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News Articles

A New Era for Transatlantic Trade LeadershipFebruary 13, 2013President Obama announced plans for a free trade agreement between the US and Europe during his annual State of the Union address. GMF publication, A New Era for Transatlantic Trade Leadership, calls for the creation of a barrier-free transatlantic market as part of ambitious recommendations for a new U.S.-EU trade agenda.A Big Year for Transatlantic Ties?January 14, 2013The next twelve months could prove key for both security and economic ties between Europe and the United States.Trade? Who Cares?May 10, 2012Very few Americans volunteered trade as one of the “most important problems” facing the United States in this election year. To put this into perspective: more Americans believe in space aliens than in the dangers of the trade imbalance.Reports of Our DeathMay 04, 2012

Europeans have begun to believe that our economic problems are worse than theirs. They’re wrong.

Racing the ClockApril 23, 2012

Tokyo needs to move fast in its quest to join talks on the Trans-Pacific Partnership free-trade agreement.

Europe’s Bleak FutureApril 18, 2012

The euro crisis will one day be a dim memory. The bigger challenge is avoidingthe kind of stagnant economy that now seems likely. 

An Idea Whose Time Has ComeMarch 23, 2012

The EU and the US can at last begin working on the details of creating a true transatlantic market.

Raising ExpectationsMarch 16, 2012

Instead of resigning itself to sluggish economic growth, it’s time for Europe to face facts.

Good News From EuropeMarch 07, 2012

Despite the euro crisis, the Continent has avoided turning to extremist political parties.

Japan’s Tough CallFebruary 24, 2012

Washington wants Tokyo to be part of a massive pan-Pacific trade accord, but vital industries in both countries stand in the way.

Fresh StartFebruary 16, 2012

The White House’s new trade enforcement center offers a chance to set firm guidelines in U.S.-China relations.

Why the Euro Crisis MattersFebruary 03, 2012

As Washington scrambles to cope with the economic fallout, it must reassess Europe's reliability as a strategic partner.

While America SleptFebruary 01, 2012

From the euro to Iran, the world is about to intrude on the nation’s slumber. And no one—the voters or the media—seems to care.

The Progressive Case for Corporate Tax ReformJanuary 26, 2012

Corporate tax reform can be a means to pursue both these goals. It is too important to be sidelined by the debt ceiling debate and partisan battles over deficit reduction. Lowering corporate taxes can be part of the solution.

EU Could Benefit from US’s Pacific focusJanuary 19, 2012

Last year was a big year for US trade policy and 2012 could be more active still.

A New Poll Finds that the Hard Line that Works for Candidates in the Primaries will Wound Them in the GeneralDecember 16, 2011

There is no doubt that immigration is a hot-button issue in the GOP primaries. But the presidential contenders need to carefully weigh its relative political salience.

Moment of TruthDecember 05, 2011

Germany's chancellor can save Europe. But it means betraying her voters....

Europe’s Euro Problem – and OursDecember 02, 2011

It's more than economic. It's a national security crisis, too.
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Obama’s Other Power ToolsNovember 30, 2011

The political gods have not favored progressives in recent years. The 2008 election delivered an extremely popular Democratic president, 60 Democratic votes in the Senate, and a strong majority in the House of Representatives. But all have gone downhill since then.

In the News for the Wrong ReasonsNovember 24, 2011

Even the US public is paying attention to the eurozone crisis. But will the US's and EU's shared problems prompt joint initiatives?...

Here Comes the SunNovember 17, 2011

The new trade talks with Japan matter. They're one of the best ways to deal with China....

The Euro Move We NeedNovember 02, 2011

Despite the Greek mess and other euro-zone fears, it’s the perfect time for strengthening trade with Europe. ...

Bruce Stokes on European Debt Crisis: Strategic Implications for the Transatlantic AllianceNovember 02, 2011GMF Senior Fellow Bruce Stokes testified before the U.S. Senate Foreign Relations Committee on November 2, regarding the the strategic implecations of the eurozone crisis. In his testimony, Stokes outlined the foreign and security policy challenges posed by the crisis, particularly the emergence of China as a global power. He called on the U.S. to "do whatever it can to help Europe resolve its current economic troubles"...A Transatlantic Jobs and Growth InitiativeOctober 27, 2011

Bruce Stokes calls for a Transatlantic Jobs and Growth Initiative in his testimony to the House Committee on Foreign Affairs. The initative would scrap taxes on and barriers to transatlantic trade and investment....

An Unreliable Partner for the U.S.?October 20, 2011

The eurozone crisis is no longer simply an economic crisis. It is increasingly a foreign and security policy challenge for both Europe and the United States, with the potential to undermine the transatlantic alliance, something the Soviets never accomplished during the Cold War.

U.S. Falls Behind in Global Race for TalentOctober 17, 2011

Beleaguered by growing competition from goods made in China and services produced in India, the United States now has a new worry: the global competition for talent. Americans have long assumed that the world’s best and brightest naturally want to come to the U.S. to study and to work. But today, just when the U.S. needs the best talent to reignite its industrial engine, all that is changing.

Three pending agreements are idling and jobs are slipping away. It’s time to move.October 06, 2011

Later this month, trade may have its day in the spotlight when, if all goes according to plan, Congress passes the long-pending U.S. free-trade agreements with Korea, Colombia, and Panama. Then the press of more immediate concerns - unemployment, spending - are likely to consign trade to the attic once again.

The Global Skills ChaseSeptember 27, 2011Americans Turn Their Backs on EuropeSeptember 15, 2011

Europeans who found themselves discounted and ignored a decade ago by Washington “ain’t seen nothin’ yet”, in the words of the popular rock song. The disdain for “old Europe” shown by the administration of former US president George W. Bush was just a foretaste of what may be to come.

The U.S. Public Wants DisengagementSeptember 15, 2011

Those who criticized American unilateral interventionism under President George W. Bush may soon have an opportunity to see how they like American isolationism, especially if a Republican recaptures the White House in 2012.

Mon Dieu! French Banks Could Pull Down the EconomyAugust 12, 2011Concern that France's AAA bond rating might be downgraded began to abate Thursday, after French President Nicolas Sarkozy rushed back from the French Riviera for an emergency cabinet meeting and the European Central Bank provided overnight lending.European Banking Crisis Could Spread to U.S.August 09, 2011While Washington grapples with a credit downgrade and market turmoil, the Euro crisis has returned with a fury.Fixing a Broken Political SystemAugust 03, 2011The sighs of relief both at home and abroad over Washington’s last-minute default-avoidance do not change a stark reality: The debt-ceiling fiasco exposed profound structural shortcomings in congressional economic decision-making. Unless these problems are fixed, America is doomed to repeat the recent national nightmare.Transatlantic Capitalism Values: Shared? Unique?August 03, 2011There is an implicit assumption that Europe and the United States uniquely share economic values both in an absolute sense and relative to the values held by people in other countries, especially in emerging market economies such as Brazil, China and India. But do Americans and Europeans really share sufficient values to chart a common course for future transatlantic capitalism?Transatlantic Taskforce on TradeJuly 20, 2011

GMF's Bruce Stokes discusses Public Support for Trade Policy in this Transatlantic Taskforce on Trade working paper, produced in partnership with the European Centre for International Political Economy.

No Time to Turn AwayJune 23, 2011

European leaders dodged yet another volley of bullets this week in their ongoing debt crisis. Greek Prime Minister George Papandreou survived a parliamentary no-confidence vote. But the Greeks have little reason to celebrate, says Bruce Stokes.

