Beyond the tariff maelstrom encircling the American economy, an even larger economic threat looms just over the horizon.
The Trump administration’s undermining of the full faith and credit of the United States has raised the risk of a sovereign debt crisis, which would reverberate across the world with far sharper consequences than the subprime crisis of 2008.
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Steven Hamilton is assistant professor of economics at George Washington University and visiting fellow at the Tax and Transfer Policy Institute at the ANU.
