rejectfreeadmin President Joe Biden’s administration dashed hopes for a softer approach to the World Trade Organization by pursuing a pair of his predecessor’s strategies that critics say risk undermining the international trading system. The U.S. delegation to the WTO, in a statement Monday obtained by Bloomberg, backed the Trump administration’s decision to label Hong Kong exports … Read More
In a celebrated 2016 paper,David Autor, David Dorn and Gordon Hanson estimated that between 1999 and 2011, increased imports from China — the “China Shock” — killed 2.4 million jobs in the U.S. Those metrics also come against a continuing debate over the cost in U.S. jobs of competing with China. Read the article.
President Joe Biden’s Jan. 25 push to have federal agencies buy more from U.S. manufacturers is likely to clash with the government’s recent selection of Amazon for small-scale purchases by federal employees because Amazon increasingly is turning to overseas manufacturers, a Fortune magazine opinion piece argued. Read the article.
The new president is doubling down on the counterproductive “Buy American” mandate, which even The Washington Post observes is “awful economics.” That’s correct. Among other things, “Buy American” provisions force the government to pay more for the services and goods it buys, thus increasing taxes or borrowing, which results in less money available in the private … Read More
The ‘Buy American’ strategy has always been more than walking into a store, looking at products on the shelves, and hoping that store offers made in the USA merchandise. Many small companies make products in America that aren’t on the shelves of big-box stores or on Amazon that deserve our consumer support. Read the article.
Ant Group, a tech giant, is going public at home in China and not in the US. Yet while China’s economy is huge, its progress is dampened by protectionism from abroad. Watch the video. Read the article.
British bike manufacturers are warning they face competition from a wave of cheap Chinese imports after Brexit as the U.K. abandons European Union anti-dumping rules. Brompton Bicycle Ltd. and Frog Bikes Ltd. are among firms saying they risk being undercut when the Brexit transition period ends on Dec. 31 and tariffs of up to 48.5% … Read More
“Free-market ideology must be tempered if we are to create equality, but we must be wary of lapsing back into protectionism. Today’s consumers do not want more and better goods and services for a reasonable price. Rather, they increasingly expect companies to contribute to social welfare and the common good,” says Klaus Schwab, founder and … Read More
Increasing trade protectionism will push companies to bring more production back to the US and Europe from Asia and they will need automation to reduce their costs, according to one of Europe’s leading industrialists. “In our case, we have been getting in a position of making sure we’re more local to local in manufacturing. We … Read More
If China’s economy — which is already recovering swiftly from the coronavirus shock — can stick to the growth trajectory of recent years, it’ll surpass the U.S. within the next decade. The prospect of ever deeper frictions with the U.S. underpins Xi’s strategy to accelerate plans to shield China from swings in the world economy. … Read More
