Tax cuts were one of the primary elements that Donald Trump used to garner voter support during his 2016 presidential campaign. He spoke of tax cuts that would improve the lives of citizens nation-wide, never alluding to the potentially negative effects that could also stem from such a maneuver. He pitched these tax cuts as if they were a solution that could easily fix the economic problems the U.S.
As the chaos and confusion of the trade war continue to prove problematic on both domestic and global levels, President Trump has attempted to offset the damage done to a critical part of the U.S. economy.
These international tariffs are not designed to only target agricultural companies, though. Some U.S. companies are feeling the impact of the steel and aluminum tariffs more than once. Florida-based boat manufacturer Correct Craft has been affected by both domestic and global tariffs. The Trump administration’s aluminum tariffs have also led to increases in prices of the American-manufactured steel used by many boat makers, as have the retaliatory tariffs imposed by international competitors, leading to a decrease in revenue and with it, a loss of opportunity to expand operations and hire more workers.
Recent reports indicate that China has temporally ceased its work on the structural reforms on national economic systems and is shifting its focus to policies that are more geared to supporting general economic growth.
The administration decided to implement 25% tariffs on 50 billion USD of Chinese goods, despite Treasury Secretary Mnuchin indicating last week that the “trade war” would be put on hold. The tariffs are meant to address “China’s discriminatory and burdensome trade practices.“ The targeted goods contain “industry significant technology” and are related to the “Made in China 2025 program” – a strategy approved by the Chinese State Council designed to transform China into a “high tech powerhouse” in industries like robotics, Artificial Intelligence, information technology, sensors and energy.
On the weekend May 18-21, a team of Chinese delegates lead by the CCP’s Vice Premier and economist Liu He met with representatives from the Trump administration to discuss trade policies and advert a potential trade war.
Brief # 14 This past week, the United States Department of Labor reported the unemployment rate fell to 3.9% - a 17-year low. This makes the 3.8% target by the end of 2018 well within reach for the Trump administration and the Federal Reserve. Furthermore, nonfarm...
Since the beginning of 2018, the Trump administration has been enacting a series of tariffs, on a variety of foreign products, intellectual property rights, and technology services.
On May 1st, 2018, the US tariffs on aluminum and steel imports from the EU are set to take affect. The above-mentioned tariffs are an appeasement to the US Steel industry, which has been affected by increased globalization throughout the second half of the 20th century.
The US government shut down, again, for only a few hours last Friday while Congress worked overtime hashing out another Continuing Resolution that funds federal operations through March 23, along with a 2-year spending bill, both signed into law by Trump on the morning of February 9. The shutdown had little effect during…
New tariffs on imported solar panels and modules and on washing machines, announced by the Trump administration on January 22, will come into effect on February 7. The tariffs are among the first unilateral trade restrictions imposed by the administration as part of a broader protectionist strategy that treats “unfair trade…
There were a plethora of talking points President Trump had during his State of the Union, including lowering the cost of prescription drugs and revitalizing our nuclear weapons program to deter rogue actors such as North Korea. Although these two issues may seem very important the Trump administration prioritized two other…