Midterm Elections

Accepting exemptions from WTO rules may ease tensions in the short term, but it risks legitimizing trade pressure as a political tool. Europe faces a choice with consequences extending far beyond negotiations with Washington

If Washington continues to use tariffs as a geopolitical lever, the rules-based multilateral order will increasingly give way to power politics

From NATO to Latin America, from the war in Iran to new military technologies, US defense policy is changing its rhetoric and priorities. But the passage from burden-sharing to burden-shifting may weaken domestic consensus and strain relations with allies

Stablecoins, the digital dollar and conflicts of interest are at the heart of the midterm campaign. The administration’s crypto policy aims to strengthen the dollar’s global dominance, but it risks sacrificing transparency and financial stability

The tension between the White House and the Federal Reserve fuels uncertainty over the level of interest rates, the value of the dollar and central bank independence. For the ECB, the issue goes beyond the dollar, with American monetary policy increasingly exposed to populist pressure

Wars, tariffs, AI, energy crises and new inequalities are reshaping the global economy. A change in the congressional majority could place constraints on the executive branch, but it would not be enough to reverse the transactional trajectory of American politics