The US government is refunding $81bn in tariff payments to importers, following the Supreme Court’s February 2026 ruling that Trump did not have authority under the International Emergency Economic Powers Act to impose many of his tariffs. Not every business has been repaid: In June alone, about $49.2bn was refunded; May and June together accounted … Read more
Once again, we’re talking about government debt and interest rates. At Labour’s last conference, Andy Burnham was criticised for suggesting the UK government shouldn’t pay so much attention to international financial markets and the price they charge for UK government debt. The criticism was justified: as long as the government has to borrow, it must … Read more
Trump, Tariffs, and Tantrums The United States is facing a balance of payments problem, similar to the one Britain encountered post-World War II. Simply put, the U.S. imports more than it exports, leading to a consistent outflow of money from the country. Historical Parallel: Britain’s Post-War Struggles Before WW2, Britain’s empire functioned as a massive … Read more