Peterson Institute for International Economics

Photo Credit: Pixabay/Thomas Breher

Don't blame America's current account deficit on the dollar

Some US and Chinese officials wrongly argue that the dollar's status as the world's dominant reserve currency is the main driver of America's large and persistent current account deficits, writes Maurice Obstfeld. This theory misconstrues how international financial markets work.

Trade Talks

How one small American manufacturer is dealing with Trump’s tariffs (Episode 211)

Chad P. Bown (PIIE) and Sam Cooper (Klear Vu)

April 19, 2026

A Tisza Party supporter waves the EU and Hungarian flags outside the Hungarian parliament in Budapest, Hungary. Photo taken on April 12, 2026.

NurPhoto/Marek Antoni Iwańczuk

Photo Credit: NurPhoto/Marek Antoni Iwańczuk

RealTime Economics

What Orban's ouster in Hungary means for Europe

Jacob Funk Kirkegaard (PIIE)

April 21, 2026

People gather after President Trump agreed to a two-week ceasefire with Iran, in Tehran. Picture taken on April 8, 2026.

WANA/Majid Asgaripour

Photo Credit: WANA/Majid Asgaripour

RealTime Economics

The US-Iran ceasefire is better than a wider war. That doesn't make it a US victory

Cullen S. Hendrix (PIIE)

April 8, 2026

Smoke rises after reported Iranian missile attacks in Doha, following the US and Israel strikes on Iran. Photo taken on March 1, 2026.

REUTERS/Mohammed Salem

Photo Credit: REUTERS/Mohammed Salem

RealTime Economics

How Russia and China are winning the war in Iran

Elina Ribakova (PIIE) and Alicia García-Herrero (Bruegel; Hong Kong University of Science and Technology)

March 30, 2026

What's New

America's semiconductor policy and the AI race with China (Episode 212)

Chad P. Bown (PIIE)

April 27, 2026

The exterior of the Marriner S. Eccles Federal Reserve Board building is seen in Washington, DC. Photo taken on June 14, 2022.

Amid wartime disruptions, most emerging-market central banks will follow the Fed

Alfredo Mendoza-Fernández (University of California, Berkeley), Maurice Obstfeld (PIIE) and Serra Pelin (PIIE)

April 23, 2026

Fertilizer is loaded into a seeder, but the ongoing conflict in Iran has disrupted global fertilizer supplies, particularly through the Strait of Hormuz.

Use the WTO to address global fertilizer supply constraints related to the Iran war

Simon J. Evenett (IMD Business School, Lausanne; St. Gallen Endowment for Prosperity Through Trade), Bernard M. Hoekman (Robert Schuman Centre for Advanced Studies), Petros C. Mavroidis (Columbia Law School; Bruegel) and Alan Wm. Wolff (PIIE)

April 23, 2026

People hold up inflatable world globes during a celebration in Sydney, Australia. Photo taken on June 5, 2009.

Lessons from three global collective action problems

Kimberly Clausing (PIIE)

April 2026

PIIE Charts

Trump's tariff revenue tracker: How much is the US collecting? Which imports are hit?

Gary Clyde Hufbauer (PIIE) and Ye Zhang (PIIE)

April 22, 2026

War, uncertainty slow 2026 growth across advanced and emerging economies

Karen Dynan (PIIE)

April 9, 2026

The Trump administration wants foreign investment pledges to boost several sectors that Biden targeted

Gregory Auclair (PIIE) and Adnan Mazarei (PIIE)

February 11, 2026

Some countries will struggle to fulfill their investment pledges to President Trump

Gregory Auclair (PIIE) and Adnan Mazarei (PIIE)

January 29, 2026

Book launch: World War Trade: Conflict, Containment, and the Emergent World Trading Order

April 29, 2026, 9:00 AM to 10:00 AM EDT

Richard Baldwin (PIIE), Mary E. Lovely (PIIE) and Adam S. Posen (PIIE)

Apr

US-China trade update: Imports, exports, fentanyl flows, and beyond

May 6, 2026, 9:00 AM to 10:15 AM EDT

Chad P. Bown (PIIE), Martin Chorzempa (PIIE), Mary E. Lovely (PIIE) and Marcus Noland (PIIE)

May

Trade Winds

The EU-Mercosur trade agreement is finally happening

May 13, 2026, 9:00 AM to 10:00 AM EDT

Cecilia Malmström (PIIE), Nicolás Albertoni (Former Vice Minister of Foreign Affairs, Uruguay; Georgetown Americas Institute; World Trade Institute), Monica de Bolle (PIIE) and Rupert Schlegelmilch (Former EU Chief Negotiator for EU-Mercosur Trade Agreement)

May