(What’s Left of) Our Economy: New U.S. Manufacturing Production Data (Again) Mock Tariff Fear-Mongering

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aluminum, China, durable goods, Federal Reserve, industrial production, inflation-adjusted output, manufacturing, metals, metals tariffs, metals-using industries, non-durable goods, steel, tariffs, Trade, {What's Left of) Our Economy

If you’re among the legions of tariff alarmists in America’s intertwined political, business, and media establishments, this morning’s industrial production report (for November) from the Federal Reserve turned out to be an especially cruel hoax. It’s overall results seem to reveal that President Trump’s levies on imports of steel, aluminum, and on products from China are (finally!) producing major economic data showing damage to domestic manufacturing in the form of inflation-adjusted output. But the critical details (once again) show absolutely noting of the kind.

Let’s start with the metals tariffs – which started to be imposed in late March – and the performance of industries that make heavy use of them. If the Trump tariffs are indeed going to bite, then you’d think that some evidence would be visible eight months later. But the new Fed data make clear that this evidence still hasn’t appeared. As with last month’s post on the industrial production statistics, I’m including small household appliances. I’m still increasingly convinced that they’re now so small and consequently use little in the way of steel and aluminum, they do incorporate lots of electronics – so in principle they reveal something about the China tariffs’ impact.

The data start with April (the first full month in which the metals tariffs were in place) and go through November. I’m presenting the previously reported and revised October results in order to provide a sense of the trends’ momentum. I’m also adding aircraft and parts, which I carelessly left out last month; therefore, the original October results aren’t available.

                                                    old thru Oct      new thru Oct         thru Nov

overall manufacturing:              +1.30 percent    +0.78 percent     +0.80 percent

durables manufacturing:           +1.93 percent    +1.55 percent     +1.73 percent

fabricated metals products:      +2.06 percent     +1.67 percent     +1.61 percent

machinery:                               +5.09 percent      +4.54 percent    +5.11 percent

automotive:                               -2.42 percent      -1.74 percent     -1.46 percent

small appliances:                      -6.62 percent       -8.10 percent   -10.86 percent

major appliances:                     -3.32 percent       -3.24 percent     -0.88 percent

aircraft & parts:                        not available       +3.54 percent    +3.27 percent

The good news for tariff alarmists is the overall real manufacturing growth slowdown apparent from this table, led by a significant downward revision for October. But look more closely and there’s no reason to blame the metals tariffs at all.

For if they were the main culprit, why would the slowdown be so much more modest in the durable goods sector – where so many of the biggest metals-using industries are found? Why would heavy metals-using machinery still be outperforming big-time? Why would another metals-reliant giant, automotive, be demonstrating such impressive catch-up? And how could the major appliances sector – which has also been hit with a product-specific tariff on large home laundry machines – be making up even more ground?

The details will also prove disappointing to China tariff alarmists. Starting in July, levies on $250 billion worth of imports from the People’s Republic. And so many U.S. domestically manufactured products contain parts and components and other inputs from China that it’s been easy to sell the contention that the higher prices for American industry resulting from the tariffs will backfire on the entire manufacturing sector.

Yet once more, the Fed industrial production data reveal these claims to be “truthy” (i.e, something that pushers want to believe is the case) rather than “true.” As noted last month, Chinese inputs are so widely used that I can’t perform a deep statistical dive for now. But the main manufacturing aggregates don’t bear out the “tariff-mageddon” story for the China levies, either.

As the numbers in the first table for smaller appliances indicate, there’s a case that they’ve been damaged by the China tariffs, since they surely use lots of Made in China electronic components. But the industrial production data writ large show nothing of the kind. The figures below show the changes in real output for manufacturing generally, and for its two main super-sectors, for the five months since the first China tariffs were imposed (during the first week of July) and for the five months to and including July.

