I’ve found @abenewman.bsky.social ‘s neoroyalist frame very useful for thinking about Trump’s actions. I’m not sure anything fits the model better than the Board of peace. Not about US national interest at all. Purely for Trump and his family/cronies.

Companies now pay more for their parts as other businesses pass on the cost of tariffs — which include duties of 50% on steel and aluminum, as well as “reciprocal” tariffs of 10 to 50% on almost every trading partner. Amazing reporting by @aimewilliams.bsky.social et al www.ft.com/content/33ea...

CARNEY: “.. You cannot live within the lie of mutual benefit through integration when integration becomes the source of your subordination.” 🔥

As Carney notes, the U.S. has long had power through its economic choke points. We had primarily used this power to combat terrorism, nuclear proliferation, or violation of international rules. So others tolerated/supported this power. Trump is abusing it. The old order is gone at great cost to US.

Finally, from today: The full consequences of Trump's actions will take time to show up. Economists warn the undermining of institutions and alliances, erosion of the rule of law and cuts to scientific research (not a complete list) could do lasting damage. www.nytimes.com/2026/01/20/b... #EconSky

This is just awful. Not sure which is worse, assume Bessent knows how awful the policy is and is just carrying water, or think he believes this is good policy. This is hurting our economy and shredding decades of alliances, and violates both our laws and international commitments.

President Donald Trump’s fixation on Greenland offers an ice-cold reminder to leaders in Europe and abroad: No deal is ever final.

This from @pkrugman.bsky.social made me lol open.substack.com/pub/paulkrug...

Beyond being illegal and terrible strategy, this also highlights why it is and will be increasingly difficult for the U.S. to make “deals” with anyone. Trump cut a tariff deal with the EU a few months ago. Apparently that’s now null and void. Why would anyone trust what we say?

If the Court has not written its ruling on tariffs yet, I wonder how much more proof they need that if the President has this power to use on a whim, he will abuse it. Congress has not granted the President the authority to raise and lower taxes on Americans just because he feels like it.

Much like @atrupar.com says, this is not on the scale of importance as so many other awful things Trump is doing, but destroying the public golf setup in DC is really sad. I’ve never seen a more diverse (socioeconomic & racial) course in my life.

Janet Yellen tells @nytimes.com that the investigation against Powell is the most significant attack ever on Fed independence. "If you can bring charges for no reason whatsoever against your enemies, we're no longer living in a society governed by the rule of law." www.nytimes.com/2026/01/12/b...

Five. Alarm. Fire. 🔥

For those who don’t follow central banking. We should be clear. This is an attempt by Trump to bully the central bank and have the Fed make policy he likes. It goes against a century of tradition in the U.S., and based on tons of research is bad for the economy. Another low for this administration.

For those who don’t follow central banking. We should be clear. This is an attempt by Trump to bully the central bank and have the Fed make policy he likes. It goes against a century of tradition in the U.S., and based on tons of research is bad for the economy. Another low for this administration.

I assume that this is an attempt to make sure Powell resigns his Board seat when his term as chair is up. Trump wants another seat on the board. My view is Jay Powell is an honorable man & has plenty of resources to defend himself. My gut is this has no impact, or possibly backfires.

There are bigger breaches of norms, institutions, and laws recently, but this is illegal for a reason. The idea that talking to or following the President on media gets you market moving info ahead of time is wrong. Other administrations have gone to great lengths to avoid even a hint of impropriety

New at Can We Still Govern: @agpines.bsky.social & @lizananat.bsky.social explain how the work volatility of low income service employees will make it hard for them to satisfy new SNAP/Medicaid work requirements, even when they work lots of hours. 🧵 donmoynihan.substack.com/p/when-volat...

1/Leaders are abducted/allies are threatened but pundits and governments are scratching their heads on what the US is doing. Danish PM on Greenland "It makes absolutely no sense". Why? Because actors using old IR models when we need a new lens. Enter neo-royalism. abcnews.go.com/Internationa...

Play from 0:55 open.spotify.com/episode/2sAg.... In case you missed it over the holidays, I was on monetary matters with Jack Farley. We talked about China’s economy, the problems with Trump’s tariff (and other) policies, and the economy more broadly.

I sat in rooms debating how and if to use sanctions. With each use, you know you are incentivizing others to insulate themselves from the U.S. economy and system. You balance this with gains to national interest from using them. No national interest offset anymore, just damage to us over time.

This whole thread (which stretches back a few weeks) is worth reading.

www.nytimes.com/2025/12/18/h... the demonization of transgender individuals by this administration is abhorrent. And if you don’t think it impacts you, ask yourself what marginalized group would the people currently in charge not endanger to get more power.

Highly recommend this episode from @weisenthal.bsky.social and @tracyalloway.bsky.social . Even if you think you hear / read too much about AI these days, it is both a really fun chat and more importantly one of the better discussions of the practicalities of regulating AI I’ve heard.

