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Greg Ip

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Washington, D.C.
As seen in: The Wall Street Journal, MSN, MSN Ireland, Valor Econômico, MSN Money Canada, The Washington Post, The Atlantic, The Wall Street Journal (China), The Wall Street Journal (Japan), Yahoo Finance, La Nación (Argentina) and
Chief economics commentator for The Wall Street Journal. A fox, not a hedgehog. Read my articles here: www.wsj.com/news/author/greg-ip
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Articles by Greg Ip

从纽约到英伦：社会主义思潮高歌猛进

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
长期以来，人们对社会主义的狂热或许可以被当作一种“政治时髦”，不必当真。但在本周之后，情况已然不同。 在纽约市，民主社会主义者赢得了两场民主党初选，几乎提前锁定了11月选举的胜局。在上周的民主党初选之后，华盛顿特区料将很快像纽约和西雅图一样，迎来一位信奉社会主义的市长。民主社会主义者亚历山德里娅·奥卡西奥-科尔特斯(Alexandria Ocasio-Cortez)则是2028年民主党总统候选人提名的竞争者。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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NYや英国で広がる社会主義、公共事業の国家管理に道

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
これまで、社会主義への傾斜は一時的なブームのようなものとして片付けることができた。だが、今週からはそうもいかなくなった。 ニューヨーク市では、中間選挙の連邦下院選に向けて行われた民主党の予備選挙で、民主社会主義を掲げる2人の候補者が勝利を収めた。彼らは11月の中間選挙でも当選が確実視されている。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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In New York and Britain, Socialism Is on the March

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By Greg Ip Verified, Prokopis Giogiakas, Martha Kaitanidi
| Tovima
Μake us preferred on Google Until now, the fascination with socialism could be dismissed as vibes. Not after this week. In New York City, Democratic socialists won three Democratic primaries , all but guaranteeing victory in November’s general election. After last week’s Democratic primary, Washington, D.C., should soon, like New York and Seattle, have a socialist mayor. Alexandria Ocasio-Cortez , a Democratic socialist, is a contender for the Democratic presidential nomination in 2028.
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In New York and Britain, Socialism Is on the March

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By Greg Ip Verified
| The Wall Street Journal Verified
It’s no longer just vibes; socialists in Britain and elsewhere want to nationalize the means of production Supporters of a Democratic socialist candidate celebrating a win at a primary-night watch party in New York on Tuesday. Michael M. Santiago/Getty Images Until now, the fascination with socialism could be dismissed as vibes. Not after this week. In New York City, Democratic socialists won three Democratic primaries, all but guaranteeing victory in November’s general election.
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グリーンスパン元FRB議長が米国に残した永遠の足跡

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
米連邦準備制度理事会（FRB）の現議長であるケビン・ウォーシュ氏が2006年に父親に対し、FRB理事に指名されたと告げた時、小さな町でビジネスを営む父親はこう答えた。「グリーンスパンが率いているところか」。 アラン・グリーンスパン氏がFRB議長を退任したのは、ウォーシュ氏が同年に理事に就任する直前だった。ウォーシュ氏の父親や一般市民にとって、グリーンスパン氏はFRBそのものだった。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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格林斯潘对美国影响深远，也令我印象深刻

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
2006年，当凯文·沃什(Kevin Warsh)告诉父亲自己被提名为美联储理事时，他那位在小镇做生意的父亲回答说：“就是格林斯潘管的那个机构。” 就在现任美联储主席沃什当年加入美联储理事会之前，艾伦·格林斯潘(Alan Greenspan)刚刚卸任该央行主席一职。在沃什的父亲和公众眼中，格林斯潘就是美联储。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Greenspan Left a Lasting Mark on America—and Me

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By Greg Ip Verified
| The Wall Street Journal Verified
Greenspan holding a press conference at the White House in 1987. Mike Sargent/AFP/Getty Images When Kevin Warsh told his father back in 2006 that he’d been nominated to be a governor on the Federal Reserve, his father, a small-town businessman, replied: “The thing Greenspan runs.” Alan Greenspan retired as the central bank’s chairman just before Warsh, the current chairman, joined the Fed board that year. To his father and the public, Greenspan was the Fed.
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贸易失衡再次威胁全球经济

