Monetary policy can only do so much: it cannot permanently increase the wealth of a nation. That is the lesson from economic history. In the short run, the Fed can affect real variables like output and employment by expansionary monetary policy, but trying to use monetary stimulus as the primary vehicle to move the economy forward is an invitation for price inflation in the longer run.

The business of international trade has become extremely complicated. Due to Covid-19, global supply chain disruptions have become commonplace, especially in China. And even when the risks associated with the pandemic end, the risks associated with supply chains won't.

Most Americans, former President Donald Trump, and now the Joe Biden administration, all view China as the greatest geopolitical threat to the United States. Avril D. Haines, Biden’s new director of national intelligence, recently said last month “When it comes to espionage, [the Chinese] are an adversary.” And the recent sentencing for conspiracy to steal trade secrets and wire fraud of Chinese‐born husband and wife team Li Chen and Yu Zhou seems to, at least on the surface, justify this fear.

With broad, bipartisan support from Congress, the Biden administration is expected to commence an all‐of-government effort to confront the profound and rapidly multiplying challenges presented by China’s rise. Exactly what the program will entail remains unclear, but neutralizing Beijing’s web of predatory technology policies should be a priority.

To protect America's way of life and standard of living, the Biden administration must take two critical steps. First, it should implement legislation designed to improve American free-market capitalism and strengthen the middle class. If not done soon, a political shift to the left is more likely later. And secondly, the administration must choose international engagement over isolation. Surprising to many, these decisions are connected.

Among the things learned during the COVID-19 pandemic is that our supply chains are on the verge of breaking. National borders that had receded into the background of a globalizing world have been thrust to the fore in the scramble to obtain life-saving Personal Protection Equipment (PPE) for those on the front lines of the battle against the virus. A means of shortening and strengthening those supply chains is critical — and available.

In January, President Joe Biden will inherit a trade policy that has left the U.S. role as a leader of the world trading system in grave doubt. After World War II, the United States helped construct a carefully balanced trading system with modest liberalization and a limited but important role for international agreements and institutions. But Trump and his trade team have undermined this system in the service of an ideology consisting of high tariffs, unilateralism, and hostility towards the rule of law.

President Trump’s trade policy has been defined by protectionism, cronyism, and mean‐spiritedness. President Biden’s will be more polite.On substance, geopolitics and domestic politics are sure to crowd out economic considerations in shaping U.S. trade policy. The best we can hope for is that Biden’s team will be resolute and more competent managing an increasingly adversarial relationship with China—a priority which will shape all major U.S. trade policy decisions for years to come.

The presidential election polls were significantly off in 2020 with President Trump garnering many more votes than pollsters anticipated. Data analyst David Shor argued that the polls were wrong because Democratic voters became more politically engaged than Republicans during the lockdowns and answered more surveys. Rather than a shy Trump supporter phenomenon, there was a loquacious Biden supporter phenomenon. This created a pre‐election blue mirage whereby Democratic support appeared to be much greater than it really was.

The Mongolia Third Neighbor Trade Act (H.R. 2299/S. 1188), which would provide duty-free access to the U.S. market for products made in Mongolia using Mongolian cashmere, stands to be a win-win for the U.S. and Mongolia, a stalwart democratic American ally in Northern Asia. Passage of the legislation, currently languishing in Congress, would benefit both sides by facilitating increased trade.