I’ve seen it said we need more frivolous dialogue on Bluesky to balance out all the politics. So, here’s my Spotify wrapped to start some music conversations. Lots of great music this year.

This is what I think the goods-producing sector in America is doing right now — “We now have a better handle on what tariffs are doing to our business, and in response we’re cutting staff and/or doing more offshoring”:

The Trump Administration is driving our allies away from us. This hurts diplomatically, but can be damaging to US businesses abroad. US tech firms are a key part of the economy. Reckless trade and foreign policy is endangering our firms long run potential.

www.hamiltonproject.org/publication/.... For 15 years, my family has bought our Xmas tree at the same local place. They give out branded mugs with the year and a fun design. We will not have a 2025 mug. Owner said high and uncertain tariffs made it impossible to plan and order ahead. Thanks tariffs

This is ridiculous. All G20 members are always invited.The point of the organization is to bring together all major countries regardless of disagreements. Not attending the G20 was dumb. Trying to block a member when we host is a diplomatic train wreck. Hosting G20 is an opportunity. Were blowing it

www.nytimes.com/2025/11/26/w... Key quote here “How on earth is this in America’s interest?” It’s not. Damaging our ability to work with other countries for no reason. Awful.

This is ridiculous. All G20 members are always invited.The point of the organization is to bring together all major countries regardless of disagreements. Not attending the G20 was dumb. Trying to block a member when we host is a diplomatic train wreck. Hosting G20 is an opportunity. Were blowing it

An absolutely disgraceful embarrassment. Others should indeed express objections to US and boycott if needed.

Trump keeps hailing an investment boom that he says is set to top $21 trillion in pledges from companies & countries. But as we write in today's @bloomberg.com Big Take the reality is a third of that. And even that $7 trillion faces major questions. www.bloomberg.com/graphics/202...

Important piece from @msobel.bsky.social & Brad Setser on China’s rising CA surplus and the undervaluation of the RMB. All the attention right now is on US disruption of global trade. But important to remember the imbalance caused by China’s policies & implications for the rest of the world.

Raising revenue via tariffs is: ❌ inefficient ❌ ineffective ❌ regressive Learn more from @jaycshambaugh.bsky.social:

This is a historic day for trade policy. Background here ⤵️

Right now, the Supreme Court is hearing arguments about the legality of the Trump emergency tariffs. Part of the question is their role raising revenue. Separate from legality, we should remember tariffs are a terrible way to raise revenue. More here: www.hamiltonproject.org/publication/...

New from @jaycshambaugh.bsky.social - he asks and answers why tariffs are a particularly bad way for the U.S. to raise revenue. (Don’t skip the appendix figure) #EconSky www.hamiltonproject.org/publication/...

One of the justifications for the Trump administration’s tariffs has been raising revenue: The United States raised roughly $30 billion in tariff revenue in August. But, in a new explainer, @jaycshambaugh.bsky.social shows why raising revenue via tariffs is bad for the U.S. economy:

www.hamiltonproject.org/publication/.... The USG is raising roughly $30 billion a month by taxing imports (tariff revenue). This is a huge tax increase due to Trump’s tariffs. Other rich countries don’t do this because tariffs are an awful way to raise revenue. New explainer from me.

Excellent piece from @douglasirwin.bsky.social Reagan: "We should beware of the demagogues who are ready to declare a trade war against our friends — weakening our economy, our national security and the entire free world — all while cynically waving the American flag www.nytimes.com/2025/10/29/o...

I’ve been saying this to people too. The idea you want to be able to host a state dinner without putting a tent on the south lawn is reasonable. But tearing down the WH with no regards for historical preservation or involvement and funding from Congress is truly ridiculous.

A few pictures I remember fondly from having a view that stared straight out at the east wing.

You can always learn a great deal about today when reading @trevondlogan.bsky.social write about our history.

The Trump admin backing off the ban of noncompetes is gratuitously bad policy. When I was Director of @hamiltonproject.org we did lots of work highlighting the bad effects on workers, wages, and the economy that comes with limiting workers ability to switch jobs.This will hurt people and the economy

#Manufacturing purchasing managers are severely depressed: ❗️"Tariffs wreak havoc" ❗️"Too much uncertainty" ❗️"Unstable" policy ❗️"Worse than Great Recession" ❗️"Layoffs" 15% ❗️"It's survival" ❗️"Made in USA more difficult due to #tariffs"

The letter is ready, thanks to all those who helped out! Starting to gather signature now, please consider signing (link at top of letter) & spread the word. docs.google.com/document/d/1...

Yellen not at all pulling her punches in this op-ed for the FT www.ft.com/content/d2ea...

Good summary of Trump’s statement he fired Fed governor Lisa Cook. He cannot fire her without cause and it does not appear there is cause. Undermining the Fed will not generate an immediate crisis, but undermining the Fed and the rule of law is bad for the economy and country over time.