U.S. June Trade Deficit Hits New Record of $75.7 Billion As Imports Surge

Goods Deficit Also Sets Monthly Record at $93.2 Billion Department of Commerce figures published this morning show that in June the U.S. reported a trade deficit of $75.7 billion, a new record for U.S. and world history. The deficit was 6.7 percent higher than the May figure, and 49.4 percent worse than the year-ago June…

Comprehensive ITC Study Finds Little or No Benefit For U.S. From Trade Agreements

The US International Trade Commission (ITC) recently released a comprehensive analysis of the economic impact of all trade agreements the United States has entered into since 1985. Trade agreement negotiation, passage and implementation has been controversial throughout this time period. The ITC report is significant as the first recognition by a federal government trade agency…

CPA Economic Model: US-UK Trade Agreement Would Make Over 3,000 Unemployed, Reduce GDP in U.S.

Key Points CPA’s economic modeling of a U.S.-U.K. free trade agreement that cut tariffs to zero between the two countries shows that such an agreement would increase unemployment by more than 2,000 jobs and reduce U.S. GDP by $142 million. This economic model includes for the first time a methodology for estimating job loss due…

Growing Evidence Shows GSP Trade Liberalization Programs Hurt, Not Help

Original by CPA Chief Economist Jeff Ferry published in Foreign Policy News Early in June, the Senate passed its signature “China bill,” a wide-ranging piece of legislation intended to counter Beijing’s industrial rise and spur U.S. technological competitiveness. Included in the bill was a reauthorization of the longstanding Generalized System of Preferences (GSP), a tariff…

Has the U.S. Learned Anything? Cut-Price China Face Masks Driving U.S. Mask Makers Out of Business

A year ago, at the height of the pandemic, a severe shortage of vital personal protective equipment (PPE) hit America. Hospitals were asking staff to re-use masks and other protective equipment. Health care professionals, political leaders, and ordinary people with family members in hospitals and on ventilators were all in agreement: the U.S. must not…

CPA Reshoring Index Improves Slightly in 2020 as Manufacturing Trade Deficit Plunges to Worst Ever

Executive Summary The CPA Reshoring Index is the first and only measure of U.S. producers’ share of the U.S. domestic market for manufactured goods. It is calculated from federal government data on manufacturing production, imports, and exports. The Reshoring Index for 2020 shows that U.S. producers had a 69.6% share of the U.S. market with…