New Biden Section 232 actions could not only harm the economy but also undermine the administration’s own economic and national security objectives. The law should be repealed, not embraced...
U.S. Trade Representative Katherine Tai and European Commission Executive Vice President Valdis Dombrovskis announced a deal May 17 that many are calling a “cease-fire” on the multiyear dispute over U.S. tariffs on steel and aluminum imports. The European Union was set to double retaliatory tariffs next month on several American products, including whiskey and wine, but agreed to forego … Continue reading Do Steel and Aluminum From Europe Still Threaten US National Security?
Despite lumber prices soaring to a record high of $1,670.50 per thousand board feet, and the housing market booming at a 17.2% price increase from April 2020, the U.S. Commerce Department, rather than helping, plans to impose further burdens on U.S. consumers through increased taxes on imported softwood lumber. On Friday, the Department of Commerce announced its proposal to … Continue reading Steeper Tariff on Canadian Softwood Lumber Isn’t Solution
A few weeks ago, I explained how U.S. duties on imports of softwood lumber from Canada could significantly affect the North American lumber market, even though the published duty rate for most imports was only 9 percent. On Friday, the Commerce Department gave us a perfect example of how this works in practice and why the U.S. trade remedies (antidumping and … Continue reading In the Midst of Skyrocketing Lumber Prices, the Commerce Department… Doubles Tariffs?
President Trump famously (and falsely) said that “trade wars are good and easy to win.” But we now have confirmation that, just as economic theory predicted, American taxpayers are the biggest losers from the former president’s tariffs. (Which have largely been continued by President Biden so far.) As reported by Reason’s Eric Boehm, a new … Continue reading We Just Got Proof that Americans, Not China, Are Paying for the Tariffs
Since 1948, the U.S. annually has celebrated World Trade Month and World Trade Week in May. In 1988, President Ronald Reagan described World Trade Week as “a truly appropriate time to remember the many benefits international trade has conferred on our country and to reflect on the many blessings the spread of economic freedom has brought, and can bring, … Continue reading 3 Ways to Improve Trade Freedom During World Trade Month
In a recent joint letter to U.S. Trade Representative Katherine Tai, Sen. Tom Carper, D-Del., chairman of the Senate Finance subcommittee on international trade, customs, and global competitiveness, and Sen. John Cornyn, R-Texas, ranking member on the trade subcommittee, made a case for strategic trade reengagement in the Indo-Pacific region. The two senators pointed out, “Our current trade … Continue reading Time to Act on a Trade Deal With Taiwan
Lumber prices have gone through the roof over the past year—up 370%. The lumber needed to build a new home now costs nearly $36,000 more than just 12 months ago. The reasons include lower production levels at U.S. sawmills when the pandemic was raging, high demand for new homes as millennials enter the peak homebuying age group, and … Continue reading Tariffs on Canadian Softwood Lumber Hitting US Homebuyers Hard
At last week’s climate summit, U.S. Trade Representative Katherine Tai underscored that “trade policy can be a powerful tool to create incentives for positive competition” as countries explored domestic measures for how best to handle environmental challenges. Indeed, advancing free trade is a key policy action for effectively facilitating a healthy environment. The proven, right way to ensure … Continue reading Why Advancing Trade Freedom Is Key to Cleaner Environment
Recently, a few journalists and (unsurprisingly) the U.S. lumber industry have downplayed U.S. "trade remedy" duties' potential contribution to skyrocketing domestic lumber prices, noting that current duty rates stand at "only" 9 percent for most imports from Canada - the largest foreign supplier and longstanding target of U.S. trade restrictions. Surely, many factors (most obviously pandemic-induced shocks … Continue reading U.S. Lumber Duties Are More Than Just a Rate