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Sunday, June 29, 2025

Tag: trade
April 11, 2025
William Upton
Economy
World

Canada Commits to U.S. Trade Talks, Leaving China as Last Major Holdout.

PULSE POINTS:

❓What Happened: Canadian Prime Minister Mark Carney announced his country will enter into bilateral trade talks with the United States next month.

👥 Who’s Involved: Prime Minister Mark Carney, U.S. President Donald J. Trump, and China.

📍 Where & When: Canada; April 11, 2025.

💬 Key Quote: Speaking on Friday, Carney stated that he wishes to  ensure that the next Canadian government “will be in the best possible position for negotiations with the United States, which, as the President and I have agreed, will begin from the start of May.”

⚠️ Impact: The announcement leaves China as the only major foreign government resisting bilateral trade talks with the United States.

IN FULL:

Canadian Prime Minister Mark Carney announced Friday that his country would enter into trade talks with the United States in May, joining over 75 other nations entering into bilateral negotiations after U.S. President Donald J. Trump moved to impose reciprocal tariffs on a number of countries on April 2. Earlier this week, Trump announced he would reduce the reciprocal tariff on nations that have not retaliated against the United States to 10 percent to allow time for negotiations.

Speaking on Friday, Carney stated that he wishes to  ensure that the next Canadian government “will be in the best possible position for negotiations with the United States, which, as the president and I have agreed, will begin from the start of May.” Canada, unlike most other countries, joined China in enacting retaliatory measures against the U.S. However, with this latest move, China is now the sole nation still resisting U.S. trade talks. Earlier this week, President Trump began ratcheting up the tariff rate on Chinese goods, eventually setting the trade duty at 145 percent.

On Friday, China again retaliated, raising its own tariffs against U.S. goods to 125 percent. However, China—as a surplus economy—imports far less than it exports, meaning its retaliatory measures are unlikely to have nearly the effect on the U.S. economy that the American trade duties will have on the Chinese economy.

Canada will hold a general election on April 28. Currently, Carney and the Canadian Liberal Party are favored to retain power, although some polling has the Canadian Conservative Party winning a narrow majority.

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April 11, 2025
Economy
News

China Imposes 125% Tariffs, Accuses Trump of ‘Bullying and Coercion.’

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❓What Happened: China increased tariffs on U.S. goods to 125 percent in response to U.S. tariff hikes on Chinese products.

👥 Who’s Involved: China, the United States, President Donald J. Trump, and the Chinese Ministry of Finance.

📍 Where & When: The announcement was made on Friday.

💬 Key Quote: “The U.S.’s imposition of abnormally high tariffs on China seriously violates international economic and trade rules…” claims China’s Ministry of Finance.

⚠️ Impact: U.S. products, including soybeans, pharmaceutical drugs, and airplanes, are affected; tensions between the two nations rise, with implications for international trade systems.

IN FULL:

Beijing is striking back against the United States, imposing a 125 percent tariff on American goods. The move follows U.S. President Donald J. Trump clarifying on Thursday that the effective tariff rate on Chinese imports now stands at 145 percent, up from the previous 125 percent.

Among American goods falling under the new Chinese import duties are soybeans, pharmaceuticals, and aircraft. The duty on soybeans is likely to be the most impactful, as while China exports far more to the United States than it imports, the American goods that China does buy tend to be agricultural.

In announcing the new trade measures, the  Chinese Ministry of Finance accused the United States of violating international trade norms and engaging in economic coercion. “The U.S.’s imposition of abnormally high tariffs on China seriously violates international economic and trade rules,” claimed the ministry.

The U.S. had cited China’s involvement in the fentanyl trade as a factor for the tariff increase. President Donald J. Trump has been vocal about what he perceives as China’s long-standing unfair trade practices against the U.S., cautioning Beijing against further retaliation. Trump’s recent statements emphasize the need for China to recognize that its economic practices are unsustainable.

In response to the U.S. tariffs, Chinese officials maintain that the new rates leave no viable market for American exports to China. “If the U.S. continues to impose tariffs on Chinese goods exported to the U.S., China will ignore it,” the Chinese ministry remarked. However, it is important to note that China—a surplus economy—is far more reliant on the U.S. purchasing Chinese goods than vice-versa.

