Yesterday’s News 2025 08 16

curated citations to news sources


A ship and containers at a port in Santos, Brazil, April 2025 Amanda Perobelli / Reuters

Michael B. G. Froman: After the Trade War

Remaking Rules From the Ruins of the Rules-Based System

The global trading system as we have known it is dead. The World Trade Organization has effectively ceased to function, as it fails to negotiate, monitor, or enforce member commitments. Fundamental principles such as “most favored nation” status, or MFN, which requires WTO members to treat one another equally except when they have negotiated free-trade agreements, are being jettisoned as Washington threatens or imposes tariffs ranging from ten to more than 50 percent on dozens of countries. Both the “America first” trade strategy and China’s analogous “dual circulation” and Made in China 2025 strategies reflect a flagrant disregard for any semblance of a rules-based system and a clear preference for a power-based system to take its place. Even if pieces of the old order manage to survive, the damage is done: there is no going back.

(Michael B. G. Froman more…)

James Eagle: Are America’s homeowners trapped?


homeowners most locked-in since the 1980s

WSJ: Nobody’s Buying Homes, Nobody’s Switching Jobs—and America’s Mobility Is Stalling

The paralysis has left many people in houses that are too small, in jobs they don’t love or shackled with ‘golden handcuffs.’ For everyone, there are economic consequences.

BBC: The US economy is a puzzle but the pieces aren’t fitting together

WSJ: Now We Know Who’s Paying the Tariffs

Producer prices surge, and real wages still aren’t rising fast enough.

Bulwark: Trump’s Tariff Pain Is Knocking at Your Door

The stopgap measures that have so far protected consumers from feeling the effects of tariffs are nearly at an end.

TNR: Trump’s DOJ Seems Awfully Nervous About the Tariff Lawsuits

A recent filing from the president’s lawyer presents the court with faulty economic calculations, dubious legal theories, and the distinct scent of desperation.

Bulwark: Trump’s Unconstitutional Export Tax Is Probably Here to Stay

The only people who could challenge it in court probably won’t.