Our simulation finds that the tariff change would increase economic growth and create opportunity for Americans through increasing incomes and job creation. Under the proposal, real household incomes would increase by nearly $8,000 and 3.3 million new jobs would be created. Real GDP would grow by 3.61%. Read the article.
The US tariff on EVs coming from China completely wipes out the 20% to 25% cost advantage China has because of lower labor costs, local suppliers and vertical integration. In Europe, the tariff on Chinese EVs is 9%. The only way for the Chinese to sell EVs in the US competitively is to make them … Read More
Congress leader Priyanka Gandhi Vadra on Tuesday slammed the Centre over its decision to reduce customs duty on apples imported from the US, saying it will make import of American apples easier and the move has come at a time when apple growers were facing problems. Read the article.
Gone are the days when free trade was the answer to everyone’s prayers. Even the International Trade Commission couldn’t run the numbers in a 2022 report on NAFTA and the Korea-U.S. Free Trade Agreement to make it look like anything more than a boom for multinationals who either shifted production to Mexico or got to … Read More
Trump argued in a recent letter to the Wall Street Journal that criticisms like Murphy’s are “debunked talking points from corporate-funded studies about our tariffs’ alleged impact.” Jacking up tariffs could spur inflation, hurt U.S. manufacturing and prompt other countries to increase their tariffs as well, according to John Murphy, senior vice president for international … Read More
Tariffs on American apples, peas and lentils imposed by the Indian government in 2018 were lifted Wednesday, following an agreement between the U.S. and India announced in June. The 20% tariff was imposed on U.S. agricultural products in retaliation for tariffs on steel imposed by the then-Trump Administration. The U.S. tariffs on Indian steel were … Read More
The GAO report estimates importers might owe about $32 million in duties because of invalid use of Section 232 exclusions as of Nov. 10, 2021. The analysis showed that during the period of review, importers properly utilized 61,243 exclusions to avoid paying Section 232 duties. However, there were 3,959 instances of invalid use related to … Read More
“While important progress has been made, significant tariff and nontariff barriers to American agricultural products accessing the Indian market remain. Today’s announcement, leading into President Biden’s participation in the G20 leaders’ summit in New Delhi, follows the lifting of India’s retaliatory tariffs on U.S. apples, chickpeas, lentils, almonds and walnuts, a development that had been … Read More
The US automobile industry faces some of the highest supply-chain risks, due to geopolitical factors and sourcing of electronic components like semiconductors, according to a new sourcing risk index from economists at the Federal Reserve. The aerospace, light-truck and computer equipment industries are also vulnerable, according to researchers Andrea De Michelis and Mariano Somale, who quantified risks to US manufacturers … Read More
For the past 50 years, the United States has provided economic assistance to dozens of countries. Central to this effort has been “trade liberalization” — the idea that the United States can help developing countries by importing more of their goods. Its proponents call this “trade, not aid.” But in reality, these efforts have failed … Read More
