Trump’s Commerce Secretary pick Howard Lutnick, former head of Cantor Fitzgerald in Manhattan, faced off with the Senate Commerce Committee on Wednesday in his nomination hearing.
On day one of the new administration, rather than any new tariffs, President Trump issued a Presidential Memorandum titled America First Trade Policy.
Decades of free trade agreements have led to a record $39 billion agricultural trade deficit in 2024, undermining the broader U.S. agricultural industry.
President Donald Trump did a roughly one-hour video call with the World Economic Forum in Davos on Thursday, reminding those in attendance that he is serious about correcting trade imbalances.
The geopolitics of solar are impacting a number of top China solar companies. Trina Solar is the latest. Tariffs on solar made in their southeast Asian factories were increased this month for circumventing duties, and a $235 million investment into Texas was sold in late 2024.
Food imports into the U.S. are on the rise. The trend now is for agricultural commodity trade deficits, rather than surpluses, with key commodities like beef usually in a deficit. Despite the increase in food imports, the Food and Drug Administration conducted far fewer than the annual goal of 19,200 inspections, according to FDA data.
Treasury Secretary nominee Scott Bessent faced a divided Senate Finance Committee on Thursday for another Trump nomination hearing this week. To his credit, Bessent demonstrated a masterful view of the macroeconomics around tariffs, trade, and currency.
Sen. Marco Rubio (R-FL) will be confirmed as Secretary of State. He had very little pushback in his confirmation hearing among his colleagues on the Senate Foreign Relations Committee.
Senator Michael Crapo (R-ID) is already setting his agenda: renewing the Tax Cuts and Jobs Act (TCJA), expiring this year, and new trade deals that open agriculture markets to U.S. exports.
The goods and services trade deficit rose 7.6% in November to $78.2 billion, a big leap from previous months when the deficit was trailing under the three month moving average, based on Bureau of Economic Analysis data released this week.