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
美国总统特朗普(Trump)下周将在法国举行的七国集团(G7)峰会上与各国领导人会晤，届时他最喜欢的一个话题将被提上日程，那就是庞大的美国贸易赤字。 更准确地说，东道主法国希望讨论全球失衡问题。这指的是美国的经常账户赤字，以及中国相应的顺差，在较小程度上还包括欧盟和日本的顺差。经常账户赤字是衡量贸易逆差的一个更广泛指标，涵盖商品、服务和投资收入。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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世界経済を再び脅かす貿易不均衡

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
ドナルド・トランプ米大統領が来週フランスで開催される先進7カ国首脳会議（G7サミット）で各国首脳と会談する際、同氏のお気に入りのテーマが議題に上る。米国の巨額の貿易赤字だ。 より正確には、議長国フランスは世界的な不均衡について議論したい考えだ。具体的には、米国の経常収支赤字（財・サービス・投資収益を含む広義の貿易赤字の指標）と、それに対応する中国の黒字、そしてより小規模ではあるが欧州連合（EU）と日本の黒字が焦点となる。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The global economy is threatened again by trade imbalances

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By Greg Ip Verified
| MSN Verified
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The Global Economy Is Threatened Again by Trade Imbalances

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By Greg Ip Verified
| The Wall Street Journal Verified
Deficits and surpluses will be on the agenda at next week’s G-7 meeting in the French Alps French President Emmanuel Macron and President Trump at a summit in Egypt in 2025. Yoan Valat/Press Pool When President Trump meets his counterparts at next week’s G-7 summit in France, one of his favorite topics will be on the agenda: the massive U.S. trade deficit.
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トランプ氏「口先介入」時の逆張りは危険

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
今月1日、原油市場は見慣れた展開をたどった。その日は、イランが仲介者を通じた米国との対話を停止したとの報道で始まり、原油価格は1バレル当たり3ドル上昇した。 その午後、ドナルド・トランプ米大統領はソーシャルメディアに、イスラエルがレバノンから撤退しつつあり、イスラム教シーア派組織ヒズボラが攻撃停止で合意したと投稿した。これを受け、原油は1ドル下落した。それから15分もたたないうちに、トランプ氏はイランとの協議が「急ピッチ」で進んでいると投稿した。原油はさらに0.5ドル下げた。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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当特朗普口头干预市场时，逆向押注要小心

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
上周一，原油市场再度上演了熟悉的戏码。当天早些时候有报道称，伊朗已停止通过调停人与美国谈判，受此影响，油价每桶跳涨3美元。 到了当天下午，美国总统特朗普(Trump)在社交媒体上发帖称，以色列正从黎巴嫩撤军，真主党(Hezbollah)也已同意停火。油价应声下跌1美元。不到15分钟后，特朗普再次发帖，称与伊朗的谈判正“快速”推进。油价随之又跌去50美分。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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When Trump Jawbones the Market, Bet Against Him at Your Peril

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By Greg Ip Verified
| The Wall Street Journal Verified
From oil to interest rates, the president has repeatedly moved markets in his direction. Whether that serves the economy is another question. Betting against President Trump can be dangerous for investors. Samuel Corum/Getty Images The oil market unfolded in a familiar way last Monday. The day began with reports that Iran had stopped talking to the U.S. through mediators, sending oil up $3 a barrel.
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Beijing’s ‘Industrial Policy of Everything’ Leaves Rest of the World in the Dust

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By Greg Ip Verified
| Hoover Institution
A battery assembly line at a factory in China’s Zhejiang province. In the decades since China joined the world economy, U.S. presidents have traveled to Beijing with a predictable list of demands: stop stealing American intellectual property, don’t force technology transfer, open your markets. Donald Trump followed the script on his previous visit in 2017. Whether he does so again this week, it would be pointless.
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企業所得と雇用者報酬の記録的な格差

