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One of the stated goals for the current trade war is to build more industrial capacity in the United States. So far there doesn't seem to be much of it happening. In fact, all of the manufacturing surveys (and all eviden
Martin Wolf has been called one of the world's most important economics commentators, and has for decades written in columns and his own books about the evolution of the global economy, chronicling the rise of globalizat
Here's Why is Bloomberg’s short explainer podcast, where we take one big news story and break it down in just a few minutes—with help from our experts across the newsroom. We're dropping into your feed with a
Last year, it was announced that the US Department of Defense had failed an audit for its seventh straight year, indicating an ongoing inability to track its hundreds of billions of dollars in spending and inventories. W
US Treasuries are the most important market in the world. With some $29 trillion outstanding, they create the benchmark that informs basically every other type of borrowing. Any changes to how the bond market works would
For years and years now, there has been one winning trade: Go long the US versus the rest of the world. Thanks to tech dynamism and general pro-growth US macro policies, American assets have far outstripped their global
Every time there is tension between the US and China, there are stories about China threatening to withhold exports of rare earth metals, which are supposedly crucial for all kinds of advanced technologies. In this episo
One of the ironies of the tariffs is that, while ostensibly the goal is to reshore US manufacturing, it's actually been US makers of physical goods themselves that have warned about the damage that trade barriers can cau
In a big bull market, people will overlook a lot. They'll suspend their disbelief. They'll buy into fantastical, unrealistic stories about the future. But when the momentum turns sharply the other way, all of this revers
On Wednesday, President Trump put a 90-day pause on reciprocal tariffs for every country except China. The market, which had been in a state of deep panic, surged massively on the announcement. But then on Thursday, stoc
On Wednesday, Trump pulled back from the brink on most of the reciprocal tariffs announced on April 2. The market surged. But we're still in an extraordinarily challenging moment. We have new across-the-board tariffs. We
How should we make sense of the Trump tariffs? They've been terrible for the stock market, obviously. Small businesses seem to hate them. Energy companies aren't fans either. US manufacturers are talking about how the ta
Amidst Trump's dramatic tariff moves, trade in North America remains uncertain. The USMCA hasn't been completely ripped up, but the region is anxiously anticipating a new trade regime. As such, shippers and carriers deal
It was just last Wednesday that President Trump announced his new tariff schedule with the rest of the world. And it's already having an effect. Companies are scrambling to get goods on planes or boats to beat the first
Anything crypto-related is frequently greeted with a high degree of skepticism. Within that, one of the most controversial companies for a long time has been Tether, the company behind the popular stablecoin USDT. But de
He needs no introduction: When trade is in the news, we speak with Brad Setser of the Council on Foreign Relations. Brad has been talking for awhile about the major imbalances of world trade, and the US-China relationshi
On Wednesday, President Trump unveiled sweeping tariffs against almost every country in the world. The size and scope was far beyond what anyone was anticipating, causing markets to subsequently plunge. But what's next?
The 2008 financial crisis is fading into history, but the risks of something big happening again remain. In this episode, we speak with Tim Geithner, the former US Treasury secretary and head of the New York Fed during t
Last month, Donald Trump fired the Federal Trade Commission's two Democratic commissioners. They have since filed suit, arguing that the law that created the FTC — as well as a 90-year-old Supreme Court precedent &
Legendary media mogul Nick Denton , the founder of Gawker, is done with the US. He’s leaving New York City for good, and moving with his family to the Buda Hills near Budapest. And when it comes to his stock portfo
One of the biggest questions hanging over the market right now is whether or not the seemingly unlimited appetite for more AI data center spending is slowing down or not. This type of tech infrastructure has been a massi
Brad Jacobs has made a fortune in his career buying and building big logistics companies, like United Rentals, Waste Management, XPO (trucking company), GXO (warehouses), and RXO (freight brokerage). His current venture
President Trump wants higher tariffs, and he also wants more industrial production in the United States. This we know. In the meantime, a coterie of economists and pundits have tried to assemble a larger intellectual arc
Last week, the US market sold off sharply. The S&P 500 fell as much as 3.6% on Monday alone, entering technical correction territory. Momentum trades were hit particularly hard and stocks that had been winners for ye
We finally did it. We finally did an episode on the Jones Act. For years on the podcast, we've been referencing this controversial law from 1920, which places restrictions on domestic port-to-port transport in the United