China appears to have halted efforts to defend its currency, the yuan Renminbi, against the U.S. tariffs. After initially devaluing earlier in the week, the yuan began to appreciate again last night. Notably, the Chinese purposefully devalue the yuan to give the country’s exports a competitive advantage in global trade.

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April 9, 2025
Economy
World

EU Hits America with $21 Billion in Retaliatory Levies Hours Before Trump Tariff Pause.

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❓What Happened: On Wednesday, before President Donald J. Trump announced he would be reducing tariffs on countries that have not “retaliated in any way, shape, or form against the United States,” the European Union (EU) approved an estimated $21 billion in retaliatory tariffs against a number of American exports.

👥 Who’s Involved: The European Union, the European Commission, and U.S. President Donald J. Trump.

📍 Where & When: Brussels, Belgium on Wednesday, April 9.

💬 Key Quote: “The EU considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the U.S., which would be balanced and mutually beneficial,” the European Commission said in a statement.

⚠️ Impact: The EU retaliatory trade measures were to be imposed in three phases from April 15, impacting a number of American goods, including soybeans, motorcycles, orange juice, meat, tobacco, steel, and aluminum. Their fate is unclear now that President Trump has announced he will drop reciprocal tariffs—but not tariffs specific to certain tariffs, such as steel—to 10 percent for everyone but China for 90 days while trade negotiations are conducted.

IN FULL:

The European Union (EU) has cleared the way to impose an estimated $21 billion in retaliatory tariffs on American goods in response to steel and aluminum tariffs enacted by U.S. President Donald J. Trump last month. The European Commission—the EU’s unelected, quasi-executive body—announced the decision on Wednesday, noting that 26 of its 27 member states approved the trade measures. Viktor Orbán’s Hungary was the only EU country to oppose the tariff package.

“The EU considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the U.S., which would be balanced and mutually beneficial,” The European Commission said in a statement.

The EU tariffs on U.S. goods are to be enacted in three phases, the first of which will take effect next week. Additional tariff measures will be imposed in May, and the final phase will be imposed in December. As of the time of publication, this timeline does not appear to have been changed as a result of President Trump’s pause.

The EU’s retaliatory measure consisted mainly of a 25 percent trade duty on American goods such as soybeans, motorcycles, orange juice, meat, tobacco, steel, and aluminum. However, the list of products hit with the trade levy could grow, if the EU moves forward with retaliatory measures next week in response to President Trump’s 25 percent tariff on European automobiles and the now paused 20 percent reciprocal tariff on all EU goods. It is unclear, now that Trump has paused the reciprocal tariffs, whether the Europeans will move forward with additional retaliatory measures.

Following the EU’s approval of the retaliatory measures, President Trump announced he would reduce U.S. reciprocal tariffs on countries that have not imposed any new import duties on America to a universal 10 percent tariff for 90 days, while they negotiate bilateral trade agreements with the White House. China was the one named exception by Trump, and will instead face a 125 percent tariff for imposing retaliatory levies on the U.S.

Notably, sector-specific U.S. tariffs on products, including steel, aluminum, and automobiles, appear unaffected by this pause.

Image: European Union 2017 – European Parliament.

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April 9, 2025
Economy
World

CCP Announces Another Retaliatory Tariff Against U.S. After Trump Raises Duties on China to 104%.

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❓What Happened: The United States raised tariffs on Chinese goods to 104 percent at midnight. In retaliation, China announced a further 50 percent tariff on American goods, raising its total tariff on U.S. imports to 84 percent.

👥 Who’s Involved: President Donald J. Trump, U.S. Treasury Secretary Scott Bessent, Chinese President Xi Jinping, Chinese Foreign Ministry spokesman Lin Jian.

📍 Where & When: The tariffs were enforced at midnight on Tuesday, April 8, with China’s retaliatory measures scheduled to start on Thursday, April 10.

💬 Key Quote: “They are the surplus country. Their exports to the U.S. are five times our exports to China. So, they can raise their tariff, but so what?” — U.S. Treasury Secretary Scott Bessent.

