Entries Tagged 'Jobs' ↓

Trump’s Terrible Tariffs

This year the Spring 2109 issue of my alumni magazine from the University of Wisconsin-Madison printed a brief article titled, “What’s the Tiff About Tariffs?”

In this article, U.W. Economics professor, Menzie Chinn, alleged that Trump’s tariffs are failing to protect domestic U.S. industries from foreign competition.

In previous posts on Brucenomics, the earliest on December 2016, “The Emperor Has No Clothes,” and the latest on March 12, in “Word of the Day — Tariffs“, I argued that Trump’s tariffs were not likely to improve the U.S. economy.

In early 2018, when I first read about President Trump’s tariffs on Canadian aluminum and steel, I worried his actions might well drive the U.S. into the arms of oligarch-owned companies in Russia. Previously we had bought the bulk of those two raw materials from Canada.

U.W.’s alumni magazine this year confirms my fears. Continue reading →

Word of the Day — Tariffs

Nearly everyone and his or her brother and sister have come out against Trump’s tariffs on steel and aluminum this week! 25 percent on steel and 10 percent on aluminum.

I have read some things I didn’t know about tariffs on steel and aluminum. Most of these things came from an article in The Conversation titled “George W. Bush tried steel tariffs. It didn’t work” by William Hauk, Associate Professor of Economics at one of my alma maters, the University of South Carolina in Columbia.

Here are some facts I didn’t know

Continue reading →

Trump’s Trade and Infrastructure Weaknesses

Today the Financial Times reports that American expatriats living abroad will have to pay higher taxes on any holdings in foreign businesses.

This is due to the hasty provisions Republicans put into their tax law to get mega-corportions like Apple and Google to bring back profits earned abroad to the United States.

But will those repatriation provisions to get US corporations to bring home more foreign earnings even work to create more jobs for Americans?”

The answer is “No!”

Why? Continue reading →