The House FY 2024 NDAA contains A provision prohibiting American taxpayer funds to be used for research in or in connection with China, but failed to include an amendment that prohibits the retirement savings of all federal employees, including Members of the Armed Forces, from being invested in China. Read the article.
“Anyone who listens to China knows with what self-confidence it will decisively influence the development of our world — more repressive at home and more offensive abroad,” Baerbock said. “China has changed and so our China policy must change too.” It noted that “whereas China’s dependencies on Europe are constantly declining, Germany’s dependencies on China … Read More
Familiar articles of economic faith like globalisation, free trade, free markets, deregulation and minimal government direction and market intervention have ceded policy ground and political support. Now the economic mantra is about national resilience and self-sufficiency entwined with national security and enforced through mechanisms like domestic protectionism and state industrial policies and spending. Read the … Read More
How naive that the London School of Economics professor and author of the new book “The New China Playbook,” Keyu Jin, actually believes “that one of the biggest misconceptions is that China is trying to displace the US.” In October 2022, Chinese President Xi said his goal was to ensure that China “leads the world … Read More
The “American System” devised by Henry Clay in 1812 followed Alexander Hamilton’s 1791 economic plan. Both favored tariffs, subsidies, and infrastructure development. Beijing has used the American System over the past 30 years to generate prosperity — particularly through a much larger version of subsidies, infrastructure building and industrial policy. Read the article.
“We changed the objective of trade policy away from price optimization and corporate profits and more towards jobs and workers and families,” he said. Lighthizer said that while there are “a few holdouts,” most of the brand of trade policy he and Trump championed, including prioritizing families and workers, combating China, and trying to draw … Read More
Economic models used to forecast the impact of international trade agreements have an in-built bias to favor free trade. This has led these models to underestimate repeatedly the damage done to U.S. manufacturing industry by trade agreements, dating back to NAFTA. Read the article.
“A few years ago, it was difficult to imagine China not rapidly overtaking the US as the world’s biggest economy,” said Tom Orlik, chief economist for Bloomberg Economics. “Now, that geopolitical moment will almost certainly be delayed, and it’s possible to imagine scenarios where it doesn’t happen at all.” Read the article.
“I propose doing this clearly and phasing it in over time to minimize disruptions and allow for businesses to change their current practices,” Lighthizer wrote in his new book, released June 27. The U.S. needs a new trade model. Or risk having its industrial base consistently usurped by Asia, primarily, where labor is cheaper, the … Read More
The Section 301 tariffs imposed in 2018 on Chinese imports reduced U.S. dependence on China. While U.S. imports surged by 39% between 2017 and 2022, China imports were up very slightly, and still below their 2018 peak. As a result, China fell from 21.6% of U.S. imports in 2017 to just 16.5% in 2022. Read … Read More
