Boosts in revenue from taxes and tariffs narrowed the U.S. budget deficit in the October to December period from the year before, Department of Treasury data showed on Tuesday. The deficit shrank by 15% from the prior fiscal year, from $711 billion to $602 billion. Overall revenue climbed by 13% to $1.2 trillion, while spending … Read More
The U.S. trade deficit made a sharp and unexpected pullback in October, reaching its lowest level since 2009 as goods imports dropped while President Donald Trump’s tariffs took hold, government data showed Thursday. The overall trade gap plunged 39% to $29.4 billion in October, said the Department of Commerce, as imports dropped by 3.2%. The … Read More
The current cost-of-living crisis – defined by the soaring cost of essential services – is not the result of excessive consumer demand or short-term inflation shocks. It is the product of decades of trade and industrial policy choices that weakened middle-class wage growth. Although China’s accession to the World Trade Organization (WTO) accelerated global manufacturing … Read More
The most credible exception to the case for free trade policy is rooted in concerns about national security. If complete freedom of trade jeopardizes our national security, some protectionism arguably is justified because, as even Adam Smith insisted, although free trade is enriching and important, “defence … is of much more importance than opulence.” As … Read More
Carrier Corp. announced earlier this year that it would be closing its plant in Indianapolis and outsourcing 1,400 jobs to a plant in Mexico. This decision is nothing but corporate greed. Last year, Carrier made $7 billion in profits and paid $10 million to the CEO of its parent company. Add your name to the … Read More
Since returning to the White House in January, President Donald Trump has overturned decades of U.S. trade policy — building a wall of tariffs around what used to be a wide open economy. His double-digit taxes on imports from almost every country have disrupted global commerce and strained the budgets of consumers and businesses worldwide. … Read More
Toyota Motor Corporation recently announced its intention to begin selling American-made Camry sedans, Highlander SUVs and Tundra trucks next year. Camrys are made in Georgetown, Kentucky. Highlanders are made in Princeton, Indiana. And Tundras are made in San Antonio, Texas. But, some of the engines and transmissions for those vehicles are manufactured at a 2 … Read More
China will impose provisional duties of up to 42.7% on dairy products imported from the European Union, the latest in a series of measures against EU exports widely seen as retaliation for the bloc’s electric vehicle tariffs. The duties, to be collected from Tuesday, will range from 21.9% to 42.7%, although most companies will pay … Read More
Earlier, Hyundai Steel disclosed on the 16th that it will invest $1.46 billion (about 2.15 trillion won) in a U.S. electric arc furnace steel mill specialized in automotive steel sheets. Aside from the equity stake, the other details are the same as those disclosed in March. The total investment is about $5.8 billion, half funded … Read More
For decades, Arctic Snowplows has sold its Canadian-made galvanized steel products to “anywhere there is snow” across the border in the United States, says company president Mike Schulz. But a year into U.S. President Donald Trump’s trade war, some of those customers have been lost, with buyers unwilling to stomach higher prices forced by U.S. … Read More
