Speaking in Melbourne on Monday, Prime Minister Anthony Albanese urged more investment needed to be made to bring back onshore production and manufacturing, claiming it was a matter of economic protectionism Australia must adopt. Read the article.
“Why would you import something which can be produced in the country,” said a finance ministry official. Countering the recent criticism of rising protectionism, finance ministry officials on Thursday said that the government will increase the customs duty or keep it high on those items that can be domestically manufactured to meet the local demands. … Read More
China on Wednesday criticized a U.S. law to encourage processor chip production in the United States and reduce reliance on Asian suppliers as a threat to trade and an attack on Chinese business. The measure will “disrupt international trade and distort global semiconductor supply chains,” said a Foreign Ministry spokesperson, Wang Wenbin. “China firmly opposes … Read More
Canada’s government said it will challenge US duties on softwood lumber, saying the tariffs have caused “unjustified harm” to the industry and workers. The US Commerce Department on Thursday ruled that the new, combined “all others rate” that will apply to some Canadian softwood-lumber exports will drop to 8.59% from 17.91%. Read the article.
The U.S. has been moving toward protectionism under both President Joe Biden and his predecessor Donald Trump, who triggered a trade war both with traditional allies and antagonists such as China, says Jennifer Safavian, CEO of Autos Drive America, whose organization represents foreign automakers operating in the U.S. and advocates for free trade. Read the … Read More
“The global overcapacity in the steel industry, driven by China’s excess capacity of 400 million tonnes, is an ever-present threat to the western steel industry,” CPA Chief Economist Jeff Ferry will testify “Implemented in early 2018, the 25 percent tariffs were the trigger for an unprecedented period of growth in the U.S. industry. A broad-based wave … Read More
First, a wave of investment followed, as the majors committed more than $10 billion to build new mills in Florida, Arkansas, Texas, Arizona, and elsewhere. Second, the new mills, once opened, began hiring hundreds more steelworkers. Third, the new investments are facilitating a reduction in the emission of harmful greenhouse gases from steel plants. Steel … Read More
In the past few years, solar tariffs have contributed to the United States’ rising share of the Photovoltaic (PV) module market. Our dependence on imports and global supply chains contributed to higher PV module prices in the last twelve months. Import dependence is a double-edged sword – we accept lower prices, but we also have … Read More
“If you allow yourself to think about a scenario where the United States no longer had access to the chips currently being made in Taiwan, it’s a scary scenario,” Raimondo told CNBC. “It’s a deep and immediate recession. It’s an inability to protect ourselves by making military equipment. We need to make this in America.” … Read More
US exports to Russia have dropped about 88% by value this last year, while shipments from other countries have retreated about 60%, Commerce Under Secretary Alan Estevez said in testimony before the House Foreign Affairs Committee Tuesday. Read the article.
