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Graphic Truth
Graphic charting the strength of the dollar overtime.
The US dollar is the most widely used currency in the world, underpinning the vast majority of global finance and trade.
And the fact that America’s own currency is the lifeblood of the world economy — a function of US economic strength, military power, and political stability — gives the US what has been called an “exorbitant privilege.” That is, the US gets to borrow at lower rates than anyone else with its level of debt, and the country can exert tremendous power over global financial flows.
But huge demand for the US dollar has also helped to boost its value over the years, in ways some economists — particularly those close to Donald Trump — say has been harmful to the US.
After all, a stronger dollar fuels cheap imports while making America’s exports less competitive. The global greenback, they say, has been better for Wall Street than for Main Street, and some want Trump to use America’s economic and military power to force other countries to reset and reduce the value of the dollar. A narrower version of this was done in 1985 with the so-called Plaza Accord. (You can learn more about that here.)
For historical perspective, here’s a look at the dollar’s value over the half-century since US President Richard Nixon removed the currency from the gold standard, allowing it to float freely.
We’ve used a flexible, trade-weighted index, which measures the dollar against the currencies of countries with which the US trades most.
India and Pakistan are on the brink of war again after India this week launched airstrikes against what it said were militant camps in Pakistan and Pakistani-administered Kashmir.
The move was a response to a recent terror attack in Indian-administered Kashmir, which New Delhi blamed on Pakistan. Islamabad denies the allegations.
This is the most serious flare-up in decades between the two nuclear-armed rivals, who have had three major conflicts since the 1960s.
Whether things get worse from here is now up to Pakistan, says Pramit Pal Chauduri, lead South Asia analyst at Eurasia Group.
“Pakistan [will] decide whether it goes further up the escalation ladder,” he says, noting that Pakistani forces shot several Indian aircraft during the skirmish.
“Having shot down at least three Indian fighters, it seems it is in a position to claim victory and bring the clash to an end.”
Whether it does may turn in part on calculations about the risk of deeper conflict with a much larger neighbor. Here’s a look at how the conventional and nuclear forces of the two countries stack up.
The conclave to select a new pontiff gets underway on May 7, 2025.
Who selects the next pope? Roman Catholic cardinals, and there are 252 of them worldwide, but only 135 are under the age of 80 and thus eligible to vote for the successor to Pope Francis. Two of them, Antonio Cañizares of Spain and John Njue of Kenya, cannot attend, and of the 133 electors participating, Francis appointed 108 of them.
Is there a list of contenders? The cardinals can vote for their preferred colleague to take the top spot at the Vatican, and there’s no official shortlist of candidates. But there are a handful who are considered frontrunners — our sources say to look at French Cardinal Jean-Marc Aveline and Filipino Cardinal Luis Antonio Tagle on the progressive end, and the Italian Cardinals Pierbattista Pizzaballa and Pietro Parolin for the conservatives.
All eyes will be on how the trajectory of the largest religious institution in world history shifts under a new pope.
Map of US car exports.
The American car industry is big business, both economically and politically. As with most US industries, globalization has heavily intertwined the automobile sector with the rest of the world, leading to a complex web of imports and exports that help cars reach their destinations. No passenger vehicle on the US market is made entirely from American parts — most are less than 50% American, in terms of components — underscoring how heavily automakers rely on foreign inputs.
As such, US President Donald Trump’s 25% tariffs on imported auto parts would raise production costs for US automakers, potentially reducing their competitiveness in foreign markets. Each year, the United States exports tens of billions worth of new cars assembled in domestic factories, and the graphic above shows the top five purchasers of these vehicles. We’ll be watching how US car exports perform in those five markets going forward.
Graphic showing how many South Korean leaders have had unfortunate ends to their time as leaders.
Impeached former President Yoon Suk Yeol isn’t the first leader of South Korea to face the courts after leaving office. And, if you look over South Korean history, his is actually one of the better outcomes. Of its 13 leaders since 1948, five were indicted, one was exiled, one was assassinated, one committed suicide, and two were pushed out in a coup.
Map of electoral shifts in Canada
Canada’s election on Monday was marked by unexpected twists from start to finish. While the Liberals staged a comeback to claim a fourth successive mandate to govern, voters at the local level triggered major changes: Over 60 ridings threw out their incumbent parties, leading to some unexpected upsets.
Chief among them was the stunning defeat of Conservative leader Pierre Poilievre, who lost his long-held Ottawa-area seat to Liberal candidate Bruce Fanjoy. Poilievre had represented the riding since 2004, but Fanjoy attributed his victory to Poilievre’s focus on his national campaign and apparent neglect of local concerns. To remain as leader of the opposition, Poilievre will need a fellow Conservative MP to step aside so he can run in a by-election — a process likely to delay his return to Parliament until the fall.
Poilievre wasn’t the only party leader to suffer a loss. NDP Leader Jagmeet Singh also lost his seat to a Liberal challenger and subsequently announced his resignation. The NDP secured just 6.3% of the national vote, falling short of the 12 MP threshold required for official party status.
Meanwhile, the Conservatives made significant inroads in Ontario, particularly in the southwest. In Windsor West – the country’s automotive heartland – Conservative candidate Harb Gill unseated a two-decade NDP incumbent. The riding had drawn high-profile attention during the campaign, with both Liberal leader Mark Carney and Singh making stops there to show support for autoworkers impacted by Donald Trump’s tariffs.
What surprised you most about the election results? Let us know here.
71 Islamist militants have been killed along the Pakistan-Afghanistan border in recent days.
Pakistan accused the infiltrators of working for the Pakistani Taliban, a sister terrorist organization to the group that now controls Afghanistan. Islamabad says the Pakistani Taliban is orchestrating a campaign of violence that has rocked the country in recent months with high-profile bombings and shootings
Pakistan’s information minister claimed that India was encouraging the Taliban to strike in a bid to distract Islamabad’s forces from a simultaneous confrontation in Kashmir. Both India and Pakistan partially occupy the disputed mountain region and have traded fire in small skirmishes in recent days after Islamist militants killed 26 civilians last week in the largest terrorist attack to hit the region in years. Indian forces have detained over 1,500 people and destroyed several houses linked to alleged perpetrators. China, a major ally of Pakistan’s, is urging restraint on both sides.