What is a trade deal?
Since Donald Trump’s arrival in the White House, there has been talk of “trade deals.” Trade deals are needed, although the term is not clearly defined.According to conventional wisdom, a…
Philippe Waechter's blog
The American trap
As July 9 approaches, announcements and concerns about tariffs are back in the headlines. On April 2, Liberation Day, Donald Trump announced tariffs ranging from 10 to 50%, depending on…
A shadow committee against Powell?
The battle has resumed between Trump and Powell. Already in 2018, after appointing him to the Fed board, Donald Trump was very hostile to Jay Powell’s actions. In the current…
Is economic uncertainty consistent with robust financial markets?
Since the beginning of 2025, the economic landscape has changed. This change of direction primarily reflects the economic policy pursued by the White House in two dimensions: 1- the accentuation…
Europe facing itself
The milestone has been reached. Donald Trump has indicated that he wants 50% tariffs on products from the European Union as of June 1st. This tariff, announced on April 2nd…
Already a failure of the tariff policy?
Tomorrow, May 20, Trump will celebrate his fourth month in office. It is, of course, too early to assess his economic policy. However, we can make a few observations about…
The US-UK trade deal is primarily political
The trade deal between the United States and the United Kingdom was announced as the event. British goods entering the United States will be subject to a 10% tariff, as…
International trade and the future of the world
Increased trade is a major source of improved economic activity and income. This point was demonstrated by classical economists, then extended to international trade. While the theories have been refined,…