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Wednesday, August 10, 2022

U.S. Says China Blocking Boeing Purchases Worth ‘Tens of Billions’

The Chinese government is allegedly blocking domestic airlines from purchasing “tens of billions of dollars” in planes from Boeing, a U.S. multinational aerospace company, U.S. Commerce Secretary Gina Raimondo told reporters Tuesday. “I don’t know if Boeing is here. … There’s tens of billions of dollars of planes that Chinese airlines want to buy but the…

Beijing’s Trade with U.S. Up 133.4% in First Quarter

The customs agency for Beijing released data on Monday that showed trade with the United States increasing by 133.4 percent in the first quarter of 2021 to reach $12.5 billion. Total trade for the city with all partners was up by 8.8 percent from the pandemic year of 2020, and 1.9 percent higher than pre-pandemic…

Russia Suggests World Adopt Arctic Trade Route as Alternative to Suez Canal

Russia’s Rosatom State Nuclear Energy Corporation suggested freight shippers should consider the Northern Sea Route as an “alternative” to Egypt’s Suez Canal on Thursday after a container ship blocked the canal and halted billions of dollars worth of trade this week. The Japanese-owned, Panama-flagged MV Ever Given container ship became lodged in the Suez Canal on March…

Fact Check: Joe Biden Falsely Claims GOP Kept Obama from Renegotiating NAFTA

CLAIM: Former Vice President Joe Biden argued on Thursday that during the Obama administration, Democrats were hampered in their promise to renegotiate the North American Free Trade Agreement (NAFTA) by Republicans in Congress. VERDICT: Mostly False. The Obama administration was in office less than four months when the White House announced they would not reopen…

Donald Trump: Joe Biden Never Got It on Trade, and Still Doesn’t Get It

President Donald Trump again criticized former Vice President Joe Biden’s understanding of trade policy in the United States. President Trump noted that the overwhelming majority of Washington politicians do not understand trade issues, allowing jobs in states like Pennsylvania to get shipped overseas. “Nobody else got it,” the president said. “Especially Biden, he never got…

“It’s All One Big Trade”

Following up on our earlier discussions of the myriad of market abnormalities observed in today's market (here and here), Bank of America's Research Investment Committee has come up with an alternative, somewhat simpler explanation for some of the most patently absurd events seen in markets in more than one generation. According to BofA's Jared Woodard,…

COVID & Trade War Crush L.A., Long Beach Ports In First Half 

The Ports of Los Angeles and Long Beach are still dormant, recording double-digit cargo declines last month, ending the first half significantly lower when compared with the same period in 2019, reported Los Angeles Daily News. Both ports are some of the busiest seaports in the US. The Port of Los Angeles reported this week that cargo in June fell 9.6% compared to…

America Must Fight For Global Industry Leadership Again

After decades of looking away as America’s supply chains migrated overseas, policymakers are finally facing the reality that dependence on foreign producers has weakened America’s resilience, security, and economy. The COVID-19 pandemic has cast a harsh spotlight on this failure, leaving the nation unacceptably exposed, our capacity depleted, and our essential workers turning to China…

U.S. Faces Meat Shortages as Pork, Other Protein Exports to China Soar

NICOLAS ASFOURI/AFP/Getty Images The coronavirus outbreak has impacted the U.S. food supply chain, including the disease infecting workers at meat processing plants, causing operations to shut down and resulting in slaughtering of livestock that can’t be processed and shipped to retailers. Some restaurant chains are also facing shortages, including Wendy’s, which announced it had run…

Time To Rethink Economics (Part 2)

Job-creation is and always has been a massive priority of governments worldwide. In 2012, the World Bank claimed 600 million new jobs needed to be created over the next fifteen years. In this connection, here is a classic quote from 1933: “A war would be a great idea…Another war would give our three million unemployed…

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