Commercial AppealJune 20, 2011John Bryson has an opportunity to use the Commerce Department to bolster U.S. competitiveness, if he is given the green light by the president.A taxing transatlantic challengeJune 14, 2011Without co-ordination, Europe and the US risk rewriting their corporate-tax codes in self-destructive ways, writes Bruce Stokes.Not Just a Flesh WoundJune 09, 2011The Doha Round is dead. The sooner the World Trade Organization recognizes that, the sooner negotiators can turn their attention to other trade-liberalization accords.What Makes a Country Great?June 06, 2011A new rating system compares more than gross domestic product, and it suggests that the U.S. lags many of its peers on health, education, and personal fulfillment. By Bruce StokesA Taxing QuestionMay 26, 2011Corporate tax reform is now lost amid the cacophony of anguish about raising the debt ceiling. But the issue is not going away. President Obama has called for lowering corporate taxes. And House Ways and Means Trade Subcommittee Chairman Kevin Brady, R-Texas, recently introduced legislation to enable U.S. multinationals to repatriate overseas profits at preferential tax rates.Above the Fray No MoreMay 23, 2011For the United States, there is much to fear from Europe’s debt crisis but not much it can do.  When the first wave of Europe’s debt crisis hit a year ago, the U.S.’s fledgling recovery immediately began to stall. Stock-market volatility spiked to levels not seen since the depths of the financial crisis, and stock prices weakened.A fresh wind from the PacificMay 12, 2011With a U.S. Congressional vote on trade deals with South Korea, Colombia, and Panama now almost inevitable, the administration of U.S. President Barack Obama is rapidly making a priority of the Trans-Pacific Partnership (TPP) agreement, a free-trade agreement involving the United States, Australia, Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, and Vietnam.Smart InvestingMay 11, 2011This week’s U.S.-China Strategic and Economic Dialogue addressed the gamut of bilateral issues troubling relations between the two superpowers: from the value of the Chinese currency to human rights.  But no issue may have been more important for the future well-being of the U.S. economy than the trajectory of Chinese direct investment in the United States.The Pacific CampaignApril 14, 2011

The recent announcement that Colombia and the United States have a provisional agreement on issues that have long delayed completion of their free-trade agreement breaks the logjam that has held up a congressional vote on the South Korea, Colombia, and Panama trade deals.

Trade BoorApril 02, 2011Western governments looked on helplessly as Beijing developed its own brand of China-first capitalism. Now, according to Bruce Stokes, they’re contemplating how to fight back.A Resurgence of RelevanceMarch 31, 2011Multinational institutions like the Organization for Economic Cooperation and Development are more important than ever in the wake of the economic crisis, says Bruce Stokes.Pride comes before a recessionMarch 24, 2011The U.S. could learn some lessons about labor markets from Europe, writes Bruce Stokes.Not So Fast With The Rosy ScenarioMarch 09, 2011In February, the unemployment rate fell to 8.9 percent, its lowest level since April 2009, and the economy added 192,000 jobs, the most since May 2010. But the more accurate measure of the jobs picture is found in the employment-population rate, and the situation there is troubling, says Bruce Stokes.The Centrality of Manufacturing to America’s Future ProsperityFebruary 16, 2011In his State of the Union address January 25, 2011, President Barack Obama mentioned the word “manufacturing” just once. The president’s failure to acknowledge, even in passing, a sector of the economy that accounts for 11 percent of America’s GDP is a metaphor for his administration’s disdain for manufacturing as an important contributor to the nation’s future well-being.The G20 Should Ride to Europe’s RescueFebruary 14, 2011Yet another European sovereign debt crisis plan is expected to be unveiled soon by European leaders. Squabbling over its specifics and recent experience suggest the effort will be a day late and a euro short, doing little to slow Europe’s slow motion economic train wreck.Failure to LaunchFebruary 12, 2011Exports would create American jobs, and India's new public-investment program offers a huge opportunity. So why aren't we tapping it? By Bruce StokesTrilateral ConcernsFebruary 10, 2011The Stockholm China Forum, a semiannual gathering of American, European, and Chinese interests, is a useful venue to take the temperature of what is arguably the most important trilateral relationship in the world.How trade could help a post-Mubarak Egypt succeedFebruary 10, 2011The fate of the Egyptian government remains unclear, but one thing is certain: The country's economy is the immediate casualty.Mideast Protests Drive Up Oil, Threaten RecoveryFebruary 01, 2011With oil prices soaring past $100 a barrel on Monday, thanks to growing uncertainty about stability in the Middle East, the somewhat distant, feel-good, democracy-awakening story coming out of Egypt suddenly took on a more ominous, economic tone that could hit Americans where it hurts most — their wallets.An Agenda, If You Can Keep ItJanuary 27, 2011After years of relative quiescence, Congress actually has a trade agenda in 2011: possible votes on the Korea, Colombia, and Panama trade agreements, and on Russia's application to join the World Trade Organization.Opponent of My OpponentJanuary 22, 2011Last year, mutual frustration with China’s increasingly irascible behavior— coupled with deepening concern about Pakistan—led to a reboot of the Indian-American relationship.Inescapable transatlantic budget painsJanuary 06, 2011Budget cutting and deficit reduction will be a major preoccupation in Washington this year, with important implications for European interests.The Pluck of the Irish et al: Europe ? Bail Us Out!December 21, 2010European leaders met in Brussels late last week following a $112 billion bailout of Ireland and amid escalating financial market concerns about both Portugal and Spain. Despite calls by some European officials for bold new initiatives to stem the spreading euro crisis, the leaders essentially kicked the can down the road.Time and EffortDecember 16, 2010

