The promised benefits of free trade fell short, especially for the middle class. As a result of trade agreements, the trade deficit not only increased drastically, but the manufacturing sector of the economy was hollowed out along with good paying jobs. It is estimated that 3.7 million jobs have been lost to China alone. This … Read More
A lot changed when President Trump left the White House in 2021 and President Biden moved in. But one thing didn’t: a protectionist effort to bring more production back to the United States and become less dependent on China. Biden’s policy toward China differs from Trump’s, but the goal is the same: To rework supply … Read More
The Domestic Market Share Index (DMSI) was up 1.3% in 2022 from the third quarter, reflecting a slowdown in imports at the end of the year. For the entire year, the index increased 0.3 percentage points from the previous year. After imports surged in 2021 and the first three quarters of 2022, imports stabilized in … Read More
China’s toy industry is facing uncertain factors such as slowing global demand and rising protectionism. To achieve long-term sustainable development, Chinese-made toys need to be “more high-end, intelligent and eco-friendly,” she added. Despite the challenges, the export value of China’s toys amounted to $48.36 billion in 2022, an increase of 5.6 percent year-on-year, partially due … Read More
Japan’s decision to join the US and Netherlands in restricting exports of chipmaking gear to China is giving the allies powerful new weapons to deploy in the escalating technology war. Japan’s trade ministry said last week that suppliers of 23 types of chip technology will need government approval to export to countries including China as early as … Read More
House Republicans grilled U.S. Trade Representative Katherine Tai on Friday over the Biden administration’s decision not to negotiate new tariff-cutting agreements that would require approval by Congress, provoking the normally staid Cabinet member into her fieriest defense yet of the White House’s approach. “You have to appreciate that we live in a very different world. … Read More
“With respect to each individual partner and with respect to the U.S. economic situation, we have to make sure that our trade policies are tailored to the needs of our economy,” she told Senator Charles Grassley (R-IA) who pressed her on why ‘free trade’ was such a dirty word these days, and demanded more market … Read More
US Trade Representative Katherine Tai told lawmakers that some tariff-lowering agreements have made the US economy vulnerable, and the Biden administration wants to address the problem with a fresh approach to supply chains and commerce. Tai, appearing before the House Ways and Means Committee on Friday, said tariff cuts and rules to meet free-trade agreement … Read More
“China did not—as supporters of granting China MFN wrongly predicted—become more open, democratic, and free market-oriented. Instead, the CCP used autocratic state planning strategies, forced labor, intellectual property theft, and illegal trade activity to weaken the U.S. economy, absorb Hong Kong, threaten Taiwan, and become America’s biggest geopolitical threat,” said Michael Stumo, CEO of Coalition … Read More
New Zealand Prime Minister Chris Hipkins urged his nation’s exporters not to rely so heavily on China, saying it’s important for them to diversify in an uncertain world. China remains New Zealand’s largest trading partner, accounting for 28% of its exports in the year through February. Asked if New Zealand exports were diversified enough, Hipkins … Read More
