Steel Prices Pre- and Post-Section 232 Tariffs

Reader Bruce Hall writes: Just noticed that steel prices have generally fallen over the past 6 months. https://www.marketwatch.com/investing/index/steel?countrycode=xx . … Mr. Hall seemingly links to a stock price index, rather than the price of steel. No matter; here are two relevant series, as compiled by the St. Louis Fed.

And in Ohio…Contemplating 25% Tariffs on Soybeans

From Brown, Sheldon,AEDE Agricultural Report 2018-001, May 2018: Through calculations made based on a representative west central Ohio farm, and assuming an average degree of Chinese substitution between U.S. and Brazilian soybean import, it is estimated that average net income per year (2018-2024) would drop from $63,577 to $26,107 under the proposed tariff, which translates […]

Are Soybean Tariffs Irrelevant?

I’ve seen the argument that China’s tariffs on soybeans will have no effect because the soybeans will be relabeled so that US soybeans go to Europe, and soybeans that previously went to Europe go to China, evading Chinese tariffs on US soybeans. John Cochrane makes this point. This seems to have surface appeal in a […]

Bruce Bartlett Reminds Us: WMD, Medicare Part D, Steel Tariffs, Harriet Miers

Bruce Bartlett reminds us of the George W. Bush: Screwup-in-Chief, 2001-2008. Short version: Iraq, WMD, unfunded Medicare Part D, Sarbanes-Oxley, Katrina, Harriet Miers, no vetos until second term, tax rebates+credits and nonpermanent tax cuts, steel tariffs, ag subsidies, keeping Cheney, compassionate conservativism, signing McCain-Feingold after threatening to veto, neutering SecTreas, and GSEs.

The CBO on Trade Policy Uncertainty

The CBO’s Budget and Economic Outlook is a must read. In addition to the widening budget deficit (no supply side miracle here), and the downward revision in projected 2018 growth, there is this commentary in the section blandly titled “Some Uncertainties in the Economic Outlook” (page 14 onward): A sizable uncertainty in the U.S. trade […]