Gone are the days when free trade was the answer to everyone’s prayers. Even the International Trade Commission couldn’t run the numbers in a 2022 report on NAFTA and the Korea-U.S. Free Trade Agreement to make it look like anything more than a boom for multinationals who either shifted production to Mexico or got to … Read More
Trump argued in a recent letter to the Wall Street Journal that criticisms like Murphy’s are “debunked talking points from corporate-funded studies about our tariffs’ alleged impact.” Jacking up tariffs could spur inflation, hurt U.S. manufacturing and prompt other countries to increase their tariffs as well, according to John Murphy, senior vice president for international … Read More
Tariffs on American apples, peas and lentils imposed by the Indian government in 2018 were lifted Wednesday, following an agreement between the U.S. and India announced in June. The 20% tariff was imposed on U.S. agricultural products in retaliation for tariffs on steel imposed by the then-Trump Administration. The U.S. tariffs on Indian steel were … Read More
The GAO report estimates importers might owe about $32 million in duties because of invalid use of Section 232 exclusions as of Nov. 10, 2021. The analysis showed that during the period of review, importers properly utilized 61,243 exclusions to avoid paying Section 232 duties. However, there were 3,959 instances of invalid use related to … Read More
“While important progress has been made, significant tariff and nontariff barriers to American agricultural products accessing the Indian market remain. Today’s announcement, leading into President Biden’s participation in the G20 leaders’ summit in New Delhi, follows the lifting of India’s retaliatory tariffs on U.S. apples, chickpeas, lentils, almonds and walnuts, a development that had been … Read More
The US automobile industry faces some of the highest supply-chain risks, due to geopolitical factors and sourcing of electronic components like semiconductors, according to a new sourcing risk index from economists at the Federal Reserve. The aerospace, light-truck and computer equipment industries are also vulnerable, according to researchers Andrea De Michelis and Mariano Somale, who quantified risks to US manufacturers … Read More
For the past 50 years, the United States has provided economic assistance to dozens of countries. Central to this effort has been “trade liberalization” — the idea that the United States can help developing countries by importing more of their goods. Its proponents call this “trade, not aid.” But in reality, these efforts have failed … Read More
The United States is not going to cancel its additional tariffs imposed on Chinese goods despite Beijing’s call for their removal at recent top-level bilateral meetings in Beijing, but may try to make them more “strategic” after a review. “We are not going to sell the most sophisticated American chips to China that they want … Read More
Any new tariffs would deal a blow to Chinese steelmakers, which have been shipping increasing volumes this year due to weak demand at home. The depreciation of the yuan has bolstered the attractiveness of Chinese steel exports, putting volumes on track for the highest since 2016. Any additional tariffs would increase the cost of those … Read More
The import tariff exclusions include industrial components such as pumps and electric motors, some car parts and chemicals, bicycles and vacuum cleaners. The COVID-related exclusions include medical products like face masks, examination gloves and hand sanitizing wipes. Read the article.
