The Congressional Budget Office estimates sky-high tariffs promised by President-elect Trump might improve the nation’s fiscal outlook — but at the cost of higher inflation and slower economic growth than would otherwise be the case. The estimates assume other nations slap retaliatory tariffs of the same magnitude on U.S. exports. As for economic growth, the … Read More
Almost nothing is all good or all bad, yet we often feel a need to cast things as one or the other. This is lazy thinking. Tariffs might have potential benefits or serve certain purposes. This tax on goods can raise money for government that can go toward other programs or to paying down debt. … Read More
The Biden administration on Wednesday announced to increase tariffs on certain Chinese products, including solar cells and tungsten products. The rates for solar wafers and polysilicon will increase to 50 percent, and the rates for certain tungsten products will increase to 25 percent. These tariff increases will take effect on January 1, 2025, according to … Read More
The Coalition for a Prosperous America (CPA) today released a statement highlighting the harm caused by Mexico’s ongoing, blatant violation of the 2019 joint steel agreement. Earlier this month, Liberty Steel announced its decision to idle its wire plant in Peoria, Illinois after idling the steel mill rod mill operations there in October. Liberty Steel … Read More
Cardone believes that rules of supply and demand will counteract the possible price hikes that could come from tariffs. “At the end of the day, supply and demand is controlled by the consumer,” he told GOBankingRates. “As long as there’s enough supply and there’s enough demand, the appropriate price will be set, and the tariff … Read More
The takeaway from the roughly 90 minute hearing titled “Rebuilding the Arsenal of Democracy” was that the government needed long term contracts and more money to build up defense systems because, based on war games conducted by the Center for Strategic and International Studies, the U.S. struggled to hold its own. The main reason was … Read More
Mexico is planning to carry out a “cleaning” operation across the country to combat the flow of illegal merchandise entering the country mainly from China, according to the Economy Ministry. “The searches will help determine the size of these illegal flows of goods entering the country,” said Luis Enrique Vazquez, technical secretary for the ministry’s … Read More
Some lawmakers, like outgoing Sen. Sherrod Brown, D-Ohio, have long said such tariffs were necessary to compete with Chinese-made products. The Chinese government has been known to skirt international trade rules by heavily subsidizing certain industries, allowing companies to produce goods at below-market prices. “If those jobs go to China, the jobs are going to … Read More
“We seem to err more on what I would call a checkbook strategy,” she told the Financial Times in an interview published Thursday, highlighting that last time the EU’s strategy was “not to retaliate, but to negotiate.” Lagarde repeated earlier warnings on the negative effects of a full-blown trade war and said that “we could … Read More
President Xi has no right to pretend that his country is the flag bearer of free trade. China has distorted the free trade system through preferential treatment for state-owned enterprises, non-transparent industrial subsidies, and economic coercion against other countries. All of these are for China’s own political and economic gain. Turning a blind eye to … Read More
