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
China has not retaliated against US tariff increases on Chinese imports partly because of continued dialogue between the world’s two largest economies, the US Treasury’s top economic diplomat Jay Shambaugh said. Shambaugh said the Chinese officials understand the tariffs are narrowly targeted to strategic sectors, including where the Biden administration is making investments to develop … Read More
Rep. Jared Golden, a Democrat who represents a Maine congressional district that Trump won in both 2016 and 2020, introduced the Balance Unequal International Labor and Trade for the United States of America (BUILT USA) Act on Thursday. “To secure our future in an increasingly competitive world, we must move toward self-sufficiency, industrial strength and … Read More
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
