The CBO has not come all the way to our side, but it is nevertheless a partial confirmation of our view of the US economy. Broad-based tariffs will generate economic growth, create jobs, and raise household incomes, with only a very minor one-time increase in consumer prices.
The Congressional Budget Office’s (CBO) preliminary report on the impact of tariffs on the U.S. economy forecasts large benefits to the federal budget from tariffs and a tiny consumer price increase, confirming recent forecasts published by the Coalition for a Prosperous America.
A mostly Democratic Party panel of members of the Joint Economic Committee (JEC) held a hearing on tariffs on Wednesday, where the room was heavily weighted against incoming president Trump’s 10% (or 20%) universal tariff proposal.
Mexico has been flooding the United States with underpriced steel — in clear violation of a 2019 agreement with Washington. The Biden administration did not address the problem; now, the coming Trump administration must act.
The continued influx of ever cheaper steel imports, particularly steel rebar and steel wire rod, is posing a serious threat to U.S. steel producers.
The American people have made it clear they want strong trade policies that restore American self-reliance. Passing GSP or AGOA now would be a direct affront to the incoming administration’s mission to rebuild American industry and secure our nation’s future.
Earlier this month, Liberty Steel announced its decision to idle its wire plant in Peoria, Illinois after idling the steel mill rod mill operations there in October. Liberty Steel also suspended rod mill operations at its Georgetown, South Carolina facility earlier this year.
CPA is proud to support Chairman Smith as he continues to champion policies that prioritize American workers and to rebuild our nation’s productive capacity.
While the bill’s title suggests a crackdown on the unfolding de minimis catastrophe, in reality it would handcuff CBP’s ability to do anything about it.
The November JQI fell substantially, decreasing by about 0.5%. One of the major reasons behind this decline is falling wages for Electrical equipment manufacturing and Support activities for air transportation.
