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Tag Archives: tariffs

Peter Schiff: This Is Not a Real Deal

We have a trade deal!Or do we?We still don’t have all of the details of the so-called phase 1 deal. From what we know, it appears to be rather limited in scope. The US offered to suspend some tariffs on Chinese goods and cut others up to 50% in exchange for Beijing buying more American farm goods and opening up to US financial firms.During a recent podcast, Peter Schiff said one thing we know for sure: this isn’t the resolution to the trade war. He called it more of a “truce.”[embedded...

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The Fed Lost In A Lost World?

A Pfennig For Your Thoughts November 7, 2019 Is * Currencies lose more ground to the dollar on Wed.* Bank of England meets today, and the EC didn’t have nice things to say! Good Day… And a Tub Thumpin’ Thursday to you! I got to say that the old saying of “the squeaky wheel gets the grease” came to fruition, as I reviewed the emails in the Pfennig Replies box yesterday… Several readers have sent forward their thoughts on my never healing leg wound, and I can’t wait for tomorrow when I see the...

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Can tariffs have a deflationary impact?

Before I read Deirdre McCloskey, I had a rather primitive view of methodology. Economists should develop hypotheses and then test these theories using real world data. Models were mathematical and empirical tests used regression analysis. Today, I have a more eclectic view.  A macroeconomist uses basic economic concepts, stylized facts and financial market reactions to news in order to develop a framework for understanding important macro phenomena.  Influential...

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A Trade “Level Playing Field” Isn’t So Great

China’s tariffs on imports are more than double the United States’ (calculated on a weighted-average basis). Critics of open trade cite this disparity and similar ones with other nations to justify America’s current trade wars. America should have a level playing field, they say. By this, they seem to mean that the U.S. government should apply the same tariffs to other countries’ imports that those countries apply to U.S. exports. But a level playing field can be...

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Happy 180th birthday to trade economist Henry George — he wrote Milton Friedman’s favorite book on trade – Publications – AEI

AEI Happy 180th birthday to trade economist Henry George — he wrote Milton Friedman’s favorite book on trade It would have been Henry George’s 180th birthday tomorrow on Monday September 2; he was born on that day in 1839 in Philadelphia and he died on October 29, 1897. This is my annual tribute to one of the greatest trade economists of all time, Henry George! The excerpts below are from Henry George’s 1886 book Protection or Free Trade, which  was Milton...

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Two Poems by David R. Henderson

I gave a talk last night to approximately 80 members of the local Lincoln Club, a group within the Republican Party of California. The topic was “President Trump’s Economic Policies: A Balanced Assessment.” After giving some basic background about myself, I showed them a poem that summed up my talk. I’m hereby copyrighting it. There was a president, Who had an orange curl, Right in the middle of his forehead. When he was good He was very good indeed, But when he was...

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A trade war is not a carbon tax

Tyler Cowen recently asked this question: Is the trade war with China a carbon tax? Of all the questions I’ve seen Tyler ask, this is the easiest to answer. A trade war is not a carbon tax, and indeed it’s not even close to being a carbon tax. What would be a close substitute for a carbon tax? The answer to this question is also pretty straightforward. A cap and trade system for carbon emissions, with the permits auctioned by the government, would be a fairly close...

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Backfire economics: Consumers are and will be paying higher prices due to Trump’s tariffs/taxes on Americans – Publications – AEI

AEI Backfire economics: Consumers are and will be paying higher prices due to Trump’s tariffs/taxes on Americans From CNBC: The average American household will be down $1,000 per year thanks to the newest round of tariffs on Chinese goods, according to J.P. Morgan. The firm estimates the average annual tariff cost per household will increase from $600 from the first two rounds of tariffs. The new tariffs are scheduled to begin Sept. 1 and in mid-December. “What distinguishes China...

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Backfire economics: Trade war updates – Publications – AEI

AEI Backfire economics: Trade war updates 1. Jake Tapper interviewing White Trade advisor Peter Navarro today on CNN: “You and the administration keep saying the entire burden of these tariffs and this trade war is being borne by China.” Peter Navarro: “And that is absolutely true. We have seen absolutely no evidence in the price data. It’s not showing up in the consumer price index. They’re not hurting anybody here. They’re hurting China.” 2....

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Venn diagram of the day on the gobbledygook that is Tariff Man’s trade ‘policy’ and the gullibility of his supporters – Publications – AEI

AEI Venn diagram of the day on the gobbledygook that is Tariff Man’s trade ‘policy’ and the gullibility of his supporters The Venn diagram above was inspired by Don Boudreaux’s post on Cafe Hayek featuring an email from his intrepid college Veronique de Rugy, reprinted below in its entirety: President Trump explained yesterday that he would delay the new wave of tariffs on China to December 15th as to not derail Christmas shopping in America. That implies that he...

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