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Welcome to Zero Migration America

Every year since the 1930s, more people have arrived in America than have left. Every year, that is, until quite possibly 2025. Net immigration was over 2.5m a year at the end of Joe Biden’s presidency; this year that figure may fall to zero, or even turn negative (see chart 1).

Consumer outlook sours as inflation expectations rise, New York Fed survey finds

UK pledges to defend steel industry after EU says it will raise tariffs to 50%