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
米経済に対して人々がこれほど悲観的な理由を理解するには、28日に発表された米国内総生産（GDP）統計を見るだけで十分だ。そしてGDPがどれだけ成長したかではなく、どのように分配されたかに注目する必要がある。 1-3月期は雇用者報酬（賃金と福利厚生）が前期比0.8％増だったのに対し、国内企業所得は2.7％増と大きく増えた。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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剖析企业利润与员工薪酬之间创纪录的鸿沟

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
要想弄清民众为何对经济现状怨声载道，看看周四发布的美国国内生产总值(GDP)报告就知道了。重点不在于GDP增长了多少，而在于这块“蛋糕”是如何分配的。 今年一季度，包含工资和福利在内的员工薪酬环比微增0.8%，而国内企业利润却大幅飙升了2.7%。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The record divide between corporate profits and worker pay

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By Greg Ip Verified
| MSN Verified
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The Record Divide Between Corporate Profits and Worker Pay

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By Greg Ip Verified
| The Wall Street Journal Verified
Attendees cheer during the California Billionaire Tax Act’s campaign kickoff in Los Angeles in February. Patrick T. Fallon /AFP/Getty Images To understand why people are so miserable about the economy, look no further than Thursday’s report on gross domestic product. Not how much GDP grew, but how it was divvied up. Worker compensation—wages and benefits—grew 0.8% in the first quarter from the fourth, while domestic corporate profits jumped 2.7%.
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民間マネーのステーブルコイン、経済にリスクもたらす理由

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
「プライベートマネー（民間の通貨）」という言葉は、矛盾しているように聞こえる。経済を支えている通貨は典型的な公共財で、民間の資産ではないからだ。 実のところ、米国には1800年代にもプライベートマネーがあった。それは今、ステーブルコインという形で復活を遂げつつある。ステーブルコインはドルに対する固定価値を維持することを目指した暗号資産（仮想通貨）だ。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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稳定币为何会给经济带来风险

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
“私营货币”听起来像是个悖论。支撑经济运转的货币，难道不正是公共产品的典型代表吗？ 事实上，美国在19世纪就曾出现过私营货币。如今，私营货币正以稳定币的形式卷土重来，这类加密货币旨在维持与美元挂钩的固定价值。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Stablecoins Are Private Money. That’s Why They’re a Risk to the Economy.

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By Greg Ip Verified
| The Wall Street Journal Verified
Financial innovations often lead to upheaval and instability. Despite new regulations, those risks persist with stablecoins. The Circle stablecoin USDC is pegged to the U.S. dollar. Richard B. Levine/Levine Roberts/ZUMA Press “Private money” sounds like an oxymoron. Surely the currency on which our economy runs is the epitome of a public good? In fact, the U.S. has had private money before, in the 1800s.
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Stablecoins Are Private Money. That’s Why They’re a Risk to the Economy.

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By Greg Ip Verified
| Financial News Verified
Stablecoins Are Private Money. That’s Why They’re a Risk to the Economy. Financial innovations often lead to upheaval and instability. Despite new regulations, those risks persist with stablecoins. Published May 25, 2026 at 5:30 AM ET The Circle stablecoin USDC is pegged to the U.S. dollar. “Private money” sounds like an oxymoron. Surely the currency on which our economy runs is the epitome of a public good? In fact, the U.S. has had private money before, in the 1800s.
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债务、通胀和民粹主义交织，危险暗流搅动债券市场

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
债券市场面临的问题不在于过去一周收益率为何大幅攀升，而在于这种情况为何没有早点发生。 多年来，世界各地的政府债务一直处于失控状态，美国的情况尤为严重。自2022年以来，美国的通货膨胀率一直居高不下，始终高于美联储2%的目标。再加上企业为筹集人工智能(AI)建设资金而大举发债，人们不禁会问，长期利率为何没有进一步走高。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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債券市場を揺るがす「危険なカクテル」

