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(1/2) My new blog out today with Maurice Obstfeld. We discuss why so-called "optimal tariffs" are far from optimal. In part 1 today, we show problems with the textbook argument, and note that other tax instruments are superior for the underlying aims.

Let's be clear. Trump's new tariffs merely recreate his unlawful IEEPA tariffs, and they are also unlawful. But it will take the courts a long time to establish this, if they do. In the meantime, US consumers and businesses will pay the price. www.piie.com/blogs/realti...

Trump's new tariffs over forced labor are unlikely to survive a court challengeThe Trump administration is again shifting its stated rationale for placing comprehensive tariffs on imports of nearly all goods from virtually all countries. After originally presenting such measures...www.piie.com

🧵(1/12) On Tuesday, @hamiltonproject.org released my proposal on reforming US international tax. I suggest raising corporate rates for the biggest profit taxpayers, and strengthening US international tax rules to better align with the large potential of international efforts.

The future of US international corporate tax reform - The Hamilton ProjectKimberly Clausing proposes to strengthen and reform U.S. corporate taxation while better aligning U.S. corporate tax policy efforts with the potential of international collective action.www.hamiltonproject.org

(1/2) Looking forward to talking tax @hamiltonproject.org in one week, on June 16! At the event, the conversation will focus on three new business tax proposals, including my own proposal, a DBCFT proposal, and a pass-through reform. www.hamiltonproject.org/event/taking...

Taking on tax: The future of corporate taxation - The Hamilton ProjectOn June 16, The Hamilton Project, the Tax Law Center at NYU Law, and the Urban-Brookings Tax Policy Center will host an event on business tax reform.www.hamiltonproject.org

More good news for the rule of law (re. tariffs). So happy to join the efforts of @stanveuger.bsky.social on the amicus brief.

Huge congrats to @justinwolfers.bsky.social on his new project; this @nytimes.com piece has a good introduction. This effort will expand his reach in teaching the world economics. I wish him every success.

(1/6) 🧵 My new working paper is out today @piie.com, comparing three global collective action problems that occupy my recent scholarly work: international tax, climate, and world trade. I look at both the nature of these problems, and lessons for progress in times ahead.

Terrific piece from my coauthor Maury Obstfeld, examining the claim that dollar centrality lies at the heart of US current account deficits. My favorite line: "That this proposition is wrong has not prevented its confident assertion." (Applies to so much these days.) www.piie.com/blogs/realti...

Don't blame America's current account deficit on the dollarThe Trump administration and China's leaders generally differ on economic policy, but on one proposition some prominent members of their economic teams seem to agree: The dollar's status as the world'...www.piie.com

Thanks to @stanveuger.bsky.social for his work on this important effort.

(1/2) Your daily reminder that Congress has the power of the purse. They control these delegations of authority, and they have the ability to curb/end them. SCOTUS has done their job standing up for separation of powers. It's time for Congress to do theirs. www.nytimes.com/2026/03/11/b...

U.S. Accuses 16 Trading Partners of Unfair Practices and Opens Investigationwww.nytimes.com

Today w/ @shaneball.bsky.social in @nytimes.com. I used to think the Trump tariffs were about not understanding economics. Then that they were about disguising a shift in tax burdens. Those may both be true; yet the dominant aim may well be power/corruption. www.nytimes.com/2026/03/02/o...

Opinion | The Big Problem With Tariffs Isn’t the Rates. It’s the Corruption.www.nytimes.com

New piece out @bruegel.org with Ignacio García Bercero, @mpereboom.bsky.social, and @cwolfram.bsky.social. In which we describe why exempting fertilizer from the EU's CBAM will do little to nothing for farmers, while weakening an important climate policy tool. www.bruegel.org/first-glance...

Holding the line on the EU carbon border adjustment mechanismExempting fertilisers from CBAM would achieve little while risking climate progresswww.bruegel.org