by jpitney | Feb 1, 2025 | Bipartisanship, Economic Policy, Photojournalism, Trade, Uncategorized
Phil Gramm and Larry Summers: In an extraordinary act of unity, 1,028 American professional economists in the spring of 1930 signed a letter urging Congress to reject and President Herbert Hoover to veto the Smoot-Hawley Tariff Act. Yet that June, Congress passed it...
by jpitney | Jan 30, 2025 | Trade
Scott Lincicome at Cato: As I wrote late last year, the US automotive industry is a great example of the complexities of 21st-century manufacturing and the benefits of globalization: [I]t’s widely acknowledged by automotive industry experts that freer trade and...
by jpitney | Jan 21, 2025 | Taxes, Trade
Paul Wiseman at AP: In fact, its is importers — American companies — that pay tariffs, and the money goes to U.S. Treasury. Those companies, in turn, typically pass their higher costs on to their customers in the form of higher prices. That’s why economists say...
by jpitney | Jan 20, 2025 | Taxes, Trade
Colin Grabow at Cato: Most notably, a US International Trade Commission report that examined the tariffs … found that duties on steel and aluminum led to the protected industries (e.g., US steel mills) increasing their output by an average of $2.8 billion ($1.5...
by jpitney | Jan 15, 2025 | Taxes, Trade
At the Competitive Enterprise Institute, Ryan Young notes that a 25 percent steel tariff caused steel prices to rise by 25 percent. It wasn’t just imported steel prices that went up. Domestic steel prices went up, too, even though the US government collects no tariff...
