The GATT at 75: Look on My Works, Ye Mighty, and Despair
Seventy-five years after the General Agreement on Tariffs and Trade that led to the WTO, how has it turned out for the U.S.?
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Sanctions Impact Due More to U.S. Economic Strength Than Dollar’s Reserve Currency Role
Summary Sanctions on Russia are devastating to the Russian economy Power of the sanctions is due to concerted international action, not to the US role as world’s “reserve currency” U.S. economic power owes more to the size of U.S. economy than to dollar’s reserve status Dollar overvaluation continues to be a huge problem for U.S.…
Good Financial Actions on Russia. Biden Must Go Further
On Saturday, the U.S. government, European Commission, and five major nations issued a statement on financial sanctions against Russia which targets some of the largest Russian banks and drastically reduces the ability of the Russian central bank to support the value of the ruble currency by restricting their access to their reserves held outside Russia.…
War in Ukraine Highlights Critical US Dependencies on Russia-China Axis
War in Ukraine Highlights Critical US Dependencies on Russia-China Axis By Jeff Ferry and Amanda Mayoral Summary Points The Russian invasion of Ukraine reveals the weakness of US industrial strategy and our over-reliance on imports in manufactured goods and raw materials. The US is import-dependent in many industries critical to US national security. A…
Capital Flow Management: A Missing but Essential Economic Policy Tool
Capital flow management is coming back into vogue among economists, government officials in other countries and in international institutions. As international capital flows continue to grow to tens or even hundreds of trillions of dollars per year, washing around unpredictably between countries and financial institutions, officials are increasingly looking at ways to put some sort…
New Study: Global Currency Misalignment Challenges US Reindustrialization Efforts
A new CPA study, using widely accepted methodology and IMF data, shows that for the world’s major economies to achieve fair currency values and eliminate global imbalances, large adjustments in major currencies would be required. The dollar would need to fall by 16.6%, while the Chinese yuan would need to rise against the dollar by…
The Trade Deficit is Worse Than We Thought: De Minimis Hides $128 Billion of U.S. Imports
Summary: This is the first ever estimate of substantial missing import data due to the U.S de minimis program. The “de minimis” provision of U.S. customs law allows imports valued at less than $800 to enter the U.S. duty-free. The impact of de minimis on the U.S. economy is large and getting larger. We…
CPA Letter to House Ways and Means Committee Regarding China Competitiveness Bill
CPA wrote the following letter to Members of the House Ways and Means Committee regarding renewed efforts in Congress to “pass legislation to increase our nation’s competitiveness with China in the face of decades of economic espionage, theft of trade secrets and Intellectual Property (IP), state support for key industries, and forced technology transfers by…
Five Reasons Why Trade Policy Is Not Impacting Inflation
With consumer price inflation (CPI) running at 6.8% as of November 2021, many importers are trying to use inflation as an excuse for repealing the tariffs enacted by former President Donald Trump and continued by President Joe Biden. This is special interest pleading and bad economics. A close look at the state of the U.S.…
CPA Welcomes Biden Administration Action to Impose Capital Markets Sanctions on CCP’s SenseTime
WASHINGTON — The Coalition for a Prosperous America (CPA) today welcomed the action by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) to add China’s artificial intelligence company SenseTime to OFAC’s Non-SDN Chinese Military-Industrial Complex Companies List (NS-CMIC List) due to the company’s connection to the Chinese Communist Party’s human rights…