Members of Congress will be heading home soon, chastened by the lesson of the November election: that those who survived that upheaval need to listen more attentively to their constituents. The 2012 reelection of many congressional Democrats and more than a few newly elected Republicans may depend upon their ability to do so.

Euro Bailout? Will U.S. Have to Step Up to the Plate?December 13, 2010In a crisis, worst-case scenarios can be dangerous because they distract the public and policymakers from the mundane task of wrestling with immediate problems. However low the probability, if the European sovereign debt crisis rapidly cascades from bad to worse, the United States could be called upon for help  in another massive bailout.Is There a Future for ‘Made in America’?December 09, 2010Is American manufacturing dead? Those who think so point to manufacturing's plummeting share of the national economy as a predictor of its eventual demise. But they likely have never been to Butler County. Here, north of Pittsburgh, in the heart of western Pennsylvania, basic manufacturing still drives the local economy.Why Europe MattersDecember 04, 2010When European leaders announced a $112 billion bailout of Ireland last week, only to watch bond markets start panicking about whether Spain and Portugal might be the next dominoes to fall, it was hardly a surprise that neither President Obama nor congressional leaders even seemed to notice the tremors across the Atlantic.  But that indifference could be a mistake.Korea TimeDecember 02, 2010U.S. and South Korean negotiators rushed this week to strike a deal on a revised Korea-U.S. Free Trade Agreement (KORUS). Failure to get the deal done when President Obama visited Seoul in mid-November heightened skepticism about its prospects.A Growing Skepticism of TradeNovember 19, 2010In the wake of the 2010 congressional elections, the future of trade policy in the 112th Congress is best summed up by the question once posed by the 1960s rock band Buffalo Springfield: “There’s something happening here. What it is ain’t exactly clear.”Obama, more popular in Asia than at home, may find foreign-policy opportunitiesNovember 12, 2010US President Barack Obama's visit to Japan for a summit of APEC leaders and South Korea for a G-20 meeting comes at a time when northeast Asia is a pivotal region for US security and economic policy. Issues involving China, Korea and Japan – from North Korea to the value of the renminbi – will likely play prominent roles in American foreign and domestic debates in the year ahead.Divisions in the Ranks?November 06, 2010Business interests are salivating over the prospects of finally passing long-stalled trade agreements. President Obama has signaled that he may send the South Korea free-trade deal to Capitol Hill early next year, where a pro-trade GOP leadership will now control the House and a likely bipartisan Senate alliance backs trade liberalization.A Passage to IndiaOctober 23, 2010As part of his postelection Asia swing in early November, President Obama will visit India, a pivotal geostrategic player in the region and one of the most dynamic markets in the world.Korea’s on His MindOctober 15, 2010

Presiden Obama will visit South Korea on November 11-12 on a post-election Asian tour that will also take him to Japan, India, and Indonesia.  The short stopover here has both strategic and trade implications for the White House.

