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Graphic Truth
This Graphic Truth lays bare how a party in political freefall has roared back to life.
Despite the two parties narrowing by a point in the polls since they released their platforms this past week, looking at the arc of the race overall, it appears that the Conservatives peaked too early and the Liberals have made an impressive resurgence.
When Deputy Prime Minister Chrystia Freeland resigned — accusing the Liberal leadership of being unprepared to face the growing threat of Donald Trump — it sent shockwaves through the party and delivered a major blow to Justin Trudeau’s leadership. The Liberals were already tanking in the polls, and many saw no way back.
But since Trudeau stepped down, the party has been on a sharp upswing. Trump’s renewed threats against Canada have sparked a surge in Canadian nationalism — a momentum the Liberals have tapped into. It’s too soon to call the results, but as the election comes to a close, this Graphic Truth lays bare how a party in political freefall has roared back to life.
The US is the world’s biggest debtor, with more than $35 trillion of securities outstanding.
About a quarter of that is held by foreign investors, a detail which has drawn considerable attention since Donald Trump began walloping the world with tariffs to rebalance US trade ties and military alliances. That’s because if countries upset – or merely uneasy – about Trump’s policies sell those securities in response, the debt servicing costs for the US rise. This is no small matter on $35 trillion worth of paper.
In fact, one widely held explanation for Trump’s abrupt suspension of the “Liberation Day” tariffs on April 9 was that wary bond investors had begun to sell US Treasuries: In the week of April 11, yields on 10-year US treasuries saw their biggest leap in a quarter of a century, a sign that creditors were dropping US sovereign debt fast.
Could countries weaponize US debt more directly? China, Trump’s biggest trade war target, is the second largest foreign US creditor, officially holding more than $750 billion.
A selloff could be devastating. But analysts say it would be hard to find enough buyers for a sale that is both swift and large enough to catch the US off guard.
And even if it were possible, a seller would risk their own financial security as well global economic health by kneecapping the US. In other words: It would be, in financial terms, the nuclear option.
The graphic above looks at which countries hold the most US sovereign debt. Note that the last official data precede “Liberation Day” and that they depend on official reporting. Some countries may hold more than what is listed here via third parties.
Since returning to office in January, US President Donald Trump has brought sweeping reductions to the federal workforce, firing or otherwise facilitating the departures of more than 200,000 government employees. It’s a stark contrast from the start of his first administration, when firings were more limited to high-ranking officials.
This is all part of Trump’s attempt to improve government efficiency and slash costs, but there’s just one problem: Congress controls the purse, and only 4.3% of the government budget goes to federal employees anyway. What’s more, some of these workforce cuts have faced legal challenges. Just on Friday, a judge halted the removal of 1,500 jobs at the Consumer Financial Protection Bureau.
At other times, the president’s plans have won out in court. Earlier this month, the Supreme Court green-lighted the removal of 16,000 government workers who were on probation across a suite of federal agencies. Some staff have also been willing to go: Over 20,000 Internal Revenue Service officials — roughly one-fifth of the workforce — have accepted government buyouts.
Here’s a look at which departments and agencies have taken the brunt of Trump’s blows so far.
US-China trade from 1985-2024
Hard as it is to imagine amid the harrowing US-China trade war these days, there was a time when the two countries hardly did any business with each other.
That time was about 40 years ago, in the mid-1980s.
In those days, China had just barely begun the sweeping economic reforms that would turn a country wrecked by Mao Zedong’s Cultural Revolution into a new “workshop of the world.” By churning out exports of everything from sneakers and sofas to smartphones and solar panels, China carved out a crucial role in the global economy.
A major moment in China’s trade growth came in the early 2000s when, over objections from US labor unions and industry groups worried about the impact of cheaper Chinese labor on American jobs, the US opened the way for China to join the World Trade Organization.
After that, China became one of the top three US trade partners, a place it has held ever since — occasionally beating out Canada and Mexico for the top spot. The US trade deficit with China — nearly $300 billion last year — is the largest in the world.
Since President Donald Trump’s first term, the US has hit China with tariffs in an effort to rebalance the trade relationship and “decouple” sensitive American industries from a country that most people in Washington now view as a rival.
These efforts have intensified in the early months of Trump’s second term, and the two countries have now imposed triple digit tariffs on each other.
Here’s a look back at how US-China commercial ties grew from nearly nothing into the largest, and now most contentious, trade relationship in the world.
The trade war between the US and China is already scorching hot. As of this writing, the US has slapped tariffs of 145% on all Chinese goods, while Beijing has hit the US with a 125% levy of its own.
Much attention has focused on the tariff impact on Chinese exporters and US consumers – fair enough, given that China is the second largest source of US imports.
But US industries also sold more than $140 billion worth of goods to China last year – with agricultural goods (soy beans especially), electronic equipment, and oil and gas among the top exports.
Here’s a look at the ten US states that exported the most to China, along with estimates of how many jobs were supported by that commerce.
Line graphs comparing inflation to wages in the US and Canada.
But north of the border, it’s been a different story in the last few years, as Canadian wages have started to outpace inflation — helped, in part, by Ottawa’s decision to reestablish a federal minimum wage and index it to price growth. That hourly wage currently stands at $17.75. The US federal minimum wage, meanwhile, has been stuck at $7.25 per hour since 2009, though some states have set wages higher than that.
With Canada’s unemployment at 6.7%, the country’s labor market is far from perfect, but the recent real-wage growth there is bound to make some of its southern neighbors envious. These charts take a look at the recent relationship between nominal wages and inflation in both the US and Canada.
An infographic of the changes to the US voting system under Trump's executive order
Officials from the Democratic Party in 19 states have filed a lawsuit challenging Donald Trump’s efforts to alter the national voting process via an executive order entitled “Preserving and Protecting the Integrity of American Elections,” which they argue infringes upon states’ constitutional rights to manage their elections. The Trump administration argues that it is necessary to ensure election security.
How has Trump changed voting? Under the order signed on March 25, people must prove their citizenship to register to vote. This could affect 21.3 million Americans who don’t have proof of citizenship readily available. It also requires these documents to be shown to an election official in person, effectively eliminating online voter registration. The in-person documentation stipulation could make it harder for military and overseas voters to participate in elections.
Administratively, Trump’s order prohibits states from counting ballots received after Election Day, even if they were postmarked before. It also decertifies all voting machines nationwide, requiring that they be recertified under a stricter standard that none of them currently meet. According to the Brennan Center, it will cost states billions of dollars to upgrade their voting machines to comply before the 2026 midterms.
Finally, the order says that money from the federal government will be withheld if the citizenship requirement is not upheld and if the Department of Government Efficiency is not given access to voter information to ensure that noncitizens are not voting.
Who would this affect the most? The order’s narrow list of acceptable identification would require most Americans to use a passport to register. But less than half of Americans have a passport, and younger people, people of color, and those with lower incomes are less likely to have easy access to identification documents. Only 38% of Republicans have passports compared to 41% of all Americans. Additionally, many married women who have changed their last names may not have citizenship documents that reflect their current legal names.
Trump’s executive order has drawn heavy criticism, with many arguing it oversteps presidential authority and tramples on states’ rights to control their own elections. Legal challenges are piling up, and most experts think it’s only a matter of time before the Supreme Court gets involved.