With the U.S. national debt already exceeding $16 trillion, President Trump’s tax reform and budget deals with Congress have added to the country’s deficits. CFR explores the origins of the national debt, the risks it presents, and the outlook for change.

Over the past decade, the Fed kept interest rates low while it deployed trillions of dollars in stimulus and expanded its regulatory oversight. Now, the central bank is back in the spotlight for its …

Trade between the world’s two biggest economies has ballooned in recent decades, bringing significant benefits but also perils that have led to calls to rethink the relationship.