Free Republic

The Real Economics of Tariffs: Why America Holds All the Cards The debate over tariffs is often frustrating because it so seldomly touches on reality instead of whiteboard economics of the Ivory Tower. Critics focus on textbook theories about comparative advantage and free trade efficiency, but they ignore the fundamental reality of how global trade actually works today. For decades, the U.S. has played a peculiar role in the global economy: we consume what the rest of the world produces. That is not a neutral or natural arrangement. It’s the result of policy choices—ours and theirs. And tariffs are finally...

A new and potentially significant source of demand is that of demand from Iran. Iran imported a massive $1.2 billion worth of precious metals from Turkey in April alone. Turkish exports of gold, precious metals, pearls and coins to Iran rose to $1.2 billion in April from a tiny $7,500 a year earlier, according to figures released by the state statistics institute in Ankara yesterday. This is a massive increase in demand and suggests that there may be official involvement in the imports from the Central Bank of Iran. This trend continued in May when Turkish gold imports leapt by...

A historical US flag stolen from the grounds of a school built on the site of a former American naval base has been returned after it was recovered from a bonfire in Londonderry. The flag was taken from Foyle College on the city's Limavady Road in early July. On Monday, independent Derry City and Strabane District councillor Gary Donnelly said he believed the flag had been removed from the bonfire. Foyle College confirmed on Tuesday that the flag had now been handed back to the school. The school thanked those involved in securing the safe return of the flag.

S&P's latest projections show India's GDP growth will remain steady at 6.5 per cent in the ongoing fiscal year, matching the previous financial year's performance. New Delhi: US President Donald Trump's punitive tariffs on Indian imports will not impact India's economic growth, and its sovereign ratings outlook will remain positive, according to S&P Global Ratings Director YeeFarn Phua. New Delhi is facing a 50 per cent US tariff--comprising 25 per cent that kicked in on August 7 and another 25 per cent due to come into force on August 28 as a penalty for buying Russian oil. Speaking at...

A deepening spat between the US and India could cancel this year’s Quad leaders’ summit, potentially delaying a planned meeting between Donald Trump and Anthony Albanese and undermining the region’s premier democratic bloc against China’s rise. The Albanese government is concerned by the escalating tensions after the US president threatened to slug Indian exports to America with an extra 25 percentage points in tariffs unless it curbs purchases of Russian crude oil. But as ties between Washington and New Delhi come under severe strain, Indian Prime Minister Narendