On July 13, the government released international trade statistics for the first five months of the year showing a growing trade deficit—and almost no one got the story right. Here are some examples: “Trade Deficit Gets even Worse,” announced the July 13, 2010 Yahoo! Finance headline. “Trade Deficit’s Increase Seen …
President Barack Obama recently announced the appointment of 20 private-sector members to the President’s Export Council. Although the President promised to provide Americans an “unprecedented level of openness in Government,” the White House announcement did not mention the numerous financial connections between President Obama and his appointees. To correct that …
The latest study by the McKinsey Global Institute reveals some astonishing facts concerning contributions of U.S. global companies to the American economy. According to the report: With their share less than ONE percent of the total number of U.S. companies, U.S. international companies employ almost 20 percent of the U.S. …
Responding to North Korea’s torpedoing of a South Korean warship in March, I blogged a series of recommendations – one being that we should ratify the long shelved Korea-US Free Trade Agreement (KORUS). It has many economic benefits, and would demonstrate “no retreat by the U.S. from Northeast Asia,” I …
In remarks on World Environment Day, the Director-General of the World Trade Organization (WTO), Pascal Lamy, pointed out that, “Trade opening has much to contribute in the fight against climate change and to the protection of the environment.” Indeed, the most practical improvements in energy efficiency and protecting the environment …
The Obama Administration, the Democratic Congress, and their friends in organized labor are quick to blame unemployment on the trade deficit. Facts don’t support that assessment. The historical record shows a *positive* correlation between aggregate trade deficits and job creation – a trade deficit signifies *more* jobs. That’s because trade …
An April 12 article in the Washington Post poses a timely question concerning one of our longtime friends: “In a world of dangerously failed states and willful challengers to American leadership, South Korea is an astoundingly successful democracy that wants to be friends. But will America say yes?” At the …
On April 6, last minute action by the Obama administration averted a near trade conflict with Brazil concerning the trade-distorting U.S. cotton subsidy programs. With the provisional deal, the U.S. avoided about $830 million in trade sanctions on over 100 American exports targeted by Brazil. Those retaliatory tariffs would have …
