Editor’s note: The 25 year old currency war against the US has been joined. Washington – The Omnibus Trade and Competitiveness Act of 1988 requires the Secretary of the Treasury to analyze the exchange rate policies of other countries. Under Section 3004 of the Act, the Secretary must “consider whether countries manipulate the rate of…
Excerpt. “A.I.’s military power is the simple reason that the recent behavior of America’s leading software company, Google — starting an A.I. lab in China while ending an A.I. contract with the Pentagon — is shocking.” At its core, artificial intelligence is a military technology. Why is the company sharing it with a rival? [Peter Thiel | August 1,…
Editors note: China is now fighting back through manipulating the allowed trading band for the renminbi. The US needs to stop sleepwalking through this next currency conflict and pass the competitive dollar for jobs and prosperity act. SHANGHAI (Reuters) – China let the yuan breach the key 7-per-dollar level on Monday for the first time…
Editors note: Japan does not sleep walk through currency conflicts. Its financial ministry fights back. Tokyo financial traders do not squawk about wanting a strong yen. If they do, no one listens to them. TOKYO (Reuters) – Japan’s top currency diplomat on Monday warned investors against significantly pushing up the yen, signaling that Tokyo was…
Editors note: Conservative opinion leaders are starting to focus on the need for a competitive dollar. Senator Josh Hawley (R-Mo.) has wasted very little time in becoming one of the most important senators in this new freshman class. [Rachel Bovard | August 3, 2019 | American Greatness] From introducing provocative legislation to go after Big…
Editors note: Professor Michael Pettis wrote the book called “The Great Rebalancing” and is a core expert on global trade and balances. He is supportive of the Competitive Dollar for Jobs and Prosperity Act recently introduced by senators Baldwin and Hawley. A bipartisan bill that would create a trade-balancing exchange rate for the dollar also aims to reduce…
By Steven L. Byers, PhD, CPA Senior Economist The US trade deficit in goods and services for June 2019 decreased by 0.3 percent, to $55.2 billion, down $0.2 billion from $55.3 billion (revised) in May. The decrease is due to a decline in the goods deficit of $0.8 billion along with a decrease in the…
Excerpt: “Mr. Liu allegedly skirted the tariffs by shipping aluminum to the U.S. in the form of pallets, a finished product not on the list of penalized items. But most of the pallets weren’t actually finished products, according to the indictment, and were allegedly a way to smuggle aluminum into the U.S. without paying the…
Bipartisan bill would realign US dollar to eliminate trade deficit Washington. The Coalition for a Prosperous America (CPA) today offered its highest possible support and endorsement of the new, bipartisan Competitive Dollar for Jobs and Prosperity Act (CDJPA) introduced by Senators Tammy Baldwin (D-WI) and Josh Hawley (R-MO). The bill would require the Federal Reserve…
By David J. Lynch | July 30, 2019 | Washington Post Federal Reserve Chair Jerome H. Powell has spent several months fending off President Trump’s demands to lower the value of the dollar to help American manufacturers sell their goods abroad. Under a bipartisan Senate bill due Wednesday, the central bank chief no longer would…