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Tag: trade
December 3, 2024
William Upton
Economy
Politics

President-Elect Trump Vows to Block Japanese Takeover of U.S. Steel.

President-elect Donald J. Trump says he will block the sale of U.S. Steel to Japan’s Nippon Steel, a move backed by both Republican and several Democratic Party lawmakers in Congress. Instead, Trump says he wants to impose tariffs to rebuild the United States’ domestic steel industry, making it more competitive in international markets. Vice President Kamala Harris had signaled more openness to allowing the foreign takeover of U.S. Steel should she have won the White House.

“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan. Through a series of Tax Incentives and Tariffs, we will make U.S. Steel Strong and Great Again, and it will happen FAST!” President-elect Trump wrote in a post on Truth Social. He added: “As President, I will block this deal from happening. Buyer Beware!!!”


The sale of U.S. Steel to the Japanese-owned Nippon Steel is a critical issue for many Americans, especially those in the Rust Belt states of Pennsylvania and Ohio. During the 2024 presidential campaign, Trump, speaking with members of the Teamsters Union, promised he would “block it instantaneously.”

“We saved the steel industry. Now, U.S. Steel is being bought by Japan. So terrible,” he said.

On Capitol Hill, the opposition to the sale of U.S. Steel to Nippon Steel has become a bipartisan fight. Both of Pennsylvania’s Senators in the next Congress, John Fetterman (D-PA) and Dave McCormick (R-PA), have voiced their opposition to the takeover. Both will likely be key votes in backing Trump’s tariff and trade plans as well.

Image via Pexels.

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President-elect Donald J. Trump says he will block the sale of U.S. Steel to Japan's Nippon Steel, a move backed by both Republican and several Democratic Party lawmakers in Congress. Instead, Trump says he wants to impose tariffs to rebuild the United States' domestic steel industry, making it more competitive in international markets. Vice President Kamala Harris had signaled more openness to allowing the foreign takeover of U.S. Steel should she have won the White House. show more
November 25, 2024
William Upton
Economy

Trump’s First Term Tariffs Are Helping Decouple the U.S. from China.

The tariffs enacted during President-elect Donald J. Trump’s first term in office—and largely continued under Joe Biden—are already fueling the start of a decoupling between the United States and the People’s Republic of China. When Trump’s tariffs first took effect in 2018, China accounted for just over 21 percent of U.S. imports. However, by 2023, that number has plunged to just below 14 percent.

Meanwhile, Mexico and Canada have seen their share among U.S. imports grow—albeit modestly. Currently, Mexico accounts for just under 16 percent of U.S. imports, up from around 12 percent in 2014. Canada, which saw its share of imports collapse over the last decade, has slightly rebounded and accounts for just under 14 percent of U.S. imports—about on par with China.

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Even with the modest increase in Mexican imports to the U.S., the data suggests the American economy is increasingly becoming more self-sufficient and less reliant on cheap products produced by China. President-elect Trump has promised to enact a new round of tariffs against China as the latter has continued its aggressive currency manipulation.

China routinely deflates its currency to create trade imbalances and maintain a cheap manufacturing environment. This practice disadvantages domestic industry in the U.S. Additionally, the rivalry between the U.S. and China necessitates further decoupling—especially among critical technology sectors—to further American national security interests.

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While Trump is pushing for new tariffs on a number of countries, those targeting China are far higher and more aggressive than those he intends to enact against countries in, for instance, the European Union. The latter is more an issue of trade leverage, with tariffs being a tool to push a ratcheting down of trade barriers.

Image by Gage Skidmore.

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The tariffs enacted during President-elect Donald J. Trump's first term in office—and largely continued under Joe Biden—are already fueling the start of a decoupling between the United States and the People's Republic of China. When Trump's tariffs first took effect in 2018, China accounted for just over 21 percent of U.S. imports. However, by 2023, that number has plunged to just below 14 percent. show more
farage
November 13, 2024
Economy
UK

Brexit Britain May Avoid Trump Tariffs.

The United Kingdom could find itself exempt from President-elect Donald J. Trump’s tariff plans, with the America First leader having an affinity for the Brexit movement and several British leaders, including King Charles III and Reform Party leader Nigel Farage. Trump’s historical support for Brexit was at the core of an argument recently made by Governor Phil Murphy (D-NJ) during an appearance on Sky News.

“Donald Trump [has] some sympathy with the renegade who has courage. I think there’s some of that. I think that’s a card that can be played. We’ll see,” Murphy said, having traveled to Britain for an economic mission trip on behalf of the State of New Jersey. The Democrat governor, however, also suggested that not every nation enjoys Trump’s sympathy.

