USTR says the U.S. goods deficit with China fell 46 percent. But the goods didn’t stop coming — importers just declared them worth less. Treating customs “value” as an appraisal hides the undervaluation now driving the numbers.
Subsidies across 15 key industrial sectors have reached their highest levels relative to revenue since the 2008-2009 global financial crisis, according to an OECD study published June 1.