                                                      March-July                       July-Nov

overall manufacturing:               +0.87 percent                 +0.52 percent

durable goods:                            +0.13 percent                 +2.01 percent

non-durable goods:                     +1.65 percent                  -0.99 percent

The obvious conclusion: Unless Chinese inputs are highly concentrated in the non-durable goods sector (and there’s no justification for this assumption), there’s a problem in non-durable goods stemming from something (or things) other than the China tariffs.  ‘

Luckily for the tariff alarmists, however, there’s no sign that they’ll be held accountable by the institution that’s supposed to be democracy’s watchdog:  the Mainstream Media.  So for the foreseeable future, in terms of what the public will be reading and hearing on trade policy, expect gloom to keep springing eternal. 

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Making News: Last Night’s National Radio China Interview Podcast Now On-Line & a Major Seminar on North America’s Future

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caravans AMLO, Gordon G. Chang, Henry George School of Social Science, Huawei, Immigration, Jorge Castaneda, Lopez Obrador, Making News, NAFTA, North America, North American Free Trade Agreement, The John Batchelor Show, Trade, trade war, Trump

I’m pleased to report that the podcast is now on-line of my interview last night on John Batchelor’s nationally syndicated radio show. Click here for a lively update on the rapidly evolving  U.S.-China trade conflict and the China tech executive’s arrest provided by John, co-host Gordon G. Chang, and me.

Also, late last month, I had the privilege of moderating a seminar held at New York City’s Henry George School of Social Science (where I serve as a Trustee) featuring Jorge Castaneda, a former Mexican foreign minister who also ranks as a leading authority on U.S.-Mexico relations, Mexico’s politics and economy, and Western Hemisphere affairs more generally.

As the title of the seminar noted, North America’s economy is at a crossroads – due to the recent revamp of NAFTA (the North American Free Trade Agreement), the inauguration of a new Mexican President, and the presence of an avowed disrupter in the White House. Let’s not forget, moreover, a new, caravans-fueled stage of the ongoing immigration crisis!

The video is now on-line, and because no one is more qualified than Jorge to explain how all these events do – and don’t – fit together, viewers will be rewarded with a treasure trove of information and incisive analysis.  Here’s the link.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

Making News: Back Tonight on Nationally Syndicated Radio on the Trade War & Huawei

Tags

China, Huawei, Iran, Making News, national security, sanctions, tech, The John Batchelor Show, Trade, trade war, Trump

I’m pleased to announce that I’m scheduled to return tonight to John Batchelor’s nationally syndicated radio show to help provide an update on the U.S.-China trade conflict.  The segment, which is slated to begin at 9 PM EST, will also deal with the arrest in Canada of a senior Chinese technology executive for allegedly violating U.S. national security sanctions on Iran.

You can listen live on-line at this link, and as always, if you can’t tune in, I’ll post a link to the podcast as soon as one’s available.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.

(What’s Left of) Our Economy: Yes, We (Still) Have No Tariffs-Led Inflation

Tags

China, consumer price index, consumer prices, inflation, metals tariffs, tariffs, Trade, Trump, washing machines, {What's Left of) Our Economy

As with yesterday’s producer price data, good luck to anyone trying to find significant tariff-led inflation in the U.S. economy in today’s consumer price numbers (for November), whether on the metals front or the China front. Because it’s still not showing up. There’s one clear exception (household laundry machines), which has been hit with its own product-specific levy since early February, but where doubts still persist about whether the resulting pricing power can stick. Some inflation is also apparent in motor vehicle parts.

Here’s the raw data, first for metals-using consumer goods where – bizarrely – powerful inflationary pressure are already being reported. For comparison’s sake, I’ve also included the statistics for overall “core” inflation (“core CPIU” in government lingo), which strips out volatile food, energy, and housing prices. And for fruits and vegetables, I’ve presented the numbers for these products in their canned and un-canned processed forms, to reveal whether the prices for the steel and aluminum cans in which the former come are driving price trends, or whether other factors have been more important.

