The Bureau of Economic Analysis released its 4th Quarter Report on international transactions. Here is an excerpt showing how goods exports decreased and the trade deficit worsened. Goods and services The deficit on goods and services increased to $127.0 billion in the fourth quarter from$123.9 billion in the third quarter. Goods The…
Unfair trade deals have lowered the wages of U.S. workers by displacing jobs and weakening the bargaining position of low- and middle-wage workers. President Obama and his predecessors have frequently claimed that free trade agreements (FTAs) and other trade deals would lead to growing exports and domestic job creation. [Reposted from the blog of the…
Boeing’s CEO joined Commerce Secretary Penny Pritzker in a frenzy of negligent economics continuing the export-only lie that the Administration relies upon to justify continued 1900’s trade deals that appease foreign mercantilism and encourage domestic de-industrialization. Boeing grew from government contracts and significant government help in pushing domestic and oversees military and civilian aircraft sales.…
I was in DC yesterday, giving a talk to the National Association of Business Economists. The subject was the Trans-Pacific Partnership; slides for my talk are here. [Reposted from The New York Times | Paul Krugman | March 11, 2015] Email Share Tweet Save More This story is included with an NYT Opinion subscription.Learn more…
Will China be the next global superpower? Is the US just okay with that? News reports say that Germany, Great Britain, France and Italy are joining the China-led Asian Infrastructure Investment Bank, which is a rival to the US-led World Bank in DC. It caused me to remember CPA Senior Economist Greg Autry’s presentation in…
(Bloomberg) — China’s aluminum product output rose to a record, adding further pressure on global prices as the world’s largest supplier continued to raise production. [Reposted from Bloomberg Business | March 12, 2015] China Aluminum Output Surges as Global Glut Pressures Prices Don’t Miss Out — Follow us on: Facebook Twitter Instagram Youtube by Bloomberg…
Dan DiMicco serves on the CPA Board and is the Chairman Emeritus and former President and CEO of Nucor Steel Corporation For decades now it has been almost impossible to have a healthy debate/discussion on global trade without the 4-letter word of trade “Protectionist” being used in a derogatory manner. [Reposted from Forbes | Dan…
More than 100 law professors have signed a letter to congressional leaders and the U.S. Trade Representative urging them to “protect the rule of law and the nation’s sovereignty” as trade agreements are negotiated. Specifically, the professors oppose the inclusion of Investor-State Dispute Settlement (ISDS) provisions in these agreements. The letter was released by Alliance for…
The front line battle is Fast Track and Trans-Pacific Partnership. But ultimately, the core issue is that trade deficits matter. America cannot grow economically strong without fixing the trade deficit. We can’t fix the trade deficit until we stop Fast Track and TPP. So we must stop them. Michael Froman, Orrin Hatch, Paul Ryan and…
March 13, 2015 Unhappy Third Birthday for Korea Free Trade Agreement Drags Down Obama Push for Fast Track Trade Authority U.S. Exports Down, Imports from Korea Up and Job-Killing Trade Deficit With Korea Balloons 84 Percent on Third Anniversary of Korea Pact, Which Is TPP Templat [A press release from Public Citizen | March…
