Free Republic

MP Materials, which runs the sole operating rare earths mine in the United States, is an unusual victim in the year-long tit-for-tat trade war between the two largest economies on the planet, as the conflict looks set to open up a new battlefront over technology. The operator of the Mountain Pass mine in California said it will kick-start its own processing operation by the end of 2020, after China last week more than doubled an import duty on concentrates to 25 per cent effective June 1. MP exports pellets – ground-up ores that contain oxides of rare earth elements –...

White House Director of Trade and Manufacturing Policy Peter Navarro confirmed Wednesday the administration is working on an executive order to eliminate the government’s reliance on foreign-made medical supplies. The “Buy American” order comes on the heels of concerns expressed by senators during their Tuesday meeting with President Donald Trump on Capitol Hill. [snip] The order would prevent federal agencies from purchasing medical supplies, including face masks, gloves and ventilators, from China. [snip] China has prevented the export of surgical face masks, severely limiting supplies in the U.S. and countries around the world. “China has managed to dominate all aspects...

The most important question raised in the Democratic Party’s South Carolina debate did not concern such foolish measures as Medicare-for-All, reparations for slavery, or Joe Biden’s imbecilic exaggeration about murder statistics (150 million murders in the USA? Really?). The key issue of the day was only mentioned in passing, by Michael Bloomberg, of all people, and it was immediately set aside… and of course, he got it wrong. Michael Bloomberg tried to make a case for his nomination, on the grounds of his own extensive business experience… and his own long and happy collaboration with Mainland China. He talked about...

President Trump knew that it was unreasonable and unsafe for the US economy to be so dependent on China. He was ridiculed for his tariffs which now appear to have prevented a major economic catastrophe due to US companies moving their operations out of China over the past couple years. Last night, Melissa Francis from FOX Business Network, was on Tucker Carlson Tonight and she shared this observation: Because he [President Trump] started this trade war that was costing companies money, they went out and set up different ways that, well maybe we can get this from here, here’s our...

BEIJING -- China on Friday suspended more punitive tariffs on imports of U.S. industrial goods in response to a truce in its trade war with Washington that threatened global economic growth. Financial markets have welcomed announcements by both sides of reductions in penalties on each other’s goods, though they have yet to resolve much of the conflict that erupted in 2018 over Beijing’s technology ambitions and trade surplus. Goods affected by the latest reduction include industrial components and medical and factory equipment, according to the Finance Ministry. It gave no details of the value of goods affected but said penalties...

BEIJING—China will grant exemptions on retaliatory duties imposed against 696 U.S. goods, the most substantial tariff relief to be offered so far, as Beijing seeks to fulfill commitments made in its interim trade deal with the United States. The announcement on Feb. 18 comes after the Phase 1 trade deal between the two countries took effect on Feb. 14 and is the third round of tariff exemptions China has offered on U.S. goods. China has committed to boosting its purchases of goods and services from the United States by $200 billion over two years as part of the agreement, and...

The annual 2019 trade figures for the United States came out last week, heralding some encouraging news. America’s enormous international trade deficit actually declined slightly from 2018. This was the first decrease in six years, with the deficit in goods and services dropping 1.7%, to $616.8 billion. Better yet, America’s bilateral trade deficit with China fell for the first time in four years, dropping a hefty 17.6%, to $345.6 billion. These are promising numbers and they show that tariffs on Chinese products are successfully moving the needle on U.S. trade flows. In fact, America’s 2019 imports from China actually fell...

"Hello Goodbye" by the Beatles, a number one song from early 1968 here in the USA. That's around the time my father left the factory to higher paying and longer lasting government employment as inflation kicked in here in the USA. Lyndon Johnson was ramping up government with Medicare and Medicaid and the cost of medical care was beginning to skyrocket, debt was beginning to accumulate and wow here we are 23 trillion dollars plus later. The 2021 federal budget proposed by President Trump adds another 966 billion to that. Well the currency is devalued and its easy to tell...

French winemakers hit by US tariffs imposed in a transatlantic trade war over airplane subsidies on Tuesday demanded help from their government and European planemaker Airbus. French wine exports to the US have plunged since President Donald Trump in October imposed 25 percent tariffs on a range of European delicacies in retaliation for EU subsidies of Airbus, arch-rival of America’s Boeing. The French finance ministry last week announced that wine exports to the US — the second-biggest export market for French wines after Germany — had fallen by 44 percent in value from October to November. On Tuesday, the vice-president...

Retaliatory duties on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China’s Ministry of Finance. The adjustments will take effect from 1:01 p.m on Feb. 14, it said, without specifying which time zone it was referring to. The statement said the move was made in order to “advance the healthy and stable development of China-U.S. trade.” China said that the next adjustment will depend on how Sino-U.S. trade ties evolve, adding it hopes to work with Washington to completely eliminate all tariff increases.

