One shows that they are economic fraudsters over and over, with discredited ideas, but they keep on coming back. From WaPo:
…his top economic advisers … to map out a trade-focused economic plan for his presidential bid…. including former senior White House officials Larry Kudlow and Brooke Rollins, as well as outside advisers Stephen Moore and former House speaker Newt Gingrich…
From an Finance and Development (June) article, by Douglas Irwin (Dartmouth), author of Clashing over Commerce: A History of U.S. Trade Policy (University of Chicago Press, 2017), Free Trade under Fire (Princeton), and currently President of the Economic History Association.
A CMU-UW Madison-Columbia U-Rand zoom event on “Managing the US-China Trade and Technology Conflict: Is There a Better Way?” (April 17th) with experts (some of whom are coauthors, colleagues, and friends of mine).
That’s economist Trump in 2018, as cited in Coy (2018). Now, from USITC “Economic Impact of Section 232 and 301 Tariffs on U.S. Industries” (page 22), a conflicting assessment.
The Commission’s econometric model estimates that tariffs under sections 232 and 301 resulted in a nearly one-to-one increase in prices of U.S. imports following the tariffs. This implies that a 10 percent ad valorem tariff raised the price of U.S. imports from China by about 10 percent. This nearly complete pass-through (meaning that prices received by exporters were largely unaffected and prices paid by U.S. importers increased by the same amount as the tariffs) is unusual but has been similarly found by other recent studies, which conclude that U.S. importers have borne almost the full burden of section 301 tariffs.
Advance estimate for January 2023 goods exports out today. Big jump, compared to the pre-pandemic past, but not compared to the recent past.
Last Thursday, I talked on WPR’s Central Time about the national economy and Wisconsin’s outlook given President Biden’s policies. I noted that the macro outlook had improved substantially since last December, as the economy proved more resilient than expected, and inflation decelerated more than anticipated. That was true nationally, as well as locally.
Today, we present a guest post written by Jeffrey Frankel, Harpel Professor at Harvard’s Kennedy School of Government, and formerly a member of the White House Council of Economic Advisers. A shorter version appeared at Project Syndicate.
From the Netherlands Bureau of Economic Policy Analysis (CPB), world trade volume through April 2022:
[Updated 7/22 using 7/22 BOFIT Weekly Monitor information] It depends on what you mean by “working”, even if Russian GDP (as reported) hasn’t collapsed yet in the reported statistics yet, the worst is likely yet to come. And some effects won’t be easily measurable.
I’m giving a presentation on what determines Wisconsin exports. Here’s an interesting finding – since 2018, real goods exports have underperformed what would’ve been expected based on rest-of-world GDP and the real value of the US dollar.