Both McConnell and Pence are ignoring a key fact: since 2018, tariffs on Chinese imports have been in place, yet inflation remained below 2.3%—until the COVID-19 supply chain shocks pushed prices higher. These inflationary pressures had nothing to do with the tariffs themselves, which did not significantly contribute to rising prices. Read the article.
The bill would, over five years, increase tariffs by 100% on imports deemed “strategic” to national security by the Biden administration in an effort to force the growth of the domestic market for national security-related goods. It would boost tariffs on non-strategic goods by a minimum of 35%. Read the article.
Fox Business Network reported in June that John Deere, which sells tractors, crop harvesters and other large equipment, was laying off roughly 600 staff members at plants in Illinois and Iowa. The layoffs came amid a broader restructuring of the company’s business that included plans to move its manufacturing of skid steer loaders and compact … Read More
Following a review of over 1,000 comments, USTR has largely retained the proposed list of products subject to Section 301 tariffs announced in the May 2024 report with a few modifications. In total, the expanded tariffs cover 382 tariff categories, with an approximate annual trade value of $18 billion. Read the article.
Republican U.S. Senator Marco Rubio on Thursday proposed barring Chinese manufacturers from evading tariffs by setting up factories in other countries like Mexico, Vietnam or Malaysia. Rubio accused Chinese manufacturers of shifting production to other countries that face lower U.S. tariffs, saying it allowed them “to evade tariffs and flood the U.S. market with cheap … Read More
Reindustrialization might cause some above-target inflation. Deindustrialization, meanwhile, might take countries out of the running of the industries of today, and the future, too, said former European Central Bank president Mario Draghi. Last week, Draghi released what amounts to a 397-page magnum opus on the future of European industry and a massive warning shot that … Read More
This is not the first time Harley-Davidson has made a move like this. In 2019, the closure of Harley-Davidson’s Kansas City factory (with 572 jobs lost) coincided with a shift in production to its then brand-new Thailand facility. At the time, Harley blamed the production shift on the European Union’s 31% tariffs on U.S.-made bikes, … Read More
“President Biden and Ambassador Tai’s decision to raise tariffs across key sectors sends a clear message that the U.S. is serious about reducing our dependence on China and safeguarding American workers and manufacturers from predatory trade practices,” said Zach Mottl, Chairman of CPA. “The China tariffs have already proven to be an essential tool for reshoring and … Read More
Mexico agreed to restrain steel and aluminum export volume to 2015-17 levels. The U.S. complied with the agreement. Mexico almost immediately breached it and continues the breach today, directly harming many U.S. companies and American workers. A recent economic analysis from CPA found that more than one million American jobs are at risk as a … Read More
On their TaxEDU page on tariffs, they write, repeatedly, that “Tariffs are taxes imposed by one country on goods or services imported from another country.” But, tariffs don’t interface with services. To quote the Office of U.S. Trade Representative in response: “services are not subject to tariffs”. CNN Politics writer Katie Lobosco incorrectly, “When the … Read More
