As the OECD strives to rearrange international corporate taxation, a word of caution is in order. The first "Pillar", if adopted, will spawn a confusing array of new taxes; the second "Pillar" will spur fresh loopholes as national legislatures assert their sovereign prerogatives.

Geopolitical decoupling is intended to, and generally succeeds in, reducing bilateral trade flows. But what about its impact on FDI? This Perspective examines the recent experience of UK FDI after Brexit, and Chinese FDI after Trump.

Subsidies to the semiconductor industry have been massive ever since chips were created in the 1950s. Yet, semiconductor subsidies have never been challenged in the GATT or WTO, and rarely in bilateral commercial relations. Reasons suggest a permanent vacuum of subsidy discipline for this and...