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
債券市場を巡る疑問は、なぜこの1週間で利回りがこれほど上昇したかではなく、なぜこれがもっと早く起きなかったかだ。 政府の借り入れは長年にわたって制御不能な状態にある。世界中どこでもそうだが、とりわけ米国で顕著だ。米国のインフレは2022年以降、米連邦準備制度理事会（FRB）の2％目標を上回ったまま高止まりしている。さらにAI関連の資金を調達する大規模な企業借り入れも加えると、長期金利がなぜもっと高くないのかと疑問に思うほどだ。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The dangerous brew that’s rattling bond markets

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By Greg Ip Verified
| MSN Verified
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The Dangerous Brew That’s Rattling Bond Markets

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By Greg Ip Verified
| The Wall Street Journal Verified
Construction work at the Federal Reserve building earlier this year. Nathan Howard/Reuters The question for bond markets isn’t why yields rose so much in the past week, but why this didn’t happen sooner. Government borrowing—everywhere, and especially in the U.S.—has been out of control for years. Inflation in the U.S. has been stuck above the Federal Reserve’s 2% target since 2022. Add in heavy corporate borrowing to fund the AI build-out, and you wonder why long-term interest rates aren’t higher.
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全産業を支配する中国戦略、世界を凌駕

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
中国が世界経済に加わってからの数十年間、米国の大統領たちは北京を訪れるたびに予測可能な要求リストを携えてきた。米国の知的財産の窃取をやめ、技術移転を強制せず、市場を開放せよ、といったものだ。ドナルド・トランプ氏も2017年の前回の訪中でこのシナリオを踏襲した。 トランプ氏が今週、再びそうしたとしても、それは無意味だろう。これらの要求は、中国の産業政策（広く言えば、優遇するセクターへの政府の支援）に対する、極めて時代遅れの見方を反映している。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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中国“全方位产业政策”令世界其他地区望尘莫及

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
自中国融入全球经济以来的几十年间，历任美国总统访问北京时都会带上老一套的诉求清单：停止窃取美国知识产权、不得强制技术转让、开放中国市场。唐纳德·特朗普(Donald Trump)在2017年上一次访华时也遵循了这一惯例。 无论他本周是否再次重申这些诉求，其实都已失去意义。这些诉求所反映的对中国产业政策（广义上指政府对重点产业的扶持）的认知已严重过时。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Beijing’s ‘Industrial Policy of Everything’ Leaves Rest of the World in the Dust

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By Greg Ip Verified
| The Wall Street Journal Verified
Government support encompasses the old, the new, goods and services, micro and macro. Nothing Trump elicits in China will change this. A battery assembly line at a factory in China’s Zhejiang province. Go Nakamura/Reuters In the decades since China joined the world economy, U.S. presidents have traveled to Beijing with a predictable list of demands: stop stealing American intellectual property, don’t force technology transfer, open your markets.
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AIが歪曲する米経済の現実

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
人工知能（AI）は最近まで米国の成長にとって歓迎すべき追い風だった。 しかし、今やその段階を超えている。AIはむしろハリケーンのような強度で経済全体に影響を及ぼしている。株式市場や企業利益、経済成長の速度と構成、貿易、さらには人々の気分――特に雇用市場に対する見方――をゆがめているのだ。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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AI is distorting practically everything about the economy

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By Greg Ip Verified
| Threat Beat
By Greg Ip • May 08, 2026 Until recently, artificial intelligence was a welcome tailwind for U.S. growth. We’re beyond that now. AI is more like a hurricane-strength weather system making itself felt across the entire economy. It is distorting the stock market, profits, the speed and composition of economic growth, trade and even our moods — especially about the job market. AI’s pervasive presence makes it almost impossible to discern what is actually going on.
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AI正全方位“扭曲”美国经济

