China Trade Surplus and US Deficit Hit New Records, Driving Global Instability

Key Points China’s global trade surplus is heading for a new all-time high this year. Based on the first seven months of data, we estimate the full-year surplus will reach a record $886 billion. The U.S trade deficit will also set records this year, at an estimated $1.13 trillion trade deficit and a $1.34 trillion…

Import Dependence and Inflation – A Global Comparison

  By Amanda Mayoral   Summary Points Higher import dependence makes countries more vulnerable to price shocks Countries that are more import dependent often experienced higher inflation during recent supply chain shocks than less import dependent countries. Comparing countries globally, every four percentage point increase in import dependence is associated with a one percentage point increase…

New CPA Trade Model Shows Broad Tariffs Would Create 7.5M Jobs

  By Jeff Ferry and Amanda Mayoral Broad-based tariffs including tariffs on manufactured imports would boost U.S. economy by 6% and create 7.5 million jobs. Real household incomes rise by 8%. Tariffs reduce imports and stimulate domestic manufacturing output by 18%. Tariffs would generate $556 billion in new revenue, enabling cuts in income tax or…

The Importance of Tariffs on the U.S. Solar Market

  By Amanda Mayoral   This article is an expanded version of testimony delivered by Ms. Mayoral to the U.S. International Trade Commission on July 22, 2022.   In his first State of the Union address, President Biden said “When I think about climate change, I think jobs”. I believe the president is correct about…

How Steel Tariffs Are Helping US Workers

This article is an expanded version of testimony delivered by Mr. Ferry to the U.S. International Trade Commission on July 22, 2022.   The Section 232 steel tariffs have benefited the U.S. steel industry and its workforce American steelworkers earned an average of $117,200 last year, making steel one of the best-paying industrial sectors in…

Despite Soaring Profits, Corporations are Asking the Government for China Tariff Cuts, Consumer Benefit Doubtful

  By Amanda Mayoral   Summary Corporate profits grew by double and sometimes triple digits during the COVID-19 pandemic. Worker wages did not. Record corporate profits did not stop these importers’ lobbyists from pursuing even higher profits by petitioning for 301 China tariffs exemptions. Removing tariffs on Chinese imports will only further enrich transnational enterprises…