Economic Policy News

This year marks the 25th anniversary of the United States and Vietnam reestablishing diplomatic relations. Over the past 25 years—particularly since Vietnam’s accession to the World Trade Organization in December 2016, when the U.S. granted its former foe permanent normal trade relations status—U.S.-Vietnam economic and trade relations have expanded rapidly. The United States was Vietnam’s…

Ecuador dramatically rose in rank in the 2020 edition of The Heritage Foundation’s annual Index of Economic Freedom. With an economic freedom score of 51.3 out of 100, it is the freest it has been in a decade. While the country’s economy is still considered mostly unfree, its recent progress is good news for centrist…

As policymakers continue to respond to the coronavirus pandemic, it is more important than ever to weigh the consequences of their public health decisions on jobs and livelihoods. The adage that “the treatment is worse than the disease” comes to mind when considering the lockdown’s effect on the economy. Take, for example, the findings of…

The new U.S.-Mexico-Canada Agreement can benefit female business owners by reducing the cost of transporting goods and services across borders, participants underscored during a recent forum on “Women’s Global Trade Empowerment” hosted by the Commerce Department. Indeed, more practically utilizing the newly implemented trade pact among the U.S., Mexico, and Canada is a critical basis…

Croatia is an increasingly important economic and security partner of the United States in the Balkan region and a focal point of evolving geopolitical issues, including energy independence and infrastructure development. In its bilateral relations fact sheet, the U.S. State Department describes Croatia as “a leading partner in Southeast Europe and a model for its…

Social distancing and shutdown policies related to the coronavirus pandemic have important effects in slowing the spread of the virus. Ensuring that our health system maintains sufficient capacity to respond effectively, those policies might reduce the overall health and economic toll unless a vaccine or effective treatments are subsequently developed. However, those policies also impose…

The House is expected to vote later this week on H.R. 7608, a “minibus” bill that covers fiscal year 2021 spending for the departments of Agriculture, Interior, State, Veterans Affairs, and more. That covers four of the 12 spending bills that fund the federal government. The bill’s text—produced on July 16—is a staggering 689 pages…

I am not in the habit of quoting leftist Noam Chomsky, but this line seems relevant when one considers our growing national debt: “When you trap people in a system of debt, they can’t afford the time to think.” Perhaps now is not the time in the middle of a pandemic, job losses, and threats…

With a score of 65.8 in The Heritage Foundation’s annual Index of Economic Freedom, Costa Rica is the most economically free country in the traditional five-nation Central American bloc. It is ranked 12th among the 32 countries in the Americas region, and is the 68th freest in the world. It came as no surprise, then,…

Colombia in late April became the 37th nation to join the Organization for Economic Cooperation and Development, successfully completing an accession process that began in 2013. Although that multilateral organization is far from perfect, as several Heritage Foundation papers have noted, it remains the most significant international organization promoting the values of economic freedom. Colombia’s…

The ongoing coronavirus pandemic has confirmed the critical value of e-commerce—and more broadly, digital trade. The outbreak has significantly constrained people’s physical contact and movement to an unprecedented degree. Even so, through digital connections within the United States and around the world, the pandemic has exponentially amplified the exchange of information, products, and other services….

Latvian Prime Minister Krisjanis Karins has made a timely case that the U.S. and its allies should foster increased economic freedom as the world reels from the economic impact of COVID-19. At a Heritage Foundation event Tuesday on a transatlantic agenda for economic cooperation, Karins underscored the importance of continuing reforms, enhancing competitiveness, and revitalizing…

U.S. Federal Reserve Chairman Jerome Powell highlighted during a recent Senate Banking Committee hearing that the “best way the Federal Reserve can help reduce racial inequality is to return the U.S. labor market to its pre-coronavirus strength.” Indeed, ensuring a thriving job market by advancing economic freedom is the key fundamental element of reducing poverty,…

Iceland, a small Nordic country, has successfully flattened the COVID-19 curve and is ready to move ahead. Life in the country seems to be almost back to normal. Curfews and social-distancing mandates have been lifted, and gyms, swimming pools, and restaurants are reopened. The country opened its airports to tourism on June 15. There had…

In its release of recommendations on how to spur the fastest and most complete rebound from the coronavirus pandemic, The Heritage Foundation’s National Coronavirus Recovery Commission emphasized the importance of economic freedom and the free-market system: In all of history, there has been no better model than that of free markets in lifting people out…

Having recently unveiled its final report, The Heritage Foundation’s National Coronavirus Recovery Commission offered a clear pathway to America’s economic rebound with specific, actionable recommendations for policymakers. Highlighting the interwoven critical linkage between good public health policy and sound economic policy, the commission’s final report underscored the importance of economic freedom to our recovery efforts:…

Reflecting the current global economic slowdown, the latest statistics show that America’s trade with Canada and Mexico, the two largest trading partners of the U.S., has plummeted by more than 40% since last year. According to the latest U.S. Census Bureau data, when compared with the previous April, U.S. trade with Canada and Mexico dropped by 43% and 46%, respectively.  Undoubtedly, the three North American trade…

India’s reported number of coronavirus cases has been surprisingly low, given the country’s huge and highly dense population. Experts think there are a number of factors that could be contributing to the low infection rates, but as a Heritage Foundation colleague summed up concisely: “Unfortunately, we don’t have a solid answer.” When it comes to…