The latest from CFR’s RealEcon Initiative
RealEcon

Reimagining American Economic Leadership

U.S. President Donald Trump addresses the 80th United Nations General Assembly at U.N. headquarters in New York City, U.S., September 23, 2025. REUTERS/MIKE SEGAR/File Photo Purchase Licensing Rights

Media Briefing: Unpacking the President’s UNGA Speech

CFR experts analyze President Donald Trump’s speech to the UN General Assembly on Tuesday, September 23, and discuss how it will shape further dialogue on trade, immigration, European security, and U.S. relations with Asia, Latin America, and the Middle East. Hear their analysis 

U.N. General Assembly at the United Nations headquarters on Tuesday in New York City.

Trump’s Tariffs on India Could Unravel Decades of Strategic Partnership

New Delhi has doubled down on domestic reforms and international engagement in the face of Washington’s tariffs, seeking faster growth and a wider web of economic and security ties. Continued tensions could have deep implications for U.S. economic security and grand strategy in Asia, writes Research Associate Ishaan Thakker. Read the piece

U.S. President Donald Trump listens as Indian Prime Minister Narendra Modi speaks during a joint press conference at the White House in Washington, D.C., U.S., February 13, 2025. REUTERS/Nathan Howard

AGOA: The U.S.-Africa Trade Program

U.S. trade with sub-Saharan Africa has plateaued in recent years, prompting analysts to question the effectiveness of the just-expired preferential trade program for the region, write CFR.org Editor Mariel Ferragamo and Research Associates Ivana d'Argence and Helena Kopans-Johnson. Get the backgrounder

A worker sews at an export processing zone factory in Athi River, Kenya. Thomas Mukoya/Reuters

Trade Fun Fact 

Which is the top exporting state in the United States?

Answer at the bottom of the newsletter

CFR Fellowship Opportunities

CFR is now accepting applications for the 2026-27 International Affairs Fellowship (IAF) program.

  • The International Affairs Fellowship
  • The International Affairs Fellowship in Indonesia
  • The International Affairs Fellowship in Japan
  • The Robert A. Belfer International Affairs Fellowship in European Security

The programs offer transformational opportunities for mid-career professionals who have a demonstrated commitment to a career in foreign policy. Awardees gain experience working in a new environment in the United States, Indonesia, Japan, or Europe; at an international organization; or at CFR (for IAF awardees coming from government). Applicants must be U.S. citizens. 

Learn more

The application period will close on October 31. Visit cfr.org/fellowships or email fellowships@cfr.org for more information.

Featured From the Greenberg Center

Divided Fed Reaches Consensus on Risk Management Cut

The Fed reached consensus on its interest rate decision, with only Trump’s latest appointee dissenting. Opinions about future cuts diverge, however, say CFR Fellow Roger W. Ferguson Jr. and Research Associate Maximilian Hippold. Read the expert brief 

Fed Chair Jerome Powell walks to attend a press conference, September 17, 2025. Elizabeth Frantz/Reuters

Four Easy Fixes for the Housing Crisis

The Trump administration could take steps that would meaningfully help make American housing more affordable, suggests CFR Fellow Rebecca Patterson. Get her take 

(arinahabich/Getty Images)

In the News

Inu Manak featured in Repositioning the Debate on Subsidies and Industrial Policy (World Trade Organization)

 

Michael Froman interviewed in Is the Future of Global Trade “Polyamorous”? (Politico) 

 

Rebecca Patterson interviewed in Closing Bell: Overtime (CNBC)

 

Shannon O’Neil quoted in Brazil Does What the United States Failed to Do (Philadelphia Inquirer)

Recent CFR Events

C. Peter McColough Series on International Economics (September 30), with Susan M. Collins, president and CEO, Federal Reserve Bank of Boston; and Seema Mody, technology and global markets correspondent, CNBC (presider)

 

Russell C. Leffingwell Lecture With Prime Minister Mark Carney of Canada (September 22), with CFR President Michael Froman (presider)

 

Bernard L. Schwartz Lecture With Evan Spiegel of Snap Inc. (September 17), with Hans Nichols, political reporter at Axios (presider)

American Views on Economic Leadership  

RealEcon Director Matthew P. Goodman and Associate Director Allison J. Smith traveled across the country to ask Americans for their thoughts on trade, aid, and other international economic policies. Read more 

 

Trade Fun Fact

Which is the top exporting state in the United States?

Answer: Texas

 

About the RealEcon Initiative

RealEcon is a CFR initiative to assess the role of the United States in the international economy, analyze what is at stake for the American people, and identify the trade-offs in different policy approaches.