Dear Readers,
International equity markets have not responded kindly to recent policy uncertainty, with stock indices volatile in the face of renewed trade tensions. The reimposition of tariffs has unsettled investors and institutions, raising concerns about higher import prices, supply chain disruption, and sluggish economic growth. The current administration frames these actions as a source of political leverage, but the market response suggests growing concern about their longer-term consequences. Allen Gindler discusses these impacts, from tariffs to inflationary pressure, while K. Lloyd Billingsley writes how California's pandemic-era spending spree continues while evidence mounts that the system was racked with fraud.
On energy policy, Scott Semet points out the delicate balance between national energy security and American liquefied natural gas (LNG) exports. Paige Lambermont covers how rising power needs from AI and other industries are powering new investments in gas plants.
Beyond policy, Daniel B. Klein turns to C.S. Lewis for a timeless meditation on The Four Loves and the value of healthy patriotism.
Read more about these topics in the latest issue of Independent Weekly!
Jonathan Hofer
Managing Editor
