MOUNT PROSPECT, ILL. — The United States corporate tax rate has been stuck at 35 percent for three decades. In that time, other leading countries have slashed their corporate rates to an average of 25 percent, with many far below that figure. This tax rate discrepancy puts domestic manufacturers at a competitive disadvantage and creates…
There have been a flood of opinion pieces and news stories in recent weeks wrongly telling people that it was not trade that led to the loss of manufacturing jobs in recent years, but rather automation. This means that all of those people who are worried about trade deficits costing jobs are simply being silly.…
President Trump is expected to sign two trade-related executive orders on March 31, one directing the Commerce Department to examine the causes of U.S. trade deficits, country-by-country, with the results likely to lead to concrete actions, according to administration officials. [Brett Fortnam] March 30th, 2017 [Inside US Trade] The second order is geared toward improving…
Government Suppression of Labor Rights Precludes Market Economy Status (WASHINGTON) –The Teamsters Union supports a full review of China’s trade non-market economy by the Department of Commerce and reviewing the country’s suitability to be classified as a market economy by the World Trade Organization. [Galen Munroe] March 31st, 2017 [Teamsters] China’s extensive government involvement in…
The purchase by Ant Financial, which is partially owned by the Chinese government, poses a test for the Treasury Department oversight body. A Chinese company’s plans to acquire U.S. money transfer giant MoneyGram is raising fears that the communist government in Beijing could gain sensitive intelligence on Americans’ personal and financial information — including data…
New Initiatives Tackle Trade Deficit, Tariff Enforcement (WASHINGTON) –The Teamsters Union supports two executive orders signed today that establish initiatives to address long-standing issues that have plagued U.S. trade policy. [Galen Munroe] March 31st, 2017 [Teamsters] The first executive order commissions a report on trade practices of countries with which the U.S. has a trade…
The West Wing is desperate for a win on taxes, but thorny details need to be ironed out. The Trump White House is already mapping out a major, historic overhaul of the tax code, just one week after the stunning collapse of its Obamacare repeal bill. [NANCY COOK, SHANE GOLDMACHER and JOSH DAWSEY] April 2nd, 2017 [Politico] It’s…
Department of Commerce Seeks Public Input on Pipelines “Made in America;” Comments Due April 7, 2017 On March 16, 2017, the Department of Commerce published a Federal Register notice requesting input on the use of American-made materials in the construction and maintenance of American pipelines. Referring to President Trump’s January 24, 2017 Presidential Memorandum calling for…
What should the trade world expect next week when Xi heads to Mar-a-Lago for a two-day meeting with the president? “The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits and job losses,” @realDonaldTrump tweetedThursday evening. “American companies must be prepared to look at other…
President Donald Trump will sign an executive order Friday that is intended to identify the countries the White House considers to be among the top cheaters in trade deals with the U.S., senior administration officials said. [ALI VITALI] March 30th, 2017 [NBC News] Commerce Secretary Wilbur Ross told reporters Thursday night that the executive order…