Overdependence on the global market, Sullivan suggests, became the enemy, a point accentuated by the global pandemic, the disruptions in supply chains, the Ukraine war, and a changing climate. Echoing yet another aspect of Trump’s America First (not so, Sullivan would cry!) is the pursuit of an agenda favouring generous subsidies and, by virtue of … Read More
Most goods imported from China have currently zero or a very low tariff levied on them. The weighted average of last year’s imports was 2.5% under MFN. The tariff rate under MFN removal would result in a 39.9% weighted tariff rate. Since 2001, the trade deficit with China has grown by about $300 billion to … Read More
Spain, the world’s top olive producer, has demanded that Washington lift the anti-subsidy duties, which a World Trade Organization trade panel deemed illegal in 2021. Spanish olive exports to the U.S. plunged after the Trump administration in 2018 imposed import taxes on products it deemed to be subsidized with trade-distorting aid from the EU. Read … Read More
The trade deficit with China has cost the U.S. 3.82 million jobs since 2001. Three-quarters of the job loss is concentrated in manufacturing, a total of 2.89 million manufacturing jobs lost. Job loss has been most concentrated in tradeable sectors. China has the majority share of apparel and leather products with 61% of the U.S. … Read More
“Hamiltonian economics” is based on protecting and promoting American industry and commerce through government intervention. Hamilton believed that a strong domestic economy was necessary for the success and security of the United States and was an advocate of tariffs, strong intellectual property protections, and national investments in infrastructure. Read the article.
Chinese State Councilor and Foreign Minister Qin Gang on Friday called on member states of the Shanghai Cooperation Organization (SCO) to uphold strategic independence and deepen security cooperation. The more chaotic and intertwined the international situation is, the more firmly the SCO, as a key constructive force in global and regional affairs, should display the … Read More
Albert Park, chief economist Asian Development Bank, flagged the use of production-linked incentives (PLI) scheme for attracting investments as protectionist, stating India should consider policies that avoid direct subsidies. India can achieve a growth rate of over 8% in the long term based on productivity growth, investments and infrastructure building. Read the article.
“So I want to take this opportunity to be clear, to be absolutely clear: America is not pursuing protectionist trade policies, and any intimation that these programs and legislation are protectionist could not be further from the truth.” As evidence, he cited the sheer magnitude of the Canada-U.S. trade relationship: C$3.25 billion in trade between … Read More
“I’ve fought my whole career to stand up for Ohio manufacturers and Ohio workers when they’re forced to compete with cheap, unfairly subsidized imports – I’m not going to stop now,” said Brown, who went on to argue that the Chinese government would “do anything” to kill the nascent U.S. solar industry, in a statement … Read More
The 30,000 jobs lost figure comes from a hypothetical exercise assuming that if tariffs are imposed on Southeast Asian solar panels, the full cost of the tariffs will be passed onto panel purchasers and raise the price of panels. All the evidence from the past decade proves this is not the case. When tariffs were … Read More