⚠️ Impact: The additional tariff imposed by China on American goods marks a continued escalation in the trade conflict between the two nations and will likely increase global market volatility. However, China’s position as a heavy net exporter means their tariff is likely to have little effect on the American economy overall.

IN FULL:

The People’s Republic of China will impose an additional 50 percent tariff on American goods beginning Thursday after U.S. President Donald J. Trump raised the tariff on all Chinese imports to 104 percent yesterday at midnight. American goods exported to China will now face an 84 percent tariff in total. The Chinese retaliatory tariff will likely have little effect as the communist state exports far more goods than it imports.

“I think it’s unfortunate that the Chinese actually don’t want to come and negotiate because they are the worst offenders in the international trading system. They have the most imbalanced economy in the history of the modern world. And I can tell you that this escalation is a loser for them,” U.S. Treasury Secretary Scott Bessent said on Wednesday after China announced the new trade duties. He explained: “They are the surplus country. Their exports to the U.S. are five times our exports to China. So, they can raise their tariff, but so what?”

The Treasury Secretary also warned the Chinese Communist Party (CCP) that what they “should not do is try to devalue their way out of this,” noting that the Chinese offshore yuan—the country’s internationally tradable currency—hit its weakest level since 2010 on Tuesday. Bessent emphasized that any attempt by China to devalue the yuan would force other nations to “keep raising their tariffs to offset the devaluation.”

China, however, contends the United States is using trade policy to attack its sovereignty and development interests. “We will not let anyone take away the Chinese people’s legitimate right to development. We will not tolerate any attempt to harm China’s sovereignty, security, and development interests, ” Lin Jian, a spokesman for the Chinese Foreign Ministry, said after the announcement of an additional 50 percent tariff on U.S. goods on Wednesday.

While China and a handful of other nations continue to resist President Trump’s moves to end unfair trade barriers against American products, at least 70 countries are set to begin negotiations with the White House on bilateral trade agreements.

Image via Wikimedia Commons.

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April 7, 2025
Economy

Americans Rally Behind Trump’s Trade Policies.

PULSE POINTS:

❓What Happened: American workers are getting behind President Donald J. Trump’s tariff plan to help bring jobs back to America.

👥 Who’s Involved: President Trump, United Auto Workers, Steel Manufacturers Association, National Cattlemen’s Beef Association, Southern Shrimp Alliance, National Council of Textile Organizations, and various small business owners and industry leaders.

📍 Where & When: Across the United States, April 7.

💬 Key Quote: “To see those plants close, one after another, and just sit idle and then fall into disrepair and collapse, they become abandoned buildings… I’m glad to see Donald Trump finally standing up saying he’s going to do something about it,” said retired auto worker Brian Pannebecker.

⚠️ Impact: The Trump tariffs receiving support from industry figures and working-class Americans signals renewed hope for domestic manufacturing and economic growth, despite outcry from financiers.

IN FULL:

President Donald J. Trump’s robust tariff initiative, aimed at countering the impact globalization has had on American industries, is being praised by workers across America. The new direction is garnering support from several industry groups, including the United Auto Workers, Steel Manufacturers Association, and the National Cattlemen’s Beef Association, as well as local business leaders.

Support from American industry is evident across the nation. Illinois cattle farmer Alan Adams highlighted the long-standing issues with foreign tariffs, particularly in beef, noting, “We’d like the same chance to sell the great taste of American beef.”

Acy Cooper, a fourth-generation shrimp producer in Louisiana, underscored the importance of strong domestic production for national resilience, saying, “We’ve been suffering for over 20 years … this country can’t feed itself, this country can’t sustain its own way of life. If we get into a war with China, one of our big importers … how are we going to feed the people of this country? … It has to come [from] within this country.”

In Michigan, retired auto worker Brian Pannebecker said, “To see those plants close, one after another, and just sit idle and then fall into disrepair and collapse, they become abandoned buildings… I’m glad to see Donald Trump finally standing up saying he’s going to do something about it.”

Further support comes from business leaders such as Brian Riley, CEO at Guardian Bikes, who perceives Trump’s trade policy as a welcome shift away from a status quo that “prioritized offshoring production and cheap consumption.”