Double-Teaming ChinaSeptember 24, 2010

Baroness Catherine Ashton, the European Union’s new foreign minister, will come to Washington next week on a mission. One of her goals is to strengthen the transatlantic dialogue about China.

Turkey Drifts AwaySeptember 24, 2010Add Turkey to the Obama administration’s lengthening list of foreign-policy
headaches.Balance of payments: Different definitions of normalSeptember 23, 2010Slow economic growth is potentially becoming a "new normal" for both European and American economies. However, in these circumstances there is much to suggest that a European style social security net could help reduce the U.S's spiraling unemployment rates.In NATO we trustSeptember 23, 2010Afghanistan is an increasingly divisive issue in transatlantic relations. Americans are more optimistic than Europeans about the outcome of the nearly nine year-old war. And they are more willing to stay the course.Global opinion disapproves of Iran’s nuclear weapons program, but differs on how to stop itSeptember 17, 2010

In a speech September 8 to the US Council on Foreign Relations, US Secretary of State Hillary Clinton proudly asserted that “through classic shoe-leather diplomacy, we have built a broad consensus that will hold Iran accountable to its obligations if it continues its defiance” of the international community and builds a nuclear arsenal.

WTO Dispute Panels Gain PowerSeptember 03, 2010GENEVA—In November 2008, in an early version of the cash-forclunkers legislation, Sen. Barbara Mikulski, D-Md., proposed allowing taxpayers to deduct interest on car loans and state car taxes from their federal income taxes as a means of boosting plummeting U.S. auto sales. Asked if her scheme would apply to both foreign- and domesticmade vehicles, she replied, matter-of-factly, “Of course it would; otherwise it would be WTO-incompatible.”Search for Plan BSeptember 03, 2010The image of U.S. helicopters airlifting Americans from Saigon rooftops in 1975 continues to haunt U.S. policy makers 35 years later as they grope for an exit from Afghanistan. With parliamentary elections scheduled for September 18 and the drawdown of U.S. forces in the country slated to begin by mid-2011, the debate about a Plan B for Afghanistan has begun in earnest.Corporations: Stop Hoarding!July 16, 2010

Getting corporate leaders to act like capitalists, not Scrooges— to invest rather than save—is the nation’s most pressing economic challenge. If the country is to avoid looming economic stagnation, the government may need to use the threat of tax sticks and the enticement of investment carrots to get corporations to begin to take risks again and pledge their assets to America’s future.

More doubtful about the gains, but still committed to the EUJuly 15, 2010European publics are still Europhiles in theory, but there is growing Euroscepticism in practice. The Congress on the RhineJuly 10, 2010The European Parliament, newly powerful, is becoming a magnet for U.S. lobbyists.Chinese CheckersFebruary 20, 2010As China grows more powerful, the diplomatic game becomes harder, something the Obama administration discovered to its dismay in year one of its China policy.Friendship, WarilyFebruary 13, 2010The United States and India have become closer than at any time in recent history. But two magnets can repel as well as attract.Economic rebalancing is coming, whatever the EU wantsFebruary 04, 2010Obama wants to change the balance of the international economic order. Europe will need to adapt or to persuade him otherwise.A new decade and a new transatlantic strategy?January 07, 2010A new year, a new European Commission and a U.S. president who can no longer get by simply by not being George Bush create an opportunity to take a new look at the U.S.-EU strategic relationship for the new decade.Playing defence, not offenceMarch 05, 2009US President Barack Obama is unlikely to come up with any trade initiatives soon, but he may be forced to make decisions.Rousing Doha from its dozeFebruary 12, 2009The Doha round of global trade talks can be revived but the EU needs to help Obama. The recent uproar in Europe over the ‘Buy American' provisions in the US economic stimulus package has turned the transatlantic trade dialogue into a divisive, finger-pointing exercise aimed at forestalling protectionism rather than a collaborative effort to broaden trade liberalisation. If global commerce, which is shrinking at a near-record rate, is to be revived, advocates of trade must stop playing defence and re-double their efforts to finish the Doha round.What We Can Learn From SwedenJune 21, 2008

