Goods deficit with China declines 10% from last year By Steven L. Byers, PhD, CPA Senior Economist The US trade deficit in goods and services for July 2019 decreased by 2.7 percent, to $54.0 billion, down $0.2 billion from $55.5 billion (revised) in June. The July decrease is due to a decline in the goods…
Editors note: Canadian government to allow Chinese steel dumped at below cost to build a $40b LNG project. Watch as Canadian steel fabrication products will try to flood the US market looking for sales to keep domestic plants going. The Canadian Institute of Steel Construction says the federal government is giving away hundreds of thousands of…
Editors note: General Motors is now the biggest exporter of vehicles from Mexico to the United States. General Motors Co. now employs fewer union-represented American workers than its domestic rivals for the first time since the United Auto Workers started organizing Detroit’s carmakers eight decades ago. [David Welch | August 29, 2019 | Bloomberg] GM’s…
Editor’s note: Matthew Klein is one of the smartest global economics reporters. He describes how the US being the central banker to the world hurts our economy. The dollar is pushed too high, our debt grows to big, and economic decisions of foreign governments spill over into our economy. The U.S. economy is about 25%…
Excerpt: The senators called on Amazon to conduct a large-scale internal investigation of its enforcement and consumer safety policies and to institute changes to keep unsafe products off its platform. Lawmakers call on Jeff Bezos to initiate investigation of company’s consumer safety policies following report of unsafe items sold on site [Alexandra Berzon, Justin Scheck and Shane Shifflett |…
Editor’s note: More reasons why a deal with China is wishful thinking. Recent purchases by a Chinese automaker raise the prospect of China being able to interfere with our transport system. [Jon Toomey | August 29, 2019 | The Epoch Times] Geely automotive (Zhejiang Geely Holding Group)—a Chinese global automotive group headquartered in Hangzhou, Zhejiang…
Editors note: Coming soon. Huawei surveillance from inside your car. Huawei‘s HarmonyOS is one of the most talked about topics in tech at the moment, and the possibilities for it are endless. In fact, right now we’re already hearing rumors about HarmonyOS making rounds on Weibo. According to the rumors, Geely, a popular car manufacturer…
Editors’ note: Members of the “Americans for Free Trade” astroturf coalition are the import/offshoring MNC lobby, including the trade associations they fund or control. They were a powerful lobby under past administrations. The Americans for Free Trade coalition, which represents more than 160 U.S. business associations, is urging the Trump administration to postpone “all tariff rate increases”…
Editor’s note: Sinovel is a Chinese state-influenced company that stole core trade secrets and technology from AMSC, a CPA member company. (Reuters) – Chinese wind turbine maker Sinovel Wind Group Co was convicted on Wednesday of U.S. charges that it stole trade secrets from AMSC, causing the Massachusetts-based company to lose more than $800 million.…
Editors note: From the archives, this 2014 article shows two things. First the federal reserve bank is not apolitical and worked hard to pass NAFTA. Second, that the Mexican trade deficit is more currency related than many people think. Low tariffs make off shoring easier when foreign currencies devalue. The inside story of how the…