“If I’m China, I’m fastening my seatbelt right now,” Murphy said.

Throughout the 2024 election, Trump has said he intends to enact an aggressive U.S. trade policy with substantial import tariffs. The tariffs could reach up to 60 percent on Chinese products and 20 percent on goods from other countries.

LABOUR’S FOLLY. 

Trump’s affinity for British leaders likely does not extend to those currently serving in the country’s Labour Party government. British Foreign Secretary David Lammy has infamously refused to apologize for previously calling Trump a “neo-Nazi sympathizing sociopath” and “tyrant.” Meanwhile, several other government ministers led a 2019 effort demanding that the then-Tory government cancel an official state visit by Trump.

Additionally, during the 2024 election, Labour staffers traveled to the U.S. to campaign on behalf of Trump’s opponent, Democrat Vice President Kamala Harris.

While the United Kingdom could be spared the brunt of Trump’s tariff plans, the European Union (EU) will likely be a top target. On the 2024 campaign trail, Trump proposed the “Trump Reciprocal Trade Act,” which would enforce a 10 percent tariff on all European imports unless they lower their own tariffs on U.S. goods.

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The United Kingdom could find itself exempt from President-elect Donald J. Trump's tariff plans, with the America First leader having an affinity for the Brexit movement and several British leaders, including King Charles III and Reform Party leader Nigel Farage. Trump's historical support for Brexit was at the core of an argument recently made by Governor Phil Murphy (D-NJ) during an appearance on Sky News. show more
Vance
July 17, 2024
Christopher Tomlinson
Election 2024
World

Europeans Melt Down Over Trump Picking Vance as Running Mate.

European politicians are expressing fear of President Donald J. Trump‘s running mate, Senator J.D. Vance (R-OH), worrying he may change the status quo policies on Ukraine and other issues. Some officials in European governments are already preparing for potential shifts in their relationship with the U.S. in the event of a second Trump administration.

Sen. Vance, a vocal critic of U.S. aid to Ukraine, asserted at this year’s Munich Security Conference that Europe should recognize a U.S. pivot towards East Asia. He suggested that American security commitments have allowed European security to diminish.

While some European leaders express confidence that a Republican administration will uphold NATO commitments despite Vance’s stance, concerns linger about potential trade disputes under another Trump presidency. A European Union (EU) diplomat compared the bloc’s preparations to a sailing vessel bracing for a storm.

Hungary’s Prime Minister Viktor Orbán has notably aligned himself with the Trump-Vance ticket, advocating for immediate peace talks between Russia and Ukraine upon a potential Trump victory.

Orban visited Zelensky in Kiev, Putin in Moscow, and former President Trump in Florida in recent weeks to discuss a path to peace. Vance recently expressed his admiration for the Hungarian leader, noting that America could learn from his policies.

In the United Kingdom, many leftist Labour Party supporters expressed anger over Vance due to clips circulating on social media in which he jokingly stated Britain may be the first Islamist power with nuclear weapons after Labour’s recent election victory.

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European politicians are expressing fear of President Donald J. Trump's running mate, Senator J.D. Vance (R-OH), worrying he may change the status quo policies on Ukraine and other issues. Some officials in European governments are already preparing for potential shifts in their relationship with the U.S. in the event of a second Trump administration. show more
March 8, 2024
William Upton
War
World

Houthi Attacks Driving Up Cost of Goods.

The continued Houthi rebel attacks on international shipping in the Red Sea and the Gulf of Aden are costing the world significant amounts of time and money.

The attacks have forced many maritime transport companies to reroute their ships around the African continent rather than using the shorter route through the Suez Canal. Rerouting ships around Africa’s Cape of Good Hope has added  3,500 nautical miles to the shipping route between Asia and the West. The use of the longer shipping route due to the Iranian-backed rebel attacks has drastically increased the cost of transporting goods.

Accounting for about 10 percent of the volume of global maritime trade, the Suez Canal and the Red Sea shipping route is arguably one of the most important in the world. Raw minerals, oil, liquified natural gas, grains, rice, and electronic goods have moved via ship through the region without incident for decades. However, when the Iran-backed Houthi rebels of Yemen began attacking shipping after Israel launched a military campaign against Hamas, traffic through the Suez Canal collapsed.