In the early 1990s, Sweden experienced the worst financial crisis suffered by any industrial country since the Depression. The Swedish banking collapse wiped out fortunes, cost taxpayers a staggering amount of money, and may have permanently reduced the country’s standard of living. Thus, as Washington watches Wall Street’s slow-motion meltdown, Stockholm may have much to teach the next president about weathering banking tsunamis.

Staring Into the HeadlightsMay 13, 2013U.S. Asia Pacific Council interviews Bruce Stokes about Jobs Creation and the U.S. Trade AgendaMay 13, 2013

Publications

U.S.-China Economic Relations in the Wake of the U.S. ElectionNovember 29, 2012

This policy brief looks at likely pillars of the Obama administration’s economic policy toward China in its second term.

Japan, the Trans-Pacific Partnership, and the United StatesApril 06, 2012

The Trans-Pacific Partnership (TPP) is a wide-ranging trade initiative that is intended not only to eliminate tariffs but also to offer greater protection for intellectual property and to lower non-tariff trade barriers. The Japanese government’s decision in November 2011 to consider joining the negotiation has dramatically raised U.S. stakes in the deal. And the Tokyo government’s desire to join the TPP talks has sparked a divisive debate in Japan. In the end, whether Japan is in or out of TPP will come down to politics in both Washington and Tokyo.

What Europeans Think About the EurocrisisFebruary 01, 2012

Bruce Stokes analyzes dozens of European surveys conducted over the past year on key issues relating to the euro crisis.

Public Support for Trade PolicyJuly 20, 2011

This policy paper examines the attitudes of Europeans and Americans toward international trade.

Deep Cuts: What the Age of Austerity Means for Global Public GoodsMarch 31, 2011

This Brussels Forum brief says that it is time for a transatlantic dialogue on the implications of fiscal austerity for global public goods.

Continental Rift: Bridging Transatlantic Differences on Economic Policy Toward ChinaMarch 15, 2011

Despite shared frustrations and interests and some tactical cooperation, Washington and Brussels lack a game plan for transatlantic relations with China. The United States and Europe have disagreed on the Chinese security challenge, currency manipulation, and current account and trade imbalances. But they share concerns about Chinese state capitalism, violations of intellectual property rights, a lack of reciprocity on foreign investment, and an absence of Chinese implementation of free trade principles. The impending designation of China as a market economy provides a window of opportunity to leverage a Chinese course correction.

A Disgruntled Public on the Eve of the G20 Seoul SummitOctober 29, 2010

This policy brief analyzes attitudes in selected G20 member nations towards their economies and leadership.

New Era, New Foreign PoliciesJuly 18, 2009

Future American trade policy will more likely reflect the lessons of today's Great Recession. Washington's need for a more sustainable international balance sheet will dictate a greater emphasis on reciprocity. The new realeconomik will have no less of an impact on America's relations with the world than did the earlier policy of liberalization.

Going on a Debt Diet Is HardJuly 04, 2009

The mounting federal budget deficit and cumulative U.S. government debt are issues of growing public debate. Economists hotly contest whether it is economically prudent or foolhardy to rein in expenditures in the midst of the worst economic downturn in 80 years. But either way, taxpayers may be reaching the limit of their tolerance for new government spending.