The U.S. goods and services deficit took a surprising 19.3% leap to $84.4 billion in September, with exports falling by 1.2% and imports rising by 3%, the Bureau of Economic Analysis reported on Tuesday.
The U.S. Private Sector Job Quality Index (JQI) is now 83.59, essentially flat with only a 0.01% increase compared to last month. Meanwhile, the overall October 2024 Jobs Report from the government’s Bureau of Labor Statistics showed only 12,000 jobs added in October.
USITC’s ruling against the domestic aluminum industry and its workers exposes the futility of relying solely on hyper-specific AD/CVD cases to address today’s rampant trade abuses.
De minimis, a customs rule that allows for duty free shipment and minimal inspection if the overseas vendor claims the value is under $800, is a haven for contraband, whether it’s fake Nikes, childrens’ toys made of lead, or banned food products, Customs and Border Protect (CBP) admitted yet again.
Keynes believed that free trade could exacerbate domestic unemployment and economic imbalances and argues for the use of tariffs and trade protections to safeguard national industries, preserve employment, and promote the balance of trade.
Tariffs are becoming widely accepted by U.S. politicians and policymakers as an important tool for maintaining and rebuilding our industrial economy. But quotas, a related tool, can sometimes work better to restrain imports and encourage growth in domestic production, investment and jobs.
When George Washington was President, consensus existed that tariffs should be used for both (1) federal revenue purposes, and also (2) to protect domestic production. This consensus was embodied in the first sentence of the first U.S. Tariff Act, passed on July 4, 1789.
The leading contenders for the White House all favor blocking the U.S. Steel sale to Nippon Steel of Japan, a sale that might yet reward its senior executive, David Burritt, with a $72 million pay package once it closes. Globalist-thinking institutions are all in favor of the deal.
Trump spoke for nearly two hours in his usual off the cuff speaking engagement at the Detroit Economic Club in Michigan recently. The automotive industry was a priority topic, with the presidential candidate saying Washington has to incentivize American auto makers.
Two years of plant closures have led steel pipe maker Zekelman Industries to take matters into its own hands. The company announced on Oct. 21 that it filed a lawsuit against the Mexican government for breaching a 2019 joint steel trade agreement with the United States.