The longer Africa route and increased time at sea have driven up fuel costs for maritime shipping companies — as well as expenses for crew and maintenance. This has led to a drastic rise in container costs for those looking to move goods around the world. In January 2023, the average cost of a standard 40-foot (FEU), non-refrigerated container was around $1,759.93. Today, the price of a container has jumped up to $5,495.20 on average.

In January of this year, President Joe Biden announced the US and UK militaries would begin an air campaign against Yemen’s Houthis in an effort to put an end to the attacks. Additionally, the two nations have dispatched naval forces to the Red Sea and the Gulf of Aden to deter Houthi hijacking attempts. Despite numerous strikes against Houthi targets, the costly campaign has thus far failed. The Houthi rebels successfully sank a British container ship over the weekend.

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The continued Houthi rebel attacks on international shipping in the Red Sea and the Gulf of Aden are costing the world significant amounts of time and money. show more
February 14, 2024
UK
War

Britain Could Run Out of Tea.

British retailer Sainsbury’s has warned customers about potential shortages of black tea due to continuing disruptions to international trade routes. Signs posted in certain Sainsbury’s locations announced, “We are experiencing supply issues affecting the nationwide supply of black tea. We apologize for any inconvenience and hope to be back in full supply soon.” Despite this, retail executives were quick to reassure customers that the impact will hopefully be minimal and only temporary.

While Sainsbury’s declined to provide further comment, it’s understood that the complications are tied to Houthi rebel attacks on shipping vessels in the Red Sea and related delays with a tea supplier. Andrew Opie, director of food and sustainability at the British Retail Consortium, stated, “There is temporary disruption to some black tea lines, but the impact on consumers will be minimal as retailers are not expecting significant challenges.”

While the interruption in the tea supply is significant, the other supermarkets contacted about the situation, including Waitrose, did not report any similar issues. It’s been noted that freight shipments from Asia and East Africa, areas that make up about 75 percent of global tea production, have faced significant disruption in the last two months due to unrest in the Red Sea. The increased violence in the area has forced many shipping companies to reroute around the Cape of Good Hope, leading to 10 to 14 additional days in shipment times and increased costs for shipping firms.

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British retailer Sainsbury's has warned customers about potential shortages of black tea due to continuing disruptions to international trade routes. Signs posted in certain Sainsbury's locations announced, “We are experiencing supply issues affecting the nationwide supply of black tea. We apologize for any inconvenience and hope to be back in full supply soon." Despite this, retail executives were quick to reassure customers that the impact will hopefully be minimal and only temporary. show more
February 7, 2024
Jack Montgomery
Health
News

Ecuadorian Poisoned 400+ Americans Using Applesauce.

Children’s applesauce pouches that gave lead poisoning to over 400 Americans were likely contaminated by a single Ecuadorian man, according to the Food and Drug Administration (FDA).

Cinnamon grinder Carlos Aguilera, originally named by the Ecuadorian authorities, allegedly supplied the tainted applesauce suspected to have poisoned 413 Americans across 43 different states.

Lead is neurotoxic and particularly dangerous to children — the primary consumers of applesauce pouches. The FDA has long suspected the pouches were poisoned intentionally, likely because applesauce is sold by weight, and adulterating it with heavy metals like lead increases this.

Having previously vowed to hold the person or persons responsible for poisoning the applesauce accountable, the FDA is now concerned it could struggle to do so, as it “has limited authority over foreign ingredient suppliers who do not directly ship product to the U.S… because their food undergoes further manufacturing/processing prior to export.”

“[T]he FDA cannot take direct action with Negasmart or Carlos Aguilera,” the agency lamented — though it has pledged to work “closely” with Ecuadorian officials to try to secure a positive outcome.

Source: FDA
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Children's applesauce pouches that gave lead poisoning to over 400 Americans were likely contaminated by a single Ecuadorian man, according to the Food and Drug Administration (FDA). show more
December 18, 2023
Jack Montgomery
Economy
Politics
UK

Anti-Brexit Biden Shelves US-UK Trade Deal Talks.

Plans for a trade agreement between the United States and the United Kingdom have been shelved indefinitely by President Joe Biden. An 11-chapter draft agreement had previously been prepared by the United States Trade Representative’s (USTR) office, with negotiations for a deal expected to commence before the close of 2023. American and British government sources have both confirmed that these will not go ahead after pushback from the Democrat-led Senate and Biden himself.

A spokesman for Sen. Ron Wyden, chairman of the influential Senate Finance Committee, said: “[his] view that the United States and United Kingdom should not make announcements until a deal that benefits Americans is achievable.” He also complained the USTR had not involved Congress in the process enough.

