President Trump declared a national emergency due to trade deficits, using the International Emergency Economic Powers Act of 1977 to impose tariffs. The case has reached the Supreme Court, questioning the legality of his actions. The IEEPA, heir to the 1917 Trading with the Enemy Act, has been criticized for its prolonged use and the difficulty in ending emergencies.
Reforming permits to build infrastructure in the U.S. is costly and slow. Building a mile of interstate highway tripled in the latter part of the 20th century and urban transportation costs three times more than in other developed countries. Essential projects such as renewable energy are delayed or canceled due to prolonged permits, affecting economic growth and energy transition. Reforming the National Environmental Policy Act is proposed to streamline permits, strengthen public engagement, and enhance state capacity.
Europe is in the midst of the competition between the US and China. The EU shares concerns with the US about China’s support for Russia and its trade practices, but economic dependence and diversity of opinions complicate political alignment. The US cannot expect direct military assistance, but rather economic and security cooperation. Both must unify efforts to reform global norms and face the economic challenge.
The Supreme Court will decide whether the International Emergency Economic Powers Act allows the tariffs imposed by the White House, which could alter the balance of power between Congress and the president, affecting the stability of U.S. fiscal and trade policy.
The article warns about the regulation of interest in cryptocurrencies by the GENIUS Act. Stablecoins, such as USDC, offer rewards instead of interest to evade regulation, posing risks to investors and financial stability. It suggests stricter regulation to avoid crises and protect users, comparing it to past failures in financial regulation, such as money market mutual funds.
