and build it in America.In 2020 the Navy had asimple plan to build itsnext fleet of small warships,the Constellation class:buy a European design andbuild it in America. Opinion The Editorial Board make what the Military needs By The Editorial BoardThe editorial board is a group of opinion journalists whose views are informed by expertise, research, debate and certain longstanding values. It is separate from the newsroom. At…

There’s a Race to Power the Future. China Is Pulling Away.

Media Library

ChinaSolar in Shanxi Province Gilles Sabrié for The New York Times U.S.Oil in California J. Emilio Flores for The New York Times Lithium-ion batteries China$65 bil.United States$3 bil.Asia$21 bil.Europe$26 bil.Africa$2 bil.Americas$17 bil.Oceania$1 bil. Solar panels and modules China$40 bil.United States$69 mil.Asia$11 bil.Europe$20 bil.Africa$2 bil.Americas$6 bil.Oceania$1 bil. Electric cars China$38 bil.United States$12 bil.Africa$281 mil.Oceania$3 bil.Europe$26 bil.Asia$14 bil.Americas$8 bil. Crude oil China$844 mil.United States$117 bil.Asia$50 bil.Americas$16 bil.Oceania$799 mil.Europe$52 bil.Africa$359 mil. Natural gas China$3 bil.United States$42 bil.Asia$13 bil.Europe$22 bil.Africa$3 mil.Americas$11 bil. Coal China$1 bil.United States$15 bil.Africa$718 mil.Americas$3 bil.Asia$8 bil.Europe$5 bil.Oceania$16 thou. ChinaElectric car…

Republican Bill to End E.V. Tax Credit Could Hurt G.M. and Ford

Media Library

Sales of electric vehicles have been rising in recent years, partly because of a $7,500 tax credit from the federal government that helps lower the cost of buying one. But a budget bill that House Republicans released on Monday would end that tax credit. Their proposal would also put new restrictions on other tax breaks that have encouraged automakers to invest tens of billions of dollars in new battery plants in the United States. By next year, the bill would do away with the $7,500 tax credit for buyers of…

Yellen Sees ‘More Work to Do’ as China Talks End With No Breakthrough

Media Library

Four days of top-level economic meetings between the United States and China concluded in Beijing on Monday with no major breakthrough, but the world’s two largest economies agreed to hold more discussions to address rising friction over trade, investment and national security. The conversation is poised to become even more difficult, however, as hopes of greater economic cooperation collide with a harsh political reality: It is an election year in the United States, and antipathy toward China is running high. At the same time, Chinese officials appeared unmoved by Treasury…

United States Spurns China for Mexico and Other Allies, Trade Data Shows

Media Library

In the depths of the pandemic, as global supply chains buckled and the cost of shipping a container to China soared nearly twentyfold, Marco Villarreal spied an opportunity. In 2021, Mr. Villarreal resigned as Caterpillar’s director general in Mexico and began nurturing ties with companies looking to shift manufacturing from China to Mexico. He found a client in Hisun, a Chinese producer of all-terrain vehicles, which hired Mr. Villarreal to establish a $152 million manufacturing site in Saltillo, an industrial hub in northern Mexico. Mr. Villarreal said foreign companies, particularly…

Trump’s Tariffs Hurt U.S. Jobs but Swayed American Voters, Study Says

Media Library

The sweeping tariffs that former President Donald J. Trump imposed on China and other American trading partners were simultaneously a political success and an economic failure, a new study suggests. That’s because the levies won over voters for the Republican Party even though they did not bring back jobs. The nonpartisan working paper examines monthly data on U.S. employment by industry to find that the tariffs that Mr. Trump placed on foreign metals, washing machines and an array of goods from China starting in 2018 neither raised nor lowered the…