“Wages were supposed to rise. Instead, they’ve fallen.” More …
U.S. Economy
Biopharma Deploy Trump’s Tax Windfall to Buy Back Billions in Stock
“Large-cap biopharmaceutical companies took advantage of repatriation of overseas profits and lower corporate tax rates to push share repurchases to the highest level in at least 10 years.” More …
Trump hit Mexico with steel tariffs: Mexico is hitting back
“Overall, the new penalties will affect about $3 Billion worth of US goods. The tax rates vary depending on the product, but most of them are high: There’s a 20 percent tariff on US pork shoulder and legs, and some bourbons and cheeses will be hit with 20 to 25 percent tariffs… Those kinds of taxes will make US goods a lot more expensive in the Mexican market and can dampen demand for them over time. That, in turn, would deal a blow to the US businesses that export them, forcing them to downsize operations and lay off workers.” More …
Mexico pork tariff threats push Iowa producer losses to $560 million
“Iowa pork producers already dealing with a 25 percent tariff on U.S. pork exports to China could face another trade hit, with Mexico considering a 20 percent tariff on hams and pork shoulders… Growing trade worries have cut pork prices in recent weeks, costing Iowa producers about $560 million … ” More …
‘Trade Discussion’ or ‘Trade War’? The Estimated Impacts of Tariffs on Steel and Aluminum
“We find the tariffs would result in a net loss of over 400,000 jobs after accounting for positive impacts on U.S. steel and aluminum producers. Overall, sixteen jobs would be lost for every steel/aluminum job gained.” More …
Wisconsin reeling from tariffs coming from Mexico, Canada, Europe
“Since June 1, companies that buy steel and aluminum from Canada, Mexico and the European Union have felt the sting of a 25 percent tariff on steel and a 10 percent tariff on aluminum. The tariffs also have triggered countermeasures from U.S. trading partners on a plethora of Wisconsin goods, including Harley-Davidson motorcycles, cheese, yogurt, pork, cranberries, sweetcorn, ginseng, wood, boats, paper and shoes.” More …
Costs of Recent Trade Policies Rack Up
“U.S. steel prices have risen nearly 40% since January and are now 50% higher than in Europe… Studies show that a combined 760,000 jobs could be lost from the tariffs already enacted as well as those being considered on autos and auto parts. And if the administration carries out its threat to withdraw from NAFTA, an additional 1.8 million U.S. jobs could be lost in the first year alone.” More …
Mortgage rates hit 7-year high as ultra-cheap era ends
““Mortgage rates this week jumped to their highest level since 2011, signaling a shift from a period of ultracheap loans to a higher-rate environment that could slow home price appreciation and squeeze first-time buyers.” More …
Rude, red awakening: China’s theft of U.S. tech is hard to stop
“Washington is waking up to the reality that the cost of doing business in China’s massive market is risking precious tech secrets, but it may be too late… Rogue practices like intellectual property theft are built into Beijing’s industrial policy, and China has used these policies to innovate so rapidly that it may soon be able to cut its reliance on the West.” More …
Chinese exports take over the world
“Two decades ago, China’s gross exports were on par with the Netherlands, and only North Korea relied on the world’s most populous country as its primary source of imports. Now, China exports far more than any country on earth, and is the top supplier of countries in every corner of the world.” More …