President Trump wasn’t called a racist until he ran against Hillary. That’s how liberals operate. Play the race card every time. They’ve done it for decades. Fortunately, minorities aren’t falling for it as much as they used to. The black people no longer think they are victims – but free men – to do and achieve as they can. Just like all should be able to do. In November, two polls found that President Trump’s approval rating among black likely voters had reached 34%. An Emerson poll found that Trump has a 34.5% approval rating among black likely voters and...

NEW DELHI/BENGALURU (Reuters) - India on Saturday raised taxes on imports of goods such as electronic items, toys and furniture, aiming to give impetus to domestic manufacturing in a move that will hit Sweden's IKEA and other foreign firms. The measures, announced by Finance Minister Nirmala Sitharaman in her 2020-21 budget, come amid criticism from some companies that India has increasingly resorted to protectionist rules that discriminate against foreign companies. Listing the new taxes, the government said they were in line with Prime Minister Narendra Modi's "Make in India" programme aimed at promoting domestic industry. Taxes on imports of items...

Tariffs were once a mainstay in U.S. trade policy. Constituting the main source of federal revenue from 1790-1914, and at one point providing over 90% of government income, they were a pivotal component of U.S. fiscal and foreign policy. Their main motivation in those times: protect U.S. industry from foreign opposition. It wasn’t until colossal industrial growth coupled with the introduction of the income tax rendered them less critical to the government balance sheet, and their use declined. Post-World War II, tariffs took on the negative connotation you see today. The West largely eschewed them in favor of free trade...

Today, the Bureau of Economic Analysis released its advance estimate for United States GDP for the fourth quarter of 2019 and the entire calendar year of 2019. The release estimates that real GDP grew 2.1 percent at an annual rate in the fourth quarter of 2019 and 2.3 percent over the four quarters of 2019. Consumer spending and residential investment posted notable gains, propelling GDP growth and setting the stage for future economic expansion. These results show that the economy remains resilient despite a slowdown across the rest of the world and the continuation of the longest expansion in American...

Paul Krugman slammed President Trump for threatening 25% tariffs on European vehicles and auto parts as they posed potential risks to national security. The Nobel Prize-winning economist and New York Times columnist also criticized Trump's refusal to turn over to Congress a report about an investigation into the national-security risks. "Pretty sure that's just plain illegal," Krugman tweeted. "Congress ... didn't make him a dictator free to set tariffs wherever he likes without even offering an explanation."

Nancy Pelosi famously proclaimed that Democrats had to pass ObamaCare to find out what was in it. On the other hand, Democrats in California last year passed legislation outlawing many freelance and independent contracting jobs knowing the disruption it would cause—and voters are now discovering the damage. Ride-hailing app Uber this week rolled out changes for drivers and riders in California in an effort to duck the state’s new labor law AB5. That law reclassified a large swath of independent contractors from freelance journalists to Uber drivers as employees who are owed rest breaks, workers compensation, health benefits and paid...

I was very skeptical when U.S. and Chinese officials announced the two nations had reached a “Phase One” trade deal last December. Neither country released any details regarding the agreement. Chinese officials have been exceptionally muted since the announcement, only emphasizing that the United States would remove a number of tariffs, without mentioning any commitments China had made. Neither the United States nor China even articulated a specific dollar amount of the additional U.S. farm products China pledges to purchase.Last week, both the White House and the U.S. Trade Representative’s Office posted the full text of the agreement, immediately...

The American Left (along with the never-Trumpers who claim to be on the Right) are trumpeting two new studies, which reveal the shocking truth that the American people are paying President Trump’s punitive tariffs on Chinese goods, not the Chinese. Well… Whoop-tee-doo. That’s a newsflash. About as much of a shock as learning that the sun rises in the east. As with all taxes, the tax is paid by the person who pays it. I know that sounds like circular logic, but it’s the only way to put it. An importer pays import tariffs in import shipments. Of course. Generally,...

Three years ago! And one year from now (God willing!) Donald Trump will be sworn in for a second term. But in three short years, these are his accomplishments, just off the top of my head. TPP trade deal - gone Iran Deal - gone Paris Climate Change accords - gone NAFTA - gone (just last week replaced by USMCA) Individual Mandate to purchase health care - gone Corporate Taxes - slashed to 21% Regulations - large bulk eliminated Judges - Confirmed (185 total, 2 Supreme Court, 50 Circuit, 133 District) NATO - paying more of its dues ISIS Caliphate...

Watch cable news, particularly CNN or MSNBC, and hear how the “walls are closing in” on President Trump. Impeachment is underway, a solemn and sober process, celebrated by House Speaker Pelosi handing out autographed pens during the impeachment article signing ceremony. One would think she was signing landmark legislation like the Civil Rights Act given the pomp and circumstance. Meanwhile the Senate passed the USMCA trade agreement, now ready for Trump’s signature, another promise made and kept by the accidental president who has no idea what he is doing. The rube of a president also announced a trade deal with...