There was also some pushback on a trade deal from the British side. In particular, the British government is concerned about allowing chemical-washed and hormone-treaded American meat into the British market.

The U.S. is the UK’s top partner for both imports and exports, and the two countries are each other’s top foreign investors. A trade deal was impossible prior to Brexit, however, as European Union (EU) membership rules say the bloc controls member-states’ trade policy.

Former President Donald Trump was keen to secure a wide-ranging trade deal with Britain, but the country’s governing “Conservative” Party slow-walked the break with the EU, having been caught off guard by the 2016 Brexit vote.

Biden, an avowedly anti-British career politician, has been much less keen on negotiating a deal in the interests of both nations.

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Plans for a trade agreement between the United States and the United Kingdom have been shelved indefinitely by President Joe Biden. An 11-chapter draft agreement had previously been prepared by the United States Trade Representative's (USTR) office, with negotiations for a deal expected to commence before the close of 2023. American and British government sources have both confirmed that these will not go ahead after pushback from the Democrat-led Senate and Biden himself. show more
biden ukraine
September 25, 2023
Jack Montgomery
News
Podcast
World

U.S. Aid is Subsidizing Ukraine Corporates, Paying State Salaries, and Buying Fertilizer for Farmers.

Joe Biden’s government is pumping billions of dollars not only into the Ukrainian war machine, but into the Ukrainian economy, using taxpayer cash to pay the salaries of almost 60,000 state employees, subsidize private businesses, and even buy seed and fertilizer for farmers. At the same time, NATO allies including Poland and Hungary complain their own farmers are being overwhelmed by Ukrainian produce being dumped on European markets.

Reporters discovered U.S. taxpayers are paying the salaries of all 57,000 first responders in Ukraine, and not only subsidizing businesses, but even helping them to secure new customers overseas via USAID.

Perhaps the most controversial discovery is the financial support for Ukrainian farmers, considering Ukrainian leader Volodymyr Zelensky is currently lodging proceedings against several European Union neighbors who have banned imports of Ukrainian grain – without the EU’s permission.

Poland, one of the countries involved in this fledgling trade war, even halted military supplies to Ukraine amid the dispute. It had previously been one of Zelensky’s most important backers, supplying him with warplanes and over 300 tanks, and pushing other NATO members to offer similar assistance.

While non-military aid to Ukraine has already reached the tens of billions, Federal Emergency Management Agency (FEMA) assistance to Hawaii following devastating wildfires currently stands at around $3.17 million.

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Joe Biden's government is pumping billions of dollars not only into the Ukrainian war machine, but into the Ukrainian economy, using taxpayer cash to pay the salaries of almost 60,000 state employees, subsidize private businesses, and even buy seed and fertilizer for farmers. At the same time, NATO allies including Poland and Hungary complain their own farmers are being overwhelmed by Ukrainian produce being dumped on European markets. show more
china
July 13, 2023
Jake Welch
News

China Has ‘Aggressively Penetrated’ Whole of UK Economy, Admits Govt.

The Chinese Communist Party (CCP) has successfully penetrated every sector of the United Kingdom (UK)’s economy as a result of the government’s willingness to accept Chinese money without asking questions, so says the UK Parliament’s Intelligence and Security Committee in a report published Thursday.

The CCP has “prolifically and aggressively” targeted Britain’s industrial and energy sectors as a means of gaining control and influence over the British nation and its interests. It has also been “particularly effective” at using its money and influence to buy up universities and academia to ensure criticism of the party is suppressed and that Chinese values and narratives are pushed “at the expense of the West,” the report states.

The UK is one of China’s main targets due to its close relationship with the United States as well as the UK’s position as an “opinion former,” claims the Intelligence and Security Committee’s chairman, Julian Lewis.

The UK government has done little to counter the threat, instead choosing to take Chinese money while turning a blind eye to “China’s sleight of hand.” The report explains:

“The lack of action similarly to identify and protect UK assets from a known threat is a serious failure, and one that the UK may feel the consequences of for years to come.”

The UK is now “playing catch up,” but “[t]here is no evidence that Whitehall policy departments have the necessary resources, expertise or knowledge of the threat to counter China’s approach,” the report adds.

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The Chinese Communist Party (CCP) has successfully penetrated every sector of the United Kingdom (UK)'s economy as a result of the government's willingness to accept Chinese money without asking questions, so says the UK Parliament's Intelligence and Security Committee in a report published Thursday. show more