Key Points The Section 301 tariffs imposed in 2018 on Chinese imports reduced U.S. dependence on China. While U.S. imports surged by 39% between 2017 and 2022, China imports were up very slightly, and still below their 2018 peak. As a result, China fell from 21.6% of U.S. imports in 2017 to just 16.5% in…
Written Testimony for House Committee on Financial Services, Subcommittee on National Security, Illicit Finance, and International Financial Institutions Submitted by Jeff Ferry, Chief Economist, Coalition for a Prosperous America Submitted for the Hearing Entitled: “Dollar Dominance: Preserving the U.S. Dollar’s Status as the Global Reserve Currency” held on June 7, 2023 CPA Testimony, “Dollar Dominance,…
The U.S. dollar is 14.3% overvalued against global currencies, contributing to trade deficits costing some six million jobs, many in manufacturing.
Key Points U.S. Intelligence Community reports document that China poses the single greatest threat to U.S. economic and national security. Its malign activities include direct threats to the U.S. and our allies, systemic human rights abuses and genocide, and consistent actions to undermine democracies around the world and the rules-based international order. The U.S. government’s…
De minimis China imports increases the 2022 U.S. goods trade deficit by 16% to $1.38 trillion, representing some 8.3 million lost U.S. jobs.
Key Points The trade deficit with China has cost the U.S. 3.82 million jobs since 2001. Three-quarters of the job loss is concentrated in manufacturing, a total of 2.89 million manufacturing jobs lost. Job loss has been most concentrated in tradeable sectors. This has led to a decline of high paying jobs. The state-by-state analysis…
The U.S. is the most overvalued among major currencies.
The Solar Energy Industry Association has claimed that 30,000 jobs could be lost if tariffs are reinstated on solar panels coming in from Chinese companies based in Southeast Asia. This claim is wholly fictitious, based on inflated job numbers and a purely hypothetical analysis of the sort that has been disproved by the facts again…
Key Points: This article reviews the last five years of federal government manufacturing policy, including tariffs and tax credits, finding positive effects on rebuilding U.S. manufacturing. Single-country tariffs on imports from China have reduced U.S. dependence on China, with modest impact on reshoring U.S. manufacturing. Global tariffs such as those on steel and washing machines…
U.S., European, and Chinese solar equipment manufacturers have rushed out announcements of investment in factories to make U.S. solar panels and related equipment since the Inflation Reduction Act (IRA) was signed into law last year. The tax credits designed to spur a move to solar energy are generous and the U.S. could soon be producing…