                                Oct.-Nov.       Since April        y/y April           y/y Nov

core CPIU             0.14 percent   +0.77 percent  +1.19 percent   +1.51 percent

processed fruits    -0.31 percent   -1.30 percent   -0.36 percent    -0.22 percent

& vegs

canned fruits         -0.42 percent   -0.48 percent   -0.07 percent   +0.69 percent

 & vegs

canned fruits         -0.07 percent   -0.05 percent   -1.52 percent   +0.67 percent

malt beverages     +0.30 percent  +1.78 percent  +0.84 percent   +1.61 percent  

 at home 

alcoholic               +0.25 percent  +1.38 percent  +2.17 percent   +2.60 percent

  beverages away

juices & non-         0.45 percent   +1.64 percent    -0.25 percent   +1.73 percent

-alcoholic drinks

non-frozen, non-    -0.27 percent  +1.19 percent    -0.53 percent   +0.79 percent

  carbonated non-

  alcoholic drinks

non-alcoholic         -0.02 percent  +2.72 percent   +0.03 percent   +3.04 percent

  carbonated drinks

new cars & trucks -0.01 percent   +0.77 percent    -1.62 percent    -0.29 percent

motor vehicle       +0.35 percent   +1.15 percent    -0.74 percent    +2.13 percent

  parts 

The main conclusions emerging from this first table? Between October and November, prices have been weaker than the overall core inflation rate for some products (canned fruits and vegetables, new motor vehicles, and three non-alcoholic drinks categories) and stronger in fewer products (beer and other malt drinks consumed at home, alcoholic beverages consumed in bars and restaurants, and motor vehicle parts). That development alone strongly indicates that metals prices are only one influence on the prices of metals-using products, and likely not the main influence.

Further evidence for the relatively low importance of metals prices, and therefore tariffs? Over the latest data month, prices for canned fruits and vegetables have fallen slightly faster than those for all processed fruits and vegetables, but prices for canned fruits have fallen more slowly. So it’s hard justify foisting lots of blame on the cans.

In addition, care is needed in interpreting all the drink statistics. In the first place, as noted in previous RealityChek posts on consumer prices, the beer and non-alcoholic drinks figures don’t distinguish between products sold in bottles from products sold in cans. And the alcoholic beverages numbers don’t even distinguish among beer, wine, and spirits, on top of combining canned products numbers with the results for products sold in bottles and other kinds of containers (although not much wine and spirits seems to come in cans).

A major spread also emerges from the numbers since April – the first full month when any metals tariffs had been imposed. The price increase for automotive parts is relatively strong, and the hikes for all drink categories are especially robust. These indicate that demand for drinks of all kinds has been up significantly during this period, but the data are complicated again by the failure to distinguish drinks sold in cans and in other packages. And most of these trends are clear and complications are clear from the two year-on-year statistics.

Less information about the impact of China tariffs can be gleaned from the new consumer price report, because the first of these levies was only imposed in early July, and most of these were slapped on producer, not consumer goods. But some of these products contain a great deal of producer goods like steel or electronic components, and the figures for two of them are presented below – including the latest monthly results, the price changes since July, and the July and latest year-on-year data. And tariff-led inflation of any kind…just isn’t.

                              Oct.-Nov          Since July          July y/y            Nov y/y

core CPIU         +0.14 percent    +0.34 percent  +1.48 percent    +1.51 percent

tools, hardware  -0.24 percent     -0.31 percent   -0.07 percent     -0.12 percent

  et al

video/audio       +0.14 percent    +1.06 percent   -0.79 percent     -0.38 percent           equipment

But there is one product for which tariff-induced price hikes are clear, and that’s those separately tariff-ed household laundry machines. Here are the data for October-November, since February (shortly after they began, and year-on-year for February and November.

