Debt in service of the state -- States and the limits of borrowing -- Democratization and globalization -- Caveat emptor -- Managing problem debts -- Successful consolidation -- Warfare to welfare -- Cycles of debt -- Oil and water -- Missed opportunities -- Debt to the rescue -- COVID-19.

We study the economic and political consequences of the 2018-2019 trade war between the United States, China and other US trade partners at the detailed geographic level, exploiting measures of local exposure to US import tariffs, foreign retaliatory tariffs, and US compensation programs. The...