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
就在不久前，人工智能(AI)还是催动美国经济增长的一股东风。 但如今情况已大不相同。AI更像是一场席卷整个美国经济的飓风，正在扭曲股市、企业利润、经济增长的速度与构成、贸易，甚至是我们的情绪——尤其是对就业市场的感受。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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AI Is Distorting Practically Everything About the Economy

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By Greg Ip Verified
| Financial News Verified
We and our partners use “cookies” and similar technologies on our websites so that we can offer you the best possible experience. Cookies allow us to access and store data on a device and process personal data, such as unique identifiers, sent by a device to personalise content, tailor and report on advertising and analyse our traffic. We work with 69 partners to do this. By clicking “Accept All”, you will allow the use of these cookies. For certain purposes, legitimate interests may be relied on.
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AI Is Distorting Practically Everything About the Economy

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By Greg Ip Verified
| The Wall Street Journal Verified
It makes growth look better and the job market look worse. Maybe an AI investment bust wouldn’t hurt so much after all. Alexandra Citrin-Safadi/WSJ; iStock Until recently, artificial intelligence was a welcome tailwind for U.S. growth. We’re beyond that now. AI is more like a hurricane-strength weather system making itself felt across the entire economy. It is distorting the stock market, profits, the speed and composition of economic growth, trade and even our moods—especially about the job market.
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パウエル氏のFRB残留が正しい理由

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
平時であれば、ジェローム・パウエル氏は自身にとって最後の米連邦公開市場委員会（FOMC）会合を終えていたはずだ。5月に米連邦準備制度理事会（FRB）議長職をケビン・ウォーシュ氏に譲り、理事のポストも手放していただろう。 だが今は平時ではなく、この国にとってより良い選択肢は、パウエル氏が民間に戻るのではなく、理事としてFRBに残ることだ。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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为何说鲍威尔继续留在美联储是正确选择？

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
如果是在正常时期，杰罗姆·鲍威尔(Jerome Powell)刚刚应该已经结束了他任内的最后一次美联储会议。下个月，他不仅会将美联储主席之位移交给凯文·沃什(Kevin Warsh)，还会一并卸任美联储理事一职。 但眼下并非正常时期。相比回归平民身份，鲍威尔以理事身份留在美联储对国家更有利。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Why Powell is right to stay on at the Fed

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By Greg Ip Verified
| MSN Verified
; ; ; ; Continue reading More for You ; ; ; Continue reading More for You
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How to Win a Trade War: Book launch and discussion with Bown and Keynes

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By Chad P. Bown, Soumaya Keynes Verified, Greg Ip Verified
| Peterson Institute for International Economics
Event Summary Soumaya Keynes and Chad P. Bown discuss their new book How to Win a Trade War, available for pre-order. Trade wars are here to stay, and refusing to engage in the fight is no longer an option. President Donald Trump's tariff announcements can crash markets and sour decades-long alliances. China's export restrictions on rare earths could bring the West's car production to a crashing halt. Curbs on trade in cutting-edge chips could determine who wins the artificial intelligence (AI) race.
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米国でひそかに進む製造業ブーム、その真相は

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
ドナルド・トランプ米大統領の関税政策を批判する側からも支持する側からも聞こえてこないことだが、製造業の復活が進んでいる。 話題に上らないのは、どちらの政治的な筋書きにも容易に当てはまらないからだ。批判する側は、トランプ氏が昨年大統領に就任して以来、工場の雇用が着実に減少しているという事実に注目してきた。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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美国制造业正悄然繁荣

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
无论是美国总统特朗普(Trump)关税政策的批评者还是拥护者，你都不会从他们口中听到这件事：一场制造业的复兴正在上演。 你之所以没听说，是因为这与任何一方的政治叙事都不太相符。批评人士一直关注的是，自特朗普去年上任以来，制造业就业岗位持续减少。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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America Is in the Middle of a Stealth Manufacturing Boom

