Few economic policies generate as much conversation as tariffs. Supporters see them as a way to rebuild domestic industry and rebalance supply chains. Critics argue they are little more than a tax on American consumers. For years, economists have tried to settle the question of who actually pays – and they have not all come to the same conclusion.
Once year-ending 2025 trade data is released in February, we will be looking at another $1 trillion deficit. Assuming the monthly goods deficit for November and December looks like the low October goods deficit of $58.5 billion, the U.S. will record a minimum $1.17 trillion goods gap for 2025, the second largest trade deficit since 2024’s $1.2 trillion barnstormer.
To trade away aluminum and steel workers’ home market in exchange for padding Big Tech’s bottom line overseas is immoral and wrong. The Section 232 actions on aluminum and steel should be singularly focused on rebuilding domestic output across the supply chains, not used as leverage to help Google and Meta become even more profitable.
The Netherlands is the latest example of a country succumbing to China’s leadership position in critical supply chains.
KEY POINTS Beef prices are at record highs—not because of U.S. ranchers or tariffs, but because dependence on foreign imports and meatpacker consolidation have distorted
America is finally getting serious about its dangerous dependence on foreign-made generic drugs.
The Trump administration’s section 232 investigation into medical devices and personal protective equipment is a vital step toward ensuring America takes back control over its production and domestic supply of critical medical products.
The hearing continued the committee’s efforts to examine and reduce America’s severely dangerous over-dependence on foreign-manufactured generic drugs and address vulnerabilities in the nation’s pharmaceutical supply chain.
This year, GM swapped positions with Ford. GM is the most exposed to China while Ford has declined to No. 5.
CPA’s chief economist emeritus, Jeff Ferry, has gone back to school in his semi-retirement years. This time, though, it was a speaking gig at the University of Florida’s new Semiconductor Institute in Gainesville.
