The de minimis customs provision that allows for goods priced under $800 to come into the U.S. duty free is full of risks, and an open door for “controlled substances and all sorts of contraband,” Homeland Security secretary Alejandro Mayorkas said on Tuesday.
China makes too many things. It would be great if they made it for their home market, but they do not. Instead, they massively subsidize their manufacturing companies and overproduce for the world – their main market being the United States.
The United States-Mexico-Canada (USMCA) Free Trade Agreement is fast becoming a free trade agreement for the world, whereas any multinational with a presence in Mexico can set up shop and make the U.S. its number one target. China is doing that now.
The goods and services deficit for May rose a tad to $75 billion, up 0.8% from the previous month.
Domestic content rules and mandates have worked for China. Should the U.S. try to copy it, in spots, along key supply chains like new energy and semiconductors?
Trump has a new idea about the economy. The usual suspects hate it. On June 13, Trump said he’d consider a 10 percent tariff on imports and use the revenue to reduce some income taxes.
The CEO of American drone maker Skydio told the House Select Committee on the Chinese Communist Party in a hearing last week (June 26) that tariffs were a much-needed tool if the U.S. wants any semblance of a domestic drone industry.
When asked about China, both Trump and Biden should say that China’s trade surplus is an insult to the world and a huge disruptor to our economy.
Chinese companies supply many inputs for America’s military, putting the U.S. in a disturbingly vulnerable position. This threatens the survival of the small domestic manufacturers that play a critical role in America’s defense industrial base.
CPA’s chief economist Jeff Ferry joined two other panelists Wednesday to talk trade in an hour-long webinar by Industry Week magazine titled the “2024 Manufacturing Economy First Half Checkup.”
