WASHINGTON — The Coalition for a Prosperous America (CPA) today applauded legislation introduced by U.S. Senator Josh Hawley (R-MO) that would revoke China’s Most Favored Nation (MFN) tariff status. This is a critical first step to reduce our import dependency on China. Too many transnational enterprises continue to lean on China for sourcing for the…
WASHINGTON — The Coalition for a Prosperous America (CPA) today announced its strong support for bipartisan legislation introduced by U.S. Senators Thom Tillis (R-NC) and Sherrod Brown (D-OH). Their bill, the Fighting Trade Cheats Act of 2023, would strengthen U.S. trade law enforcement and also give domestic American manufacturers the ability to sue companies that…
WASHINGTON — The Coalition for a Prosperous America (CPA) today released a statement calling on Congress to oppose a free trade agreement (FTA) with Taiwan. As The Wall Street Journal recently reported, “U.S. and Taiwan moved a step closer toward a bilateral trade and investment initiative.” However, an FTA with Taiwan would do little to…
WASHINGTON — The Coalition for a Prosperous America (CPA) today released a statement regarding a report by the U.S. International Trade Commission (USITC) analyzing the effects of Section 232 and Section 301 tariffs on more than $300 billion of U.S. imports. The USITC report found that the tariffs reduced imports from China, effectively stimulated more…
Key Points Global current account imbalances (consisting mostly of trade) increased in 2021, the most recent data available. As a percentage of world GDP, total imbalances reached 3.6%, equivalent to $3.3 trillion. Imbalances have worsened during the pandemic and the post-pandemic period, driven by rising goods trade flows, mainly from Asia to North America. Persistent…
America needs to be prepared for the next health crisis WASHINGTON — The Coalition for a Prosperous America (CPA) urged the U.S. Trade Representative (USTR) Katherine Tai to reimpose tariffs on imports of personal protective equipment (PPE). Specifically, CPA opposes the continuation of COVID-related exclusions for 81 medical care products. In a submission to Ambassador…
The U.S. posted its usual trade deficit for the month of January. A look at what we buy, and who we buy it from.
Former President Trump says the U.S. needs universal tariffs to fix trade imbalances with the world. And says China should no longer be on the Most Favored Nation trade list, giving it nearly duty-free access to the U.S. for thousands of products.
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 ran a record-high trade surplus in 2022 of $878 billion, equivalent to about 4.8% of its GDP.
