While exports are important to US agriculture, US farm groups, trade analysts, and policy makers often neglect the impact of imports on the domestic farm economy. Last week, in looking at beef, we saw that imports left us with a negative balance of trade despite increasing exports; imports grew faster than exports. [Harwood D. Schaffer…
The European Commission late last week told member states that the United States is not yet willing to make the kind of concessions on the EU’s key agricultural priorities that are necessary to strike a Transatlantic Trade and Investment Partnership deal this year. [Daily News| June 01, 2016 |Inside US Trade] A May 27 email…
WASHINGTON — The same harsh politics that have spawned obituaries for President Obama’s signature trade agreement between the United States and 11 other Pacific Rim nations could actually help win its ratification in Congress in a lame-duck vote late this year, advocates are hoping. [Jackie Calmes| June 01, 2016 |New York Times] The cause of…
For all his bullying, narcissism and self-contradiction, there is one point on which presumptive Republican presidential nominee Donald Trump cannot be criticized. In attacking our nation’s longtime free trade policies and deals, the real estate tycoon has brought necessary attention to a huge elephant in America’s policy room, one that’s run wild and must be…
OTTAWA – In the midst of the federal government’s Trans-Pacific Partnership (TPP) consultations, a new study from the Canadian Centre for Policy Alternatives (CCPA) sheds further doubt on claims the deal will generate significant trade benefits for Canada. [CCPA| May 31, 2016 |Policy Alternatives] The study finds that the removal of tariffs in the…
by Michael Stumo House Speaker Paul Ryan appeared last week on Larry Kudlow’s talk radio show talking about his differences and similarities with Donald Trump’s position. In the process of describing how they will ultimately come together, he tried to sell his old failed trade approach as “smart trade” akin to what Trump is talking…
Multinational corporations will always find a way to get around complex, onerous tax regulations. [David Morse| May 31, 2016 |USA Today] Letter to the editor: Arguing in favor of cutting the corporate tax rate, the Editorial Board throws domestic corporations under the bus. It ignores the Tax Policy Center report explaining that 75% of U.S. corporate stock…
The terms of two of the seven WTO Appellate Body (“AB”) members expire at the end of May. For one member, a replacement must be found as the existing member has served the maximum time permitted by the rules (two four-year terms). For the second, the AB member has sought reappointment to a second four-year…
As American steel production falters, China has begun efforts to dump its excess steel at slashed prices. [Kenya Sinclair| May 23, 2016 |Catholic] LOS ANGELES, CA – According to Thomas J. Gibson, president and CEO of the American Iron and Steel Institute, and Chuck Schmitt, president of SSAB Americas and chairman of the American Iron and Steel’s Institute’s…
by Michael Stumo Back in our colonial days, we participated in what was called Triangular Trade. Our 13 colonies exported raw materials and natural resources to Europe. Europe exported value added manufactured goods. Africa exported slaves to the colonies. Then America became a manufacturing powerhouse using our own raw materials (minus the slaves) to…