In a 1931 essay, Keynes argued for “import duties of 15 percent on all manufactured and semi-manufactured goods without exception, and of 5 percent on all foodstuffs and certain raw materials, whilst other raw materials would be exempt.” Keynes also saw no major impact of such a tariff policy on prices or inflation. Regarding his … Read More
When George Washington was President, consensus existed that tariffs should be used for both (1) federal revenue purposes, and also (2) to protect domestic production. This consensus was embodied in the first sentence of the first U.S. Tariff Act, passed on July 4, 1789. While the rough consensus existed, the precise extent to which tariffs … Read More
Section 301 tariffs will increase for specific imports, to between 25% to 100% beginning Sept. 27, 2024, with other rates scheduled to increase in 2025 and 2026 for Chinese-origin semiconductors, medical products, lithium-ion non-electrical vehicle batteries, permanent magnets and natural graphite. Read the article.
According to the Institute for Fiscal Studies, “Evidence from Europe and the United States shows that trade has increased inequality not just between workers of different skill levels, but also between those of different industries and those of different geographic regions. Growing import competition from China caused declines in both employment and wages for workers … Read More
The proposed tariffs, introduced in June, were rooted in claims that Chinese electric vehicles benefit from state subsidies, giving them an unfair edge over European manufacturers. China, however, has staunchly denied these accusations, asserting that the EU’s actions are nothing more than protectionism masquerading as fairness. Beijing insists that it has never subsidized its EV … Read More
Tariffs can play an important role in rebuilding our manufacturing base, if they are done right. We said in a study published in July that so-called “universal” tariffs of 10% on all U.S. imports would grow our economy, adding 2.86% to gross domestic product and 5.7% or $4,300 to real (inflation-adjusted) average household income. Those … Read More
UK Steel, a lobby group, said the global industry has 543m tonnes of excess steel, 70 times more than the UK uses each year, in analysis published on Monday. It said the UK faces a “cliff edge” in 2026 when current protections run out. The UK steel industry has called for the government to consider … Read More
US Trade Representative Katherine Tai defended stiff tariff hikes against countries such as China, saying that paired with investment, they were a “legitimate and constructive” tool for reinvigorating domestic industries. Tai’s comments come a week after sharp tariff increases on Chinese electric vehicles (EVs), EV batteries and solar cells took effect — with levies down … Read More
“First of all, assuming there was a Trump administration, we already had four years of a Trump administration, and our business was up double-digit during that window of time,” Newlands said. “Two, we have a fair amount of our inputs that come from the United States and then are made into beer in Mexico. I … Read More
We have seen, I think, the causes of the distresses of the country. We have seen that an exclusive dependence upon the foreign market must lead to still severer distress, to impoverishment, to ruin. We must then change somewhat our course. We must give a new direction to some portion of our industry. We must … Read More
