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    Top 10 Reads: July 13, 2011

    Catching you up on clips, commentary and news of the day. Sign up for the daily email update from Scribe. Economy Needs Tax Reform, Not Tax Hikes – J.D. Foster Paul Ryan Schools Sebelius at Hearing … Ouch! – Kathryn Nix Republicans Split on Trade Tactics – Vicki Needham NAT GAS … More

    Federal Spending and the Trade Deficit

    In 1987, President Ronald Reagan explained the relationship between federal spending and the U.S. trade deficit: “Here in the United States, we must restrain government spending. Our trade deficit in goods and services reflects that, over the past several years, we have spent more than we have produced—and we have … More

    Smoot–Hawley Anniversary Serves as Reminder of Protectionism's Damage

    Today marks the 81st anniversary of the passage of the Smoot–Hawley Tariff Act. Actor and economist Ben Stein famously explained this legislation in Ferris Bueller’s Day Off, the classic John Hughes movie that was released 25 years ago this month: In 1930, the Republican-controlled House of Representatives, in an effort … More

    Monthly Trade Statistics Report: Misleading and Dangerous

    The U.S. Commerce Department today announced that the trade deficit for April was $43.7 billion. This number is misleading because it implies a “deficit” in terms of dollars leaving the country, which is not the case. For example, the trade deficit numbers do not include the billions of dollars foreigners … More

    Trade Deficit: Made in the USA?

    The U.S. Bureau of Economic Analysis just announced that the trade deficit for March increased to $48.2 billion. The federal budget deficit plays a major role in creating U.S. trade deficits. When the government sells Treasury bonds to finance the budget deficit, it competes with U.S. exporters and private borrowers … More

    Political Leaders' Latest Scheme: Big Taxes on U.S. Exports

    Several U.S. political leaders have recently reiterated their desire to punish countries that undervalue their currencies. News flash: Since June 7, 2010, the value of the U.S. dollar has fallen 17.3 percent. If the United States gives countries a green light to designate low currency rates as an unfair trade … More

    Donald Trump Has A Lot to Learn About China

    This is how Donald Trump recently described China: “They’re making all our products. They’re taking all our jobs. And then they loan the money back and we pay them interest. It’s an amazing phenomenon.” A strong statement, but only one-third of it is true. China is not making all of … More

    KORUS Trade Pact Keeps Pressure on North Korea

    By further cementing the positive relationship between South Korea and the United States, the pending South Korea–United States (KORUS) free trade agreement will further weaken the oppressive North Korean regime’s strategic position and help disabuse the regime’s leaders of any hopes they might have had of flagging U.S. support for … More

    Is the Democratic Blockade of Trade Really Over?

    This time about three years ago, a California Democrat exercised legislative power to do something unprecedented in America’s international trade policymaking. Effectively ending more than five decades of bipartisan consensus on trade policy, on April 10, 2008, then-House Speaker Nancy Pelosi and her like-minded colleagues unilaterally and irresponsibly amended House … More

    Spoonful of Sugar Needed to Stomach U.S. Trade Policy

    Early American colonists, no strangers to the perils of intrusive government, protested the Molasses Act of 1733, which imposed taxes on imported sugar, rum, and molasses. Sugar taxes ignited a desire for trade freedom that helped lead to revolution. In the United States today, sugar policy consists of regulations and … More