North America

Thanks to the AI investment boom, the U.S. economy has performed well at the macroeconomic level. However, it is on an unsustainable fiscal and debt path. Mr. Trump’s fiscal policy in his second term has aggravated this trajectory. In turn, Mr. Trump’s tariff-based trade policy has failed to address what he sees as U.S. economic problems associated with the trade balance. Besides explaining why this has been the case, and what its implications are for the U.S. economy and the r ...

The inventory is worrisomely low The US military has fired off more than 1000 Tomahawk cruise missiles, roughly ten times the number it currently buys each year. The Pentagon used more than 1200 Patriot interceptor missiles, "more than three million dollars a pop", and more than 1000 precision strike, ground based missiles, "leaving the inventories worrisomely low." US commanders were forced to ration interceptors by letting unguided or less destructive missiles hit empty or no ...

Global imbalances are back—and this time the risks look different. The 2008 financial crisis showed how persistent current-account deficits and surpluses between major economies can fuel financial instability and trigger sudden, severe reversals of capital flows. After almost two decades, many thought that episode had been resolved. It had not. New imbalances have built up, with a familiar cast: China, Germany, Japan, and oil exporters running large surpluses, and the United States ...

The early March 2026 Pentagon briefings were tuned towards triumph and surrender - unconditional. The white flag of defeat was visible on the Iran horizon, and America's commander in chief needed only a few more weeks to declare "their military is gone. Wiped out". His secretary of war, Pete Hegseth, added to Trump's assessment his own, the Iranian navy was "decimated, destroyed and defeated", the naval fleet of the enemy rested on the bottom of the Persian Gulf. Iran's defense indu ...

It is a golden object—shining, impressive, 36.8 centimeters tall, crafted from 18-carat gold and bronze. A replica of a monumental four-meter-high work of art standing in Geneva’s Ariana Park, near the United Nations Office, it bears the title Reflections and Dreams, created by Azerbaijani artists Salhab Mammadov and Ali Ibadullayev. Hands rise from the earth, supporting a globe, reaching toward eternity. ...

The meeting between Donald Trump and Xi Jinping in Beijing this week goes far beyond the traditional framework of a bilateral encounter between the world’s two largest economies. In many respects, it is a symbolic moment in the transition toward a new international order—one increasingly shaped not only by great-power competition but also by the Global South’s growing political consciousness and strategic relevance. ...

Trump’s Strategy of Overriding Constitutional SafeguardsPerhaps bearing in mind that only a minority of voters in the United States support U.S. military action against Iran, President Donald Trump has called the war a “short term excursion” and a “little journey” that may be over “pretty quickly”. The war is thus not a war, although Trump has said the U.S. will take Iran “back to the stone ages, where they belong”, and the U.S. military has admitted to attacks on 14,000 Irania ...

The commercial and geopolitical interdependence between China and Latin America makes any U.S. claim to promote a "decoupling" between them impractical. Digital technologies and critical minerals will be in the crosshairs of the North American National Security Strategy  ...

PrefaceThis series of policy briefs, Pan-Atlanticism: The Atlantic Basin in a Multipolar-Transnational World, assesses the strategic significance—and potential—of the Atlantic Basin, when viewed and engaged with as a distinct and coherent region for international cooperation or governance, and as a potential arena of strategic competition, within a shifting structure of international power that is now moving from unipolarity to a new multipolar reality.The series began by tracing th ...

Sous Trump II, la conflictualité s’affirme moins comme un simple effet de la polarisation partisane que comme un principe d’organisation de l’exercice du pouvoir. À partir des prises de parole présidentielles, ce Papier montre comment des enjeux distincts, tels que l’immigration, la fraude, la sécurité, les controverses culturelles ou les rivalités internationales, sont intégrés dans une même architecture discursive orientée vers la restauration de l’ordre. La conflictualité y appar ...

The February 20 United States Supreme Court decision against President Donald Trump’s use of the U.S. International Emergency Economic Powers Act (IEEPA) to establish tariffs has led him to resort to other legal instruments. So-called U.S. reciprocal tariffs on countries set out in April 2025 were based on IEEPA, as were tariffs that allegedly punished countries for allowing fentanyl into the U.S. Trump tried to evade the constraints presented by other legal instruments that could f ...