archiveInstitute of International Finance

Donald Trump’s trade war has already sparked a crisis of confidence in the US - Jim Lo Scalzo/EPA-EFE/Shutterstock Donald Trump has branded it the “big beautiful bill” that will save millions of jobs and boost Americans’ take-home pay by up to $5,000 (£3,700) a year. However, while recent focus has been on the market ructions caused by the trade war, the US president’s package of sweeping tax cuts will arguably be a bigger test of investors’ faith in the world’s biggest economy. Congress remains deeply divided over not only the...

The global economy is inexorably moving towards a multicurrency system as China’s persistent efforts to internationalise the yuan and technological changes erode the US dollar’s dominant position, economists said at a conference on Monday.“Trade invoicing in yuan went from zero per cent to 30 per cent in the last 10 years, and half of Chinese capital flows are now in yuan, much higher than before,” said Jin Keyu, a professor at the London School of Economics, at a panel hosted by the Milken Institute, a US-based think tank.“The truth is...