President Trump is pushing forward with his plan, emphasizing his desire to bolster American industries, create fair trade opportunities, and ultimately enhance the livelihoods of American workers. He urged Americans to stay strong through the market jitters attributed to the tariffs on Monday morning, writing on his Truth Social platform, “The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!).”

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April 7, 2025
Jack Montgomery
Economy
News

Trump Admin Defends Pro-Worker, Anti-Cheating Tariff Policy.

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❓What Happened: Officials from the Trump Administration discussed the President’s reciprocal trade plan to counter global economic policies perceived as harmful to American workers.

👥 Who’s Involved: Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, National Economic Director Kevin Hassett, Secretary of Agriculture Brooke Rollins, Attorney General Pam Bondi, and Senior Counselor Peter Navarro.

📍 Where & When: Various news shows aired discussions on Sunday, including Meet the Press, Face the Nation, This Week, State of the Union, Fox News Sunday, and Sunday Morning Futures.

💬 Key Quote: Scott Bessent remarked on tariffs, “A 20 percent tariff on China led to a 0.7 percent price level increase over four years. I think that’s pretty good.”

⚠️ Impact: The administration aims to reduce reliance on foreign goods and protect American industries, citing national security and economic stability concerns.

IN FULL:

Several Trump Administration officials appeared on major news programs Sunday to outline its tariff strategy, intended to change the economic landscape to favor American workers and industries and mitigate distorted trade imbalances.

Secretary of the Treasury Scott Bessent recalled the tariffs imposed during President Donald J. Trump’s first term, noting that a 20 percent tariff on Chinese goods resulted in only marginal price increases and net real wage growth for American households. He added that the COVID-10 pandemic exposed the fact that “[America’s] supply chains are not resilient,” explaining that “President Trump has decided that we cannot be at risk like that for our crucial medicines, for our semiconductors, for shipping.”

Secretary of Commerce Howard Lutnick also emphasized the national security risks involved in outsourcing critical manufacturing: “We don’t make medicine in this country anymore. We don’t make ships. We don’t have enough steel and aluminum to fight a battle,” he warned.

Kevin Hassett, National Economic Director, explained that cheap foreign imports come at a cost, recalling how, in the years since China was admitted to the World Trade Organization (WTO), “real incomes declined about $1,200 cumulatively… We got the cheap goods at the grocery store, but then we had fewer jobs.”

Peter Navarro, Senior Counselor for Trade and Manufacturing, emphasized that many of America’s so-called trade partners have adopted practices beyond tariffs “that are designed, explicitly, to cheat us”—such as currency manipulation, to strengthen their export potential, and regulatory barriers against American produce —and that President Trump has determined to draw a line against this.

“We’re headed towards a strong America that makes things again,” he added.

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April 4, 2025
Economy
News
World

China Puts 34% Tariff on U.S. Goods in Retaliation to Trump’s ‘Liberation Day’ Levy.

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❓What Happened: China announced a 34 percent tariff on all U.S. imports in response to President Donald J. Trump’s tariffs of the same rate on Chinese goods.

👥 Who’s Involved: President Trump, the Chinese Communist Party (CCP), and affected American companies.

📍 Where & When: China’s tariffs, announced following President Trump’s “Liberation Day” tariff unveiling, go into effect on April 10.

💬 Key Quote: The Chinese Ministry of Finance complained that the U.S. tariffs “undermine global economic development and stability.”

⚠️ Impact: Declines in stock markets, with the Dow Jones and S&P 500 experiencing losses, but manufacturing will likely be “reshored” to America over the medium to long term.

IN FULL:

China has declared a new 34 percent tariff on all imports from the United States, following President Donald J. Trump’s recent announcement of similar duties on Chinese goods. President Trump is moving to stimulate domestic manufacturing and address trade discrepancies by using tariffs to level the playing field for American businesses.

The Chinese Communist Party (CCP) condemns Trump’s tariffs, claiming they breach international trade standards and threaten global economic interests.

Further complicating trade relations, China enforced export controls on vital rare earth minerals and listed several American businesses as “unreliable entities.” Meanwhile, Trump reinstated 25 percent steel and aluminum tariffs on China in February in order to close loopholes allowing China to dump cheap metals on American markets.