                                    Oct.-Nov.       Since Feb            Feb y/y            Nov y/y

core CPIU               +0.14 percent  +0.74 percent   +0.91 percent   +1.51 percent

laundry equipment +2.97 percent +18.25 percent    -7.61 percent  +15.52 percent

Of course, the steel levies have no doubt contributed to the elevated prices, too. Even here, though, it’s interesting that despite a big October-November price jump, the year-on-year increase in November prices is somewhat lower than that for February. Also, even with the big new monthly surge, washing machine prices remain at four-and-a-half-year lows. In other words, as with steel and aluminum, these goods were flooding the U.S. market and sold at prices having little to do with any free market forces, much less free trade.

Im-Politic: Elizabeth Warren, Nationalist?

Tags

Elizabeth Warren, Emmanuel Macron, global poverty, globalization, Im-Politic, nationalism, progressives, Seattle WTO protests, third world, Trade, World Trade Organization, WTO

Whatever its historical roots, “nationalism” has recently become a dirty word. Among the dangers embodied by this concept, as determined by political correctness authorities such as France’s (politically besieged) President Emmanuel Macron, it’s “a betrayal of patriotism. By saying ‘Our interests first, who cares about the others,’ we erase what a nation holds dearest, what gives it life, what gives it grace, and what is essential: its moral values.”

How stunning, therefore, to read Elizabeth Warren’s recent speech on U.S. foreign policy. According to this definition, the Massachusetts Democratic Senator, progressive heroine, and likely 2020 presidential hopeful, is a card-carrying, selfish, immoral (amoral?) America First-style nationalist – at least when it comes to international trade and related globalization issues.

Skeptical? Just read the Warren transcript. On the one hand, she admitted that “The globalization of trade has opened up opportunity and lifted billions out of poverty around the world” – which by any standard is a pretty remarkable achievement. Yet on the other hand, Warren condemned the “trade and economic policies” behind this epic success for failing to deliver “the same kind of benefits for America’s middle class.”

In fact, she emphasized, “U.S. trade policy has delivered one punch in the gut after another to [U.S.] workers and to the unions that fight for them.”

It’s true that, elsewhere in her speech, Warren briefly referred to revamping American trade policy to ensure “that workers are meaningfully represented at the negotiating table and build trade agreements that strengthen labor standards worldwide.” But much more often, she lambasted agreements like the North American Free Trade Agreement (NAFTA) and its successor, the U.S.-Mexico-Canada Agreement (USMCA) for encouraging “outsourcing jobs to Mexico.”

In other words, either such outsourcing somehow failed to ameliorate poverty in Mexico (even though Warren credits it with uplifting the poor elsewhere), or she assigns little importance to achieving that goal. In either case, Warren has some major explaining to do.

Also fascinating about Warren’s speech: If it’s to be taken seriously (never a sure thing when it comes to politicians’ rhetoric), it would represent a significant, and in my view, welcome change in progressives’ take on trade, globalization, and what’s fundamentally wrong with them.

For since these issues became front-page news during the debate over NAFTA, at the start of the 1990s, critics to the left-of-center have proclaimed that U.S. trade and related policies would remain unacceptable unless they boosted living standards everywhere, not just in America – and that they had betrayed workers in developing countries as completely as their counterparts in the United States.

American progressives’ emphasis on the devastation created in the third world by U.S.-spearheaded trade arrangements came to a head during the Seattle World Trade Organization (WTO) protests in 1999 – as did the companion belief that win-win solutions for workers and consumers everywhere should be and could be the very raison d’etre of the global economy. And as indicated by this 2015 statement from the Congressional Progressive Caucus, it remains their party line today.

The point here is not that no conceivable form of globalization can ever produce globe-wide benefits. Instead, it’s that the road to mutual gain is unlikely to proceed in a straight, smooth, uninterrupted line, and that without recognizing that hard choices are likely for the foreseeable future, and that those global benefits may not be distributed evenly, the worst of all worlds is all too likely.

So here’s hoping that her speech is evidence that Warren is becoming aware of these at-least-likely complications, that she’ll start prompting such globalization realism on the American Left – and that she won’t be deterred by apologists for a failed status quo who, along with most of her fellow progressives, have been reduced to portraying nationalism as part of the problem, rather than potentially part of the solution.

