After three months of provocations, the US and Britain retaliated against Houthi rebels in Yemen, bombing several sites in North Yemen that assisted in Houthi attacks on international shipping in the Gulf of Aden and the Red Sea. The Houthi rebels are widely seen as Iranian proxies, launching attacks to provoke the West into attacking Yemen, leading to more attacks on shipping.
All good things, including but not limited to the Holiday Season, must come to an end. The corporate independence of U.S. Steel Corporation looks like it’s coming to an end also, despite objections from some politicians and the United Steelworkers union.
Over many years—even centuries—the wisdom and utility of tariffs as an instrument of government policy in peacetime have been debated. That incessant debate continues, and is likely to persist.
This year saw a huge increase in debate and proposals for addressing greenhouse gas emissions, not only here in the US but around the world.
Last week was billed as big. The annual meeting of members of the Asia Pacific Economic Cooperation (APEC) in San Francisco convened amid much fanfare. A much-anticipated meeting between President Biden and President Xi Jinping of China was a featured event. So also, was the anticipated completion of the framework agreements establishing the Indo-Pacific Economic […]
The long-anticipated US-EU summit took place on October 20. There was wide anticipation that the two sides would announce a partial agreement on steel and aluminum policy and perhaps an agreement on critical minerals, such as lithium for electric vehicle batteries. Even modest accomplishments such as these were not to be. Instead, the US and […]
Electricity demand worldwide is growing significantly, requiring massive investments in the electric grid to supply increased needs and desire for electricity. A recent report by the International Energy Agency (IEA) indicates that global demand for electricity will double from 2020 to 2050. In developed economies, the growth rate will be somewhat lower. But it will […]
The US and EU have apparently decided to move part way to a deal on steel and aluminum that will prevent a resumption of Section 232 tariffs.
The 2023 term continues a series of very eventful Supreme Court sessions, similarly to 2021 and 2022 terms.
Last week the World Trade Organization (WTO) held its periodic retreat for members to discuss the future of the organization.
Last week, former Treasury Secretary Larry Summers gave a major speech challenging the views of anti-trade leaders, such as (but not limited to) Bob Lighthizer.
Trade policy moves create great ironies sometimes. I often write about these ironies when the US acts against the interests of the country as a whole by protecting certain industries from international competition. But the US is not alone, especially in recent years as the World Trade Organization and the international geopolitical order have been […]
As the global trading system, which used to be “rules-based,” continues its slide toward the absence (defiance? disregard?) of rules, governments around the world are trying new things.
Last week the Secretary of Commerce, Gina Raimondo, visited China for high-level meetings with the Chinese government. Her counterpart, Wang Wentao, China’s Commerce Minister, participated in the discussions. The four-day meeting included an announcement of two new working groups dealing with US-China economic relationships. The first was a forum to explain US export controls relating […]
As the Oct. 31 deadline approaches to reach an agreement on steel matters, the US and EU are headed for an impasse.
The Biden administration issued three decisions last week that raise the question whether international trade will be harder or easier when it comes to infrastructure and commercial manufacturing in the US.
Steel trade continues to cause dissension among our friends, perhaps more so than our adversaries. The conflict between the US and EU is the most talked about, but it impacts others including Japan, Brazil and India.
Last week’s indictment of former president Donald Trump has ignited a blizzard of commentary. Not much of it has looked at the implications for the global trade order. Over the next year and a half, major trade and strategic initiatives will be negotiated with adversaries as well as allies: everything from the steel and aluminum negotiations with the EU to the war in Ukraine.
An unusual clash of powerful forces is in full swing over tin mill products. An antidumping petition was filed against eight countries in January of this year, while an anti-subsidy petition was filed against imports of tin mill products from China at the same time.
An unusual clash of powerful forces is in full swing over tin mill products. This flat-rolled steel product is used to make “tin cans” that hold a huge array of food products and other metal containers sold throughout the world. Tin mill products are generally made from cold-rolled steel that is coated with tin or […]
In 2021, the US and EU called a timeout on their disputes about the US “national security” steel and aluminum tariffs and the resulting retaliatory measures by the EU. The agreement back then rescinded the Section 232 tariffs and replaced them with a “tariff-rate quota” that allowed a measure of tariff-free trade. In exchange, the […]
In 2021, the US and EU called a timeout on their disputes about the US “national security” steel and aluminum tariffs and the resulting retaliatory measures by the EU.
Every day, it seems, the headlines point to a general decline in the global situation. The more one reads, the more it becomes clear that our major issues are all interconnected. Addressing one will necessarily impact the others, either worsening or bettering them. Immigration is a prime example of this phenomenon. The two parties, and […]
US-China relations have been in the news for at least the last five years. Cabinet officials are traveling to China, Chinese leaders are coming to the US, books are coming out and the European Union is dealing with the same quandary: should China be further isolated? Is the West too dependent on China? As I […]
Occasionally, a story jolts you awake. You realize how much things have changed—once, a pro-trade remark from a senior government official was routine. Now, it is remarkable. Last week the President’s Export Council (PEC), an advisory group currently chaired by Mark Ein of Kastle Systems, met for the first time since the Obama administration. The […]
A rare state visit by Prime Minister Narendra Modi of India culminated in a joint statement by President Biden and the prime minister last Thursday. This was a blockbuster statement, covering 58 paragraphs and resolving or narrowing differences on a host of issues. Some disputes had been festering for years. Despite pre-meeting statements advising that […]
The Biden administration over the last few months has articulated the need for a new global economic order. But to date, there is little in the way of ideas for implanting that order. Mostly, Katherine Tai, the US Trade Representative and Jake Sullivan, the National Security Advisor, have spoken about what’s wrong with the economic […]
The US and European Union are working on an agreement dealing with carbon emissions in the steel industry. The impact on bilateral trade could be high. In 2021, the US and EU agreed that the US would suspend the 25% Section 232 tariffs on steel and aluminum, and the EU would drop its World Trade […]
The debt ceiling deal passed by Congress has averted either an economic catastrophe or a minor headache, depending on who you talk to. It’s more likely that a pretty serious catastrophe was averted. But there was, in my view, never a serious chance that the US would default on its sovereign debt. More likely, some […]
Two separate developments suggest that the Biden administration may have concerns that more tariffs would damage the US economy by harming consumers. First, we saw the president suspend action to impose additional tariffs on solar cells and modules from four countries in the face of an antidumping “circumvention” proceeding. Circumvention determines whether operations in third […]