The Biden administration must take swift action to close this loophole, it should issue nationwide withhold release order on all Chinese textiles, and Congress should pass legislation immediately.
The Wall Street Journal has started 2024 bemoaning tariffs. They are for losers, the WSJ Inside View columnist Andy Kessler wrote in December, ending 2023 with a taste of what is expected to come this year, an election year.
The success of the washing machine tariffs shows that “tariff-jumping investment,” i.e. inducing domestic industry growth via tariffs is a viable strategy for the U.S. in industries that have suffered decline.
Washing machine tariffs were a success, as measured by over 2,000 new jobs, more competition, no sustained effect on washing machine prices and economic stimulus with the construction of new factories.
The Biden administration’s signature clean energy law, the Inflation Reduction Act (IRA), got its clock cleaned last week at a Senate Energy Committee hearing.
A Customs investigation prompted by the Kitchen Cabinet Manufacturers Association (KCMA) suggests Southeast Asian exporters of kitchen and bath cabinetry and vanities are picking up where the mainland Chinese left off.
The world’s fourth largest steel producer – Nippon Steel of Japan – made an offer to buy the third largest steelmaker in the U.S., U.S. Steel Corporation, in an all cash purchase priced at $55 a share in December, nearly double the company’s share price from early August.