Washington ~ The U.S. Department of Commerce released a report yesterday showing that the US trade deficit rose to $502.3 billion, its highest level since 2012. “The huge trade deficit continues to hollow out U.S. manufacturing industry and depress real incomes in many parts of the country,” said Jeff Ferry, CPA Research Director. “All eyes are on the Trump Administration…
By Jeff Ferry, CPA Research Director The United States trade deficit for 2016 rose to $502.3 billion, its highest level since 2012, as a growing U.S. economy, a rising U.S. dollar, mercantilist practices by many foreign trading partners, and generally lackluster economic growth in foreign markets combined to make the trade balance a negative force in…
Our economy has suffered through thirty years of very slow growth. The median wage has stood still and almost all our economic gains have gone to the top one percent. [Ralph Gomory| January 26, 2017 |The Hill] This is not the economy we want. But if we want something better, we will have to change some…
A controversial part of NAFTA that permits Mexican trucks to roll through the United States may be left on the cutting room floor if the Trump administration decides to reopen the trade deal. [Lauren Gardner| February 6, 2017] And that would suit parts of the U.S. trucking industry, their unions and some avowed foes of…
Watch the latest video at video.foxnews.com House Ways and Means Committee chairman talks economic proposals on ‘Sunday Morning Futures’
Billings, Mont. One of the staunchest supporters of mandatory country of origin labeling (COOL) for beef, R-CALF USA, is launching a new campaign called “COOLin100.” The campaign calls on the new Trump Administration and new Congress to reinstate COOL for beef and pork during the Trump Administration’s first 100 days in office. The idea to launch the new…
I’ve been talking to some of the Coalition for a Prosperous America’s lobbyists about the current situation for border-adjustable taxes, i.e. taxes that might help improve America’s trade situation, up on Capitol Hill. What they told me is basically good news. To wit: [Ian Fletcher| February 4, 2017 |Huffington Post] “We’ve pushed for more border adjustability via…
Let’s take a breath and step back from our circus-like introduction to the Trump era. A few weeks ago, we were trying to decode voters’ messages in the US and UK. Donald Trump, Bernie Sanders, Hillary Clinton, and millions of voters said we have lost trust in the way we’ve managed globalization. Brexit and the…
At Davos Chinese President Xi extolled the virtues of globalism. Lo barely one week into President Trump’s administration, Chinese financial-services and payments colossus Ant Financial is buying MoneyGram, America’s second-largest money-transfer network. It underscores however that while the U.S. is wide-open for China’s payments dragons, notwithstanding its 2001 WTO commitment to completely open its domestic…
Following President Trump’s announcement that he wants to speed up the statutory guidelines for a renegotiation of the North American Free Trade Agreement, House Ways & Means Committee Chairman Kevin Brady (R-TX) and ranking member Richard Neal (D-MA) downplayed the idea while expressing confidence that the administration’s trade team will adhere to the rules laid…