(What’s Left of) Our Economy: More Evidence of the Crucial U.S. Role in China’s Tech Rise

Tags

Broadcom, China, Daniel Strumpf, Huawei, Intel, Qualcomm, Silicon Valley, tech, tech transfer, The Wall Street Journal, Trade, Trump, {What's Left of) Our Economy

If you need any further evidence that American technology firms have played vital roles in China’s transformation into a major technology power capable of threatening U.S. national security as well as economic interests, check out Dan Strumpf’s article in The Wall Street Journal today. In the process, he inevitably exposes gaping holes in President Trump’s China strategy that need to be closed up pronto if the President is serious about checking China’s dangerous rise.

Here are just some of the highlights of Strumpf’s piece – which is limited to U.S. tech firms’ contributions to the emergence of Huawei, whose CFO (and founder’s daughter) was arrested in Canada a week ago on charges of helping the entity use fraud to evade U.S. sanctions on Iran. (As always, I refuse to use words like “company” or “business” in describing Chinese economic actors, since they have nothing in common with corporate organizations in free market economies.)

>”Silicon Valley giants from Intel Corp. to Broadcom Inc. and Qualcomm Inc. are top suppliers of Huawei, which buys their components to make equipment such as base stations and routers and Huawei mobile phones.”

>”Qualcomm and Intel are also working with Huawei on its development of next-generation 5G technologies, a field in which the Chinese company’s aim to be a global leader has alarmed some in Washington.”

>”Huawei still relies on imports from U.S. chip companies such as Broadcom, Xilinx Inc. and Analog Devices Inc. for components used in its telecom equipment…Huawei buys equipment from data-storage equipment maker Seagate Technology PLC for use in its enterprise business, and uses memory chips made by Micron Technology Inc. in its smartphones….”

>”Intel and Qualcomm, which draw huge revenue from China, are seen by Huawei as more than suppliers. In Huawei’s annual report, Intel is described as a ‘strategic partner,’ and the companies work together in a range of areas, including next-generation 5G technology.”

>”In 2015, Qualcomm, Huawei and China’s largest chip maker, Semiconductor Manufacturing International Corp., launched a joint venture in Shanghai to work on next-generation chip technology.”

And lest you think it’s just Huawei, click here and here for numerous examples of similar assistance rendered by such American corporations to other Chinese entities and industries.

Strumpf’s article also makes clear the flip side of these American companies’ operations: Chinese entities like Huawei have become major customers and sources of revenue for the U.S. tech sector.

Nonetheless, it’s inconceivable that any Trump administration policy to address the China tech threat can succeed if these sales and partnerships are allowed to continue. Silicon Valley will of course cite these earnings in its inevitable campaign to any attempted curbs on its China activities (while simultaneously urging Washington to “do something” about the Chinese intellectual property theft- and extortion-fueled tech ambitions that has these companies scared silly for their own selfish reasons). And that’s why the President urgently needs to get on TV from the Oval Office, explain comprehensively how the tech firms’ massive giveaway of critical knowhow has undermined their country’s future, how his globalist predecessors’ indulgence has enabled this risky business, why the course change he’s engineering in China policy is so essential, and what his end-game is.

Trade wars may not be easy to win, contrary to the President’s recent boast. But can anyone reasonably doubt that this message will be easy to sell?

(What’s Left of) Our Economy: Today’s Jobs Data Once More Refutes Tariff Alarmism

Tags

aluminum, China, Jobs, manufacturing, metals tariffs, metals-using industries, private sector, steel, tariffs, Trade, Trump, {What's Left of) Our Economy

As usual with these releases lately, the newest U.S. monthly jobs report (for November) contains lots of valuable information about the impact of President Trump’s tariff-centric policy on the domestic economy. And as usual, this morning’s findings provide ample evidence that manufacturing sectors widely reported to be either currently hurting or likely to be damaged by levies either on imports of steel and aluminum, or products from China, are actually outperforming the rest of industry and even the rest of the entire economy.

