Currency Misalignment Monitor, March 2023
New monthly index tracks currency misalignment based on latest market rates Dollar is 11.2% overvalued Japanese yen 27.7% undervalued Chinese yuan 18.9% undervalued CMM is
Record U.S. Goods Trade Deficit in 2022 As Electronics, Vietnam Imports Rise
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.
China Trade Surplus Hits New Record
China ran a record-high trade surplus in 2022 of $878 billion, equivalent to about 4.8% of its GDP.
Chinese Companies Build Factories in Mexico to Exploit “Friendshoring”
Rising levels of foreign direct investment by China into Mexico enables tariff-avoiding shipments of Chinese goods and parts into the U.S.
It’s Productivism, Not Protectionism
Global Rebalancing Will Lead to Global Prosperity European leaders and the media are up in arms over recent U.S. policy decisions to support the reshoring
Duty-Free Steel Imports from Mexico Surge Beyond Agreed Upon Levels
U.S. steel imports from Mexico have surged despite a 2019 U.S.-Mexico agreement to maintain steel imports at past levels.
Skyrocketing Pharmaceutical Imports to the U.S. Endanger National Security
U.S. pharmaceutical imports have skyrocketed in the last ten years, with imports from China, India and Mexico leading the surge.
World Cup Soccer as a Model for a Deglobalized World
There is a growing consensus in the U.S. and many other advanced economies that we must move away from globalization, and towards more localized economies,
Raimondo Speech Marks Biden Administration Endorsement of Industrial Strategy
A little-noticed speech by Commerce Secretary Gina Raimondo last week was a rousing endorsement of industrial strategy by a senior Biden administration official as the
ITC Report: Free Trade Harms Minorities, Manufacturing Workers, and Workers Without College
A new International Trade Commission (ITC) report on the distributional effects of trade points out that import competition has negative and disproportionate effects on minority
