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Follow the Money

Brad Setser tracks cross-border flows, with a bit of macroeconomics thrown in.

Latest Post

A Tale of Two Tariffs: China’s So Far Ineffective Tariffs on U.S. Manufacturing Exports

China’s soybean tariffs have—rightly—gotten a lot of attention. They have had a large impact not just on U.S. soybean exports to China, but on overall soybean exports. And, at least for a time, they pushed U.S. Read More

June 12, 2019

China
Did Huawei’s Chip Stockpiling Bring China’s 2018 Trade Surplus Down? Did Huawei’s Chip Stockpiling Bring China’s 2018 Trade Surplus Down?

China's 2018 trade surplus fell by a bit more than I would have expected, and it wasn't all because of higher commodity imports. Imports of manufactures were strong relative to export growth. Could that have been caused by Huawei stockpiling chips?

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June 4, 2019

South Korea
Korea, the “Germany” of Northeast Asia… Korea, the “Germany” of Northeast Asia…

Korea has no shortage of fiscal space.  It should use it.

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May 27, 2019

Vietnam
Vietnam Looks To Be Winning Trump's Trade War Vietnam Looks To Be Winning Trump's Trade War

Vietnam's exports to the U.S. are growing fast.   It also runs an overall current account surplus. If it has resumed purchasing dollars in the foreign exchange market to keep its currency from appreciating, it may soon be a test case for Trump's policy toward countries that intervene to maintain an undervalued currency.

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