Let’s begin with manufacturing industries that make heavy use of metals as inputs, and that have often been portrayed as major victims of the Trump metals tariffs. Here are the changes in their payrolls since April – i.e., the months since those tariffs began to be imposed in late March. For comparison’s sake, the table also includes the employment results for the entire private sector, and for manufacturing as a whole.

                                              thru September     thru October       thru November

entire private sector:             +0.77 percent      +1.11 percent       +1.10 percent

overall manufacturing:        + 0.76 percent      +0.96 percent       +1.18 percent

durable goods:                      +1.01 percent      +1.21 percent       +1.40 percent

fabricated metals products:  +1.16 percent      +1.12 percent       +1.01 percent

non-electrical machinery:    +1.39 percent      +1.68 percent       +1.85 percent

automotive vehicles & parts: +0.08 percent    +0.73 percent       +0.64 percent

household appliances:            -0.31 percent     -1.10 percent         not available

aerospace products & parts: +3.75 percent      +4.43 percent        not available

Once again, the heavy metals-users generally have been performing well. Household appliances and the automotive sector seem to be the noteworthy laggards. But the former have also been hit by a separate set of tariffs on large household laundry machines as well as a slump in the nation’s housing sector. And most analysts believe that U.S. auto sales have recently peaked because of that market’s individual dynamics and cycles.

Supporting this analysis: The strong performance of other big metals-using industries, like aerospace and non-electrical machinery – which underscores what should be the obvious reality that numerous developments and forces influence employment trends in any given part of the economy.

The only possible area of concern is fabricated metals products, where jobs are still increasing, but where the pace of employment creation has slowed to some degree.

It’s tougher to judge definitively the impact of President Trump’s tariffs on imports from China both because they haven’t been in place for as long as the metals duties, and because they entail such a large number of goods. But given those caveats, it’s still tough to see anywhere in the jobs data support for the conviction that these tariffs either are backfiring badly on American industry or will do so because U.S. domestic manufacturers rely so extensively on so many Chinese-made parts, components, and materials.

If you’re skeptical, take a look at the job-creation records of key American industries with extensive global supply chains – including many Chinese links. This table starts in July, because the initial tranche of China tariffs was imposed during the first week of that month. And again, for comparison’s sake, it includes the economy’s entire private sector:

July through November

entire private sector:                        +0.63 percent

overall manufacturing                     +0.65 percent

chemicals:                                       +1.62 percent

non-electrical machinery:               +0.61 percent

computer & electronics products:   +0.47 percent

automotive vehicles & parts:          +0.96 percent

non-electrical machinery:               +0.61 percent

Judging the China’s tariffs’ real impact will of course become even tougher for the time being, given the 90-day trade truce just agreed to by Washington and Beijing, which may reduce domestic companies’ uncertainty as to the wisdom of continuing business-as-usual with China – or may not. So far, however, claims of widespread or even likely economic harm stemming from this bilateral trade war look as deserving of urban legend status as this year’s metals tariffs alarmism.

(What’s Left of) Our Economy: The Wrong Kinds of Records Revealed in October’s U.S. Trade Figures

Tags

China, exports, goods, imports, manufacturing, services, Trade, Trade Deficits, trade war, {What's Left of) Our Economy

October was a month of records, this morning’s U.S. trade figures revealed – and the most noteworthy weren’t the good kind.

All-time highs in two intertwined trade gaps in the news lately stand out: in U.S. goods trade with China, and in manufacturing trade.

October’s U.S. merchandise trade deficit with China hit its fourth straight monthly high – $43.10 billion. And the 7.11 percent sequential increase seemed largely to reflect continued evidence of importers striving to keep ahead of looming tariff increases promised by President Trump (and only partly and temporarily headed off by this past weekend’s announcement of a bilateral trade truce). American purchases of goods hit their second straight monthly record – $52.23 billion.

