68.4% of U.S. manufacturing demand was met by domestic production. The remaining 31.6%, was met by imports. The improvement in the DMSI was fueled by both an improvement in the U.S. trade deficit in manufactured goods and U.S. manufacturing output. The DMSI is now reaching pre-COVID levels, signaling a potential recovery from the all-time low … Read More
Senator Lindsey Graham (R-SC) introduced new legislation on Wednesday aimed at imposing tariffs on nations that import crude oil or petroleum products from Iran,accorging to the Jewish Insider. The proposed Tariffs for Terrorism Act comes after extensive discussions with former President Donald Trump on strategies to further limit Iran’s oil revenue. The legislation seeks to … Read More
United States trade officials marked the fifth anniversary of tariffs on some Spanish table olive imports by voting unanimously to extend them. A four-member panel of the U.S. International Trade Commission (ITC) voted to keep tariffs on some Spanish black ripe table olive imports. The vote was required under the Uruguay Round Agreements Act, which … Read More
The latest CPA Currency Misalignment Monitor for July 2024 found that the U.S. Dollar (USD) is overvalued by 16.9%, based on the latest monthly exchange rates. This overvaluation of the USD provides a hidden subsidy for importing goods into the United States. The overvaluation also essentially puts a tax on U.S. exports. Due to the … Read More
Throughout the post-war era, their guiding principle has been that the gains from trade outweigh the costs. But some prominent economists are reconsidering this premise in light of problems that arose after developing economies liberalized their trading systems and became integrated into the global economy. A criticism of those who favor “fair trade” is that … Read More
A bipartisan group of senators introduced legislation Thursday to address China’s global minerals dominance. The broad bill — led by Senate Intelligence Chair Mark Warner (D-Va.) and ranking member Marco Rubio (R-Fla.) — looks to boost diplomatic efforts to secure diverse critical mineral supplies. It also eyes greater involvement from the International Development Finance Corp. … Read More
“Predatory pricing, state subsidies and other unfair trade practices have distorted global markets, allowing countries such as China to dump cheap steel in the US markets, undercutting the domestic procedures, threatening our very existence in steel industry,” Representative Frank Mrvan (D-IN), said. “This legislation provides tools which will ensure the [US steel pipe and tube] … Read More
The United States-Mexico-Canada (USMCA) Free Trade Agreement is fast becoming a free trade agreement for the world, whereas any multinational with a presence in Mexico can set up shop and make the U.S. its number one target. China is doing that now. The auto sector is top of mind for the Chinese. They know that … Read More
Aluminum cast or smelt in China, Russia, Iran or Belarus that arrives via Mexico will face a 10% tariff, she said. The measures take effect Wednesday. The moves, made jointly with Mexican President Andres Manuel Lopez Obrador, follow a broader announcement on tariffs targeting China. The White House is looking to head off what it … Read More
The European Commission is reportedly gearing up to impose tariffs on inexpensive goods originating from China, as reported by the Financial Times, citing insider sources. Under current regulations, items valued below 150 euros can enter the EU from non-EU countries duty-free. Goods exceeding this threshold are subject to varying tariff rates depending on their category. … Read More