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By Greg Ip Verified
| The Wall Street Journal Verified
U.S. production of equipment to support the artificial-intelligence revolution is booming. Noah Berger/Associated Press April 18, 2026 12:00 pm ET You won’t hear this from either critics or fans of President Trump’s tariffs, but there’s a manufacturing revival going on. The reason you haven’t heard is that it doesn’t easily fit either political narrative. Critics have focused on the fact that factory jobs have steadily slid since Trump took office last year. Copyright ©2026 Dow Jones & Company, Inc.
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白宫研究称DEI政策拖累生产率

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
过去10年，美国企业界普遍信奉一种理论，即多元化、公平性和包容性(DEI)政策有助于提高生产率和利润。 然而，白宫的一项新研究得出了相反的结论：那些鼓励招聘经理基于种族进行招聘的DEI政策，损害了采纳这些政策的行业乃至整体经济。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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多様性方針は生産性損なう＝ホワイトハウス報告書

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
過去10年間にわたり、米企業の多くは方針が生産性と利益にプラスになるという理論を受け入れてきた。 だが、ホワイトハウスがまとめた新たな調査報告書は、それと正反対の結論を下した。人種に基づいた雇用を企業の採用担当者に促すDEI方針は、それを導入した業界、さらには経済全体を弱体化させたと指摘している。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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White House Study Says DEI Hurts Productivity

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By Greg Ip Verified
| The Wall Street Journal Verified
The report found that industries that adopted race-based hiring policies in the past decade saw productivity fall, bolstering Trump’s opposition The White House Jonathan Ernst/Reuters Much of Corporate America in the past decade embraced the theory that diversity, equity and inclusion policies were good for productivity and profits.
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经济战中，“卡脖子”策略比关税更有效

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
很少有哪位总统像唐纳德·特朗普(Donald Trump)这样如此激进地发动经济战。然而，迄今已有其他国家两次对他有效地发动了经济反击战。 一年前，特朗普对中国加征高额关税，中国随即反击，限制了对电动汽车和航空航天等行业不可或缺的稀土产品出口。特朗普很快寻求贸易战休战。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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経済戦争の武器、関税より「チョークポイント」

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
米国の歴代大統領でドナルド・トランプ氏ほど積極的に経済戦争を仕掛けた者はほとんどいない。しかし、これまでに2度、他国が同氏に対して効果的に経済戦争を仕掛けている。 トランプ氏は1年前、中国に高率の追加関税を課した。それを受けて中国は、電気自動車（EV）から航空宇宙まで幅広い産業に不可欠なレアアース（希土類）製品の輸出を制限することで報復した。程なくトランプ氏は貿易戦争の休戦を求めた。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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伊朗战争令美国经济优势空前凸显

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By Greg Ip Verified
| The Wall Street Journal (China) Verified
“我们不能允许一个如此重要的资源被一个如此残暴的人所主宰。我们不会允许。”——这是1990年，老布什(George H.W. Bush)就萨达姆·侯赛因(Saddam Hussein)入侵科威特一事的表态 “去搞你们自己的石油！”——这是2026年3月31日，唐纳德·特朗普(Donald Trump)就伊朗关闭霍尔木兹海峡一事的表态 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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米経済の優位性、イラン戦争でかつてなく高まる

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By Greg Ip Verified
| The Wall Street Journal (Japan) Verified
「これほど不可欠な資源がこれほど無慈悲な者に支配されるのをわれわれは許すわけにはいかない。そして実際に許さない」――ジョージ・H・W・ブッシュ米大統領（1990年、イラクのサダム・フセイン大統領によるクウェート侵攻について）。 「自分たちで石油を手に入れろ！」――ドナルド・トランプ米大統領（2026年3月31日、イランによるホルムズ海峡封鎖について）。 Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The Iran War Is Making the American Economy More Dominant Than Ever

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By Greg Ip Verified
| The Wall Street Journal Verified
“We cannot permit a resource so vital to be dominated by one so ruthless. And we won’t.”—George H.W. Bush, 1990, on Saddam Hussein’s invasion of Kuwait “Go get your own oil!”—Donald Trump, March 31, 2026, on Iran’s closure of the Strait of Hormuz Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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