When Donald Trump won in November, one of the things that Wall Street was excited about was an expected liberalization of merger rules. There was a popular view that under Chair Lina Khan, the Biden FTC was overly string
Prediction markets are everywhere nowadays. You can go online and bet on political outcomes, or the weather, or how long Taylor Swift will stay together with Travis Kelce. But prediction markets have a long history, and
Housing affordability remains one of the single greatest sources of economic stress. Even if inflation measures were to come down, the simple cost of shelter is a huge burden on a wide swathe of the population. Hardly an
Markets have been selling off, with shares of tech companies like Nvidia down almost 20% so far this year. But even before the recent selloff, DeepSeek rattled the AI market and sparked questions over how US platforms wi
You’ve heard about Chinese EVs. You’ve heard about Chinese batteries and solar panels. And recently you learned that China is near the cutting edge of AI research. Here’s another category: biotech. In 2
One of the first moves made by the Trump administration was to change the nature of grants made by the National Institutes of Health. Under the new policy, there's a 15% cap on "indirect costs" associated with a given gr
This week was a busy one and some of the most interesting things that happened came out of Europe, where policymakers announced up to €800 billion of additional defense spending and an easing of Germany's stringent
The 1970s were a pretty eventful time in markets. There was high inflation, the end of the gold standard, and a stock market crash. There was also a bunch of ideas coming out of the University of Chicago that would go on
Almost whichever way you measure it, the US has a lot of debt. And, with the Trump administration recently proposing a budget that would see US debt levels swell even further, it doesn't look like this issue is going awa
A week from today we will get the February jobs report and there are growing concerns that the US labor market is slowing. Already, the number of sectors adding jobs in this economy is on the decline. Meanwhile, the hous
The first month of the Trump administration has been noisy and novel by basically any measure. But perhaps the biggest shockwaves have been in the realm of geopolitics. Europeans were caught off guard by a recent speech
The so-called “Mar-a-Lago Accord” has suddenly become a hot topic on Wall Street, with some investors and analysts starting to take the idea more seriously, holding meetings with clients and publishing resear
People love listening to stories about making it big, and there are no shortage of success stories in the world of global business. There's TSMC, which has grown to become the most important producer of semiconductors. T
Hedge funds are notorious for making big and sometimes risky trades. Banks, meanwhile, are supposed to be a lot more boring by comparison — for obvious reasons. But in recent years, we've seen banks like Silicon Va
The US is a dominant force in a number of important industries, but it's been lagging behind in one crucial area: shipbuilding. Today, there are about 80 US-flagged ships involved in global trade, compared to more than 5
For a long time, the world of derivatives trading was a niche thing, largely occupied by professional investors who used them for hedging purposes. During the pandemic and the Robinhood boom, the retail masses started di
The price of gold is basically at record highs. But what is it about gold that people love so much? Why have people always craved a metal that has no real industrial uses? And what does owning or wearing gold represent?
We all know that the Federal Reserve tries to stabilize the economy by raising or cutting interest rates to balance inflation and unemployment. But the central bank’s mandate actually goes beyond monetary policy. T
The Trump administration has come into office with big ambitions to lower the size of the US deficit. So far, a number of small items have been identified as possible waste. But to meaningfully bend the curve on spending
There's a pretty widespread recognition that the EU is facing a bunch of economic challenges right now. Growth has been slowing and, as in many places, there's been post-pandemic inflation. But there are other issues too
This week, we saw shares of software maker Palantir soar after reporting earnings and describing demand for AI as being "untamed." But what does Palantir do, and what do they actually sell to the federal government? More
Elon Musk and his Department of Government Efficiency (DOGE) have gained access to a unit within the Treasury Department called the Bureau of Fiscal Service. But what does this unit actually do? How critical of a role do
Over the weekend, President Trump announced that he was following through with his plan for aggressive tariffs. Imports from Canada and Mexico will now be hit with a 25% tariff, while China will get a 10% tariff. Althoug
Marko Kolanovic was one of the biggest names in markets, earning the nickname 'Gandalf' for some eerily prescient calls over the years. But last July he left his role as JPMorgan's chief global market strategist and co-h
Everyone knows by now that MicroStrategy looks a lot like a giant Bitcoin ETF. Its founder, Michael Saylor, is a huge supporter of the cryptocurrency and his company has been snapping up billions of dollars worth of the