Record U.S. Goods Trade Deficit in 2022 As Electronics, Vietnam Imports Rise

Key Points The U.S. goods trade deficit ballooned to $1.19 trillion in 2022, an increase of 9% from the previous year. This is a U.S. and world record. Imports of electronic goods, machinery & appliances, and vehicles account for more than half of the trade deficit. While China continues to be the leading source of…

China Trade Surplus Hits New Record

Key Points China ran a record-high trade surplus in 2022 of $878 billion, equivalent to about 4.8% of its GDP. China continues to rely on beggar-thy-neighbor export growth reliance. Last year China exports grew 7% while the domestic Chinese economy only grew at 3%, indicating that despite the talk in Beijing, China has not meaningfully…

Tesla American

Treasury Takes Car Buyers and Congress For a Ride

Last August, President Biden signed the Inflation Reduction Act, a sweeping bill that has already led to tens of billions in private investment into U.S. manufacturing. But the U.S. Treasury department’s haphazard, inchoate implementation of the electric vehicle purchasing tax credits has led to consumer chaos and uncertainty in the new car market. Worse yet,…

CPA Applauds Bipartisan Letter Urging Biden Administration to Take Action Against Mexican Steel Surge

Dramatic Increase Violates 2019 U.S.-Mexico Agreement WASHINGTON — The Coalition for a Prosperous America (CPA) today applauded Senator Tom Cotton (R-AR) for leading a bipartisan letter to Secretary of Commerce Gina Raimondo and U.S. Trade Representative Katherine Tai urging them to take action against Mexico’s blatant and continuing breach of a 2019 agreement to lift…