Importers slowed their buying frenzy that occurred prior to the ‘Liberation Day’ tariffs and now April’s trade figures show a not-surprising 16.3% drop for the month to $351 billion.
By the time the Committee hearing with Lutnick was over, it seemed pretty clear that the Trump administration has shifting ideas about reciprocity today, and are less sure about the nature of them than they were before “Liberation Day” on April 2.
The President’s tariff increase comes at a critical moment, reflecting a clear understanding of the ongoing threats faced by the U.S. aluminum and steel industry, particularly from heavily subsidized foreign competitors.
Decades of misguided trade policies have transformed the United States into the world’s consumer of last resort, absorbing the world’s excess savings at the expense of its manufacturing sector. U.S.-imposed tariffs are the first step towards rebalancing the system, but they aren’t sufficient.
The American pharmaceutical supply chain has become dangerously dependent on imports and foreign-controlled supply chains. Over the past 20 years, the country has experienced a skyrocketing rate on pharmaceutical imports and increasing foreign reliance.
A smart policy like the ‘PILLS Act’ would prioritize domestic production of essential generics. It’s precisely the market signal needed to attract serious investment and rebuild the industry at home.
Under the so-called “Big Beautiful Bill” as passed by the House, Chinese solar companies will no longer qualify for renewable energy tax benefits under the Inflation Reduction Act (IRA) of 2022.
Some Chinese solar power inverters were allegedly found to have communication devices attached to them that were not supposed to be part of that equipment, suggesting that they can ping information back to the company’s headquarters and be used for nefarious ends, Reuters London reported on May 14.
This month’s tariff agreements with the United Kingdom and China might end up being the first deal of its kind, and the last. On Friday, President Trump reiterated that the administration could not possibly strike deals with every country, and that tariff announcements would be made over the next two to three weeks.
Importers continued to front-run the April ‘Liberation Day’ tariffs in March, sending the overall trade deficit up 14% over February numbers to $140.5 billion for the month, according to the Bureau of Economic Analysis (BEA) on Tuesday.