In a recent address, President Trump characterized the imposition of tariffs as a long-overdue correction of an inequitable trade landscape that has persisted over several decades. He asserted that the move heralds the return to American industrial strength, with sweatshop economies and countries that erect their own tariff and non-tariff barriers against American exporters no longer having easy access to the American market.

Reacting to China’s new tariffs on April 4, Trump stated, “China played it wrong, they panicked—the one thing they cannot afford to do!” Trump added that China should have made a deal earlier, urging companies to avoid tariffs by investing in America.

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April 3, 2025
William Upton
Economy
Politics
World

Mike Pence Hates Trump’s Tariffs. Which Means Trump Is Right.

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❓What Happened: Former Vice President Mike Pence, who is pushing the GOP to reembrace unpopular globalist economic policies, is criticizing President Donald J. Trump’s imposition of extensive global tariffs, claiming they represent the largest peacetime tax increase in U.S. history.

👥 Who’s Involved: Mike Pence, Donald Trump, and America First conservatives, including Trump’s trade advisor Peter Navarro.

📍 Where & When: Pence posted criticism to X (formerly Twitter) Wednesday evening following President Trump’s “Liberation Day” event.

💬 Key Quote: “The Trump Tariff Tax is the largest peacetime tax hike in U.S. history,” claims Pence.

⚠️ Impact: Critics like Pence claim the tariffs could cost American families over $3,500 per year, destroy jobs, and weaken conservative political standing. Additionally, the Pence-led Advancing American Freedom PAC contends the tariffs will counteract the benefits of previous tax cuts.

IN FULL:

Former Vice President Mike Pence publicly criticized President J. Donald Trump’s imposition of a 10 percent blanket global tariff and additional targeted tariffs in response to pre-existing foreign trade barriers, claiming the new import duties will result in significant economic burdens for American families. Additionally, in a Wednesday night post on X (formerly Twitter), Pence asserted the tariffs represent the most substantial peacetime tax increase in U.S. history.

“The Trump Tariff Tax is the largest peacetime tax hike in U.S. history,” Pence claimed, adding: “These Tariffs are nearly 10x the size of those imposed during the Trump-Pence Administration and will cost American families over $3,500 per year.” Attached to Pence’s X post was a screenshot of anti-Trump tariff talking points pushed by his Advancing American Freedom PAC.

Advancing American Freedom PAC’s claim that the tariffs will cost American families over $3,500 per year is based on a Goldman Sachs estimate, which pegs the total tariff revenue at around $300 billion annually. However, Pence and his Advancing American Freedom PAC appear to assume that American families will bear the bulk of the tax burden imposed by the tariffs—a fairly unlikely scenario—and not foreign companies attempting to maintain their market share in the United States.

Meanwhile, Pence’s assertion that Trump’s tariffs are “the largest peacetime tax hike in U.S. history” is on equally shaky ground. While tariffs are technically taxes, they are not entirely borne by Americans, with at least part of the import duty paid by foreign companies. Additionally, Advancing American Freedom PAC states that Trump’s tariffs are the highest imposed since the 1800s, claiming the imposed rate is higher than the Smoot-Hawley tariffs from the Great Depression.

The first claim is dubious at best, though the assertion that the Trump tariff rate is higher than those imposed under Smoot-Hawley is patently false. Pence and Advancing American Freedom PAC are playing fast and loose with what they consider the average tariff rate to make the claim. The Smoot-Hawley tariffs imposed a 59.1 percent rate on dutiable goods, though around 63 percent of foreign imports were not considered dutiable under the law. This places the average tariff rate under Smoot-Hawley at just under 20 percent.

President Trump’s tariffs include a blanket 10 percent tariff on all imports with additional target tariffs on specific countries with pre-existing trade barriers against American exports. Estimates regarding the average rate range from around 15 percent to 20 percent, though the lower side of the range appears more likely.

Image by Gage Skidmore.

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April 3, 2025
Economy
News

Support Swells for Trump’s America First Trade Strategy.

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❓What Happened: President Donald J. Trump announced a new set of tariffs aimed at reversing globalization’s impact on the U.S. industrial sector, introducing a universal 10 percent tariff and higher tariffs on countries with their own punishing tariff and non-tariff barriers against the U.S.

