Biden’s demand to raise the current 7.5% average tariff on steel and aluminum is an effort to make clear that his administration’s recent warnings about China’s trade practices are not empty threats. “These are strategic and targeted actions that are going to protect American workers and ensure fair competition,” Biden added. “Prices are unfairly low … Read More
Brazil will maintain tariffs on US ethanol imports despite “tough” complaints from the Biden administration, said Agriculture Minister Carlos Fávaro. “We cannot risk making things more precarious for Brazilian producers,” Fávaro said during a sugar cane industry conference in Brasilia on Wednesday. Ethanol is a hot-button issue in major corn-producing states such as Iowa and Illinois … Read More
The president’s efforts to restrict Chinese imports and block a Japanese steel merger have pleased labor unions and sent a message to rival Donald J. Trump. The politics behind Mr. Biden’s strategy appears clear: When it comes to manufacturing, the president wants to leave no doubt that he is as much “America First” as Mr. … Read More
Decades of trade deficits and a strong dollar created too many “losers” in the U.S. economy who turned to Donald Trump’s protectionist policies, according to Richard Koo, chief economist at the Nomura Research Institute — and those conditions remain. “When we studied economics and free trade, in particular, we were taught…that free trade always creates … Read More
In a briefing in Brussels just hours before the two-day EU-US Trade and Technology Council (TTC) got underway in nearby Leuven, US trade representative Katherine Tai said that Beijing’s “non-market” policies will inflict severe economic and political damage on the two blocs, unless they are tackled through appropriate “countermeasures”. “I think what we see in … Read More
“The dirty little secret of international trade economics is that moderate tariff rates” don’t have huge price effects, Krugman said on Bloomberg Television’s Wall Street Week with David Westin before the CAP report came out. “To get really big (inflation) numbers, you have to get well beyond 10%,” he said. When inflation was rampant during … Read More
A majority of voters say they support slapping a 10 percent tariff on all imports, according to an exclusive new poll, in a boost to President Donald Trump’s plan for reducing U.S. reliance on foreign producers. According to the latest J.L. Partners/DailyMail.com 2024 poll, 24 percent of likely voters strongly support the policy proposal while … Read More
More Americans trust former President Trump’s approach to trade than President Biden’s but are split on their approach to tariffs on China, according to a new survey. The YouGov poll, released Friday, found 42 percent of Americans somewhat approve of Trump’s approach to foreign trade, 11 percent higher than Biden’s 31 percent. At the same time, … Read More
For those who roam within credentialed economic circles and discuss markets with hedge fund managers at the Harvard Club, tariffs are sacrilegious. Speak kindly of them and you’re a free market heretic. It’s practically un-American. Sadly for them, tariffs that began in 2018 have not destroyed the U.S. economy. The stock market did not crash. … Read More
A bipartisan group of U.S. lawmakers on Wednesday asked the Biden administration to impose higher tariffs on Chinese drones, including those shipped from other countries and new incentives to boost U.S. drone manufacturers. Representative Mike Gallagher, chair of the House China committee, the panel’s top Democrat Raja Krishnamoorthi and 11 other lawmakers urged the administration … Read More