The story on the goods exports side reflected trade war-related developments as well, as U.S. merchandise sales to China slumped 6.73 percent sequentially, to $9.13 billion – their lowest level since August, 2016 ($9.37 billion).

On a year-to-date basis, American goods imports to China are up 8.26 percent, while exports have dipped by 0.96 percent. As a result, the merchandise trade deficit is running 11.38 percent of last year’s record pace, and with two data months left in this year, a new all-time high seems certain.

U.S. manufacturing trade, which is strongly influenced by U.S.-China trade, in October recorded its first monthly trade deficit topping $100 billion. The $102.11 billion gap represented a strong 18.95 percent increase from September’s $85.84 billion total, and exceeded the previous record of $92.51 billion (set in August) by 10.38 percent.

On a monthly basis, manufactures exports rose by 3.37 percent, from $97.18 billion to $100.44 billion. But imports surged by 10.67 percent, from $183.02 billion to $202.54 billion.

Year-to-date, the manufacturing trade shortfall is up 11.93 percent, from $761.44 billion to $852.31, and as a result, seems sure to hit the $1 trillion mark this year for the first time.

Manufacturing exports so far have increased by 6.65 percent between the first ten months of last year and the first ten months of this year. But the much greater amount of manufacturing imports has swelled by 9.06 percent.

The combined U.S. goods and services October trade deficit of $55.49 billion represented only a 1.71 percent increase from September’s upwardly revised figure of $54.56 billion. But the October total was the highest yet during the current economic recovery – eclipsing the $54.96 billion level of this past February.

The goods deficit, meanwhile, hit its all-time high in October ($78.11 billion), topping the previous record of $77.63 billion set in July, 2008 – shortly after the start of the last recession.

Overall October U.S. imports of $266.53 billion were a new record, too. Oddly, they came in below September’s previously reported $266.58 billion, but that number was revised down this morning.

Also at all-time records in October were U.S. goods imports ($219.59 billion) and services imports ($46.95 billion).

Year-to-date, the combined goods and services trade deficit is up 11.36 percent over last year’s January-October total. Total exports are up 7.68 percent but total imports have climbed by 8.38 percent.

Those Stubborn Facts: Another “Tariff Man”

Tags

Abraham Lincoln, tariffs, Those Stubborn Facts, Trade, Trump

“The internet mocks Donald Trump’s new super-hero alter ego ‘Tariff Man.’”

—Mashable.com, December 4, 2018

“In the days of Henry Clay I was a Henry Clay-tariff-man; and my views have undergone no material change upon that subject.”

–-Abraham Lincoln, May 12, 1860

 

(Sources: “The Internet mocks Donald Trump’s new super-hero alter-ego ‘Tariff Man,’” by Marcus Gilmer, Mashable.com, December 4, 2018, https://mashable.com/article/donald-trump-tariff-man-memes/#AabcVM_AYqq5; “To Edward Wallace,” Collected Works of Abraham Lincoln. Volume 4, The Abraham Lincoln Association, https://quod.lib.umich.edu/l/lincoln/lincoln4/1:40.1?rgn=div2;view=fulltext. Thanks to @TheMovement_USA)

Making News: New China Op-Ed and National Radio Podcast Now On-Line

Tags

China, Gordon G. Chang, Making News, Thaddeus McCotter, The John Batchelor Show, The Washington Times, Trade, trade war, Trump, Xi JInPing

I’m pleased to announce the publication of a new newspaper op-ed piece.  This morning’s Washington Times carried my article assessing the new trade truce arrived at by President Trump and Chinese leader Xi Jinping.  Click here for the op-ed – which also explains why there’s no point in further negotiations with Beijing, and hasn’t been for a long time.

In addition, the podcast is now on-line of last night’s appearance on John Batchelor’s nationally syndicated radio show.  Click here for an update on that trade truce featuring John, co-host Gordon G. Chang, former Michigan Republican Congressman Thaddeus McCotter, and me.

And keep checking in with RealityChek for news of upcoming media appearances and other developments.