👥 Who’s Involved: The policy has garnered bipartisan support, including backing from Democrat Rep. Jared Golden and numerous industry leaders.

📍 Where & When: The announcement was made in the United States following Trump’s recent speech on economic policy.

💬 Key Quote: Rep. Jared Golden praised the tariff plan as “a good start to erasing our unsustainable trade deficits.”

⚠️ Impact: The tariffs are expected to boost American manufacturing, protect jobs, and correct trade imbalances.

IN FULL:

President Donald J. Trump’s move to protect American businesses and workers from unfair trade has received widespread approval from various sectors, reflecting a significant shift in policy-making. Democratic Representative Jared Golden expressed his support, hailing the President’s tariff agenda as a necessary move to address economic challenges posed by globalization. Golden said President Trump’s tariffs align with proposals in the BUILT USA Act, underscoring the urgency of tackling trade imbalances and protecting American jobs.

The policy has also resonated with industry leaders. Zach Mottl, Chairman of the Coalition for a Prosperous America, said the Trump tariffs are “a game-changing shift that prioritizes American manufacturing, protects working-class jobs, and safeguards our economic security from adversaries like China.”

Philip K. Bell, President of the Steel Manufacturers Association, said Trump’s tariffs “have already started creating American jobs and bolstering the domestic steel industry.” He cited recent investments, including Hyundai Steel’s new plant in Louisiana, as evidence of the policy’s potential.

Scott Paul, President of the Alliance for American Manufacturing, said America’s “hardworking men and women have seen unfair trade cut the ground from beneath their feet for decades,” calling Trump’s tariffs a “necessary step.”

Analysts indicate that correcting trade disparities and strengthening domestic production could redefine America’s role in the global market. Supporters argue that the tariffs will ultimately lead to fairer trade deals and bolster the American workforce.

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April 3, 2025
Economy
UK
World

UK Mulls Retaliation Against Trump Tariffs.

PULSE POINTS:

❓What Happened: The United Kingdom is considering retaliatory tariffs after the United States, under President Donald J.  Trump, imposed a 10 percent levy on British goods—half the 20 percent levy on European Union goods.

👥 Who’s Involved: Britain’s Business Secretary Jonathan Reynolds, British Members of Parliament (MPs), and President Trump.

📍 Where & When: The tariffs are set to start this weekend, impacting goods entering the U.S. from the United Kingdom.

💬 Key Quote: “America is a friend; America is our principal ally,” Jonathan Reynolds stated, emphasizing the importance of the British-American relationship despite the tariff issue.

⚠️ Impact: The tariffs could complicate trade talks between Britain and the U.S., which were made possible by Brexit.

IN FULL:

The United Kingdom is weighing retaliatory tariffs following President Donald J. Trump’s announcement that the U.S. will impose a 10 percent trade levy on British imports. The Labour government’s Business Secretary, Jonathan Reynolds, informed Members of Parliament (MPs) that they may soon have to consider responsive tariff measures if a trade agreement with the U.S. is not secured.

British government ministers plan to unveil a list of potential products targeted for retaliatory action in the coming days. However, despite the potential that retaliatory tariffs could further escalate trade tensions, Reynolds insists that the United States remains a vital ally to the United Kingdom.

Notably, Prime Minister Sir Keir Starmer is dismissing the notion of an immediate trade conflict with the U.S. Instead, he highlighted the necessity of careful strategy to avoid harming the chances of reaching a trade deal with the American government. Starmer emphasized that Britain will “have to act and lead differently” in what he called a “new economic era.”

“It is the beginning of a new era; we need to understand that, just as we have for defense and security, we have to understand the changing world when it comes to trade and the economy,” the British Prime Minister said while speaking at a local campaign event, stating that a response to President Trump’s tariff policy is “not just a short term tactical exercise.”

President Trump announced on Wednesday that the United States will impose a blanket 10 percent tariff on all foreign imports, while a number of countries will be hit with additional import duties in response to pre-existing measures imposed against American exports. European Union members face higher tariff rates at 20 percent, with even steeper rates directed at China, Cambodia, and other countries.

Image by Simon Dawson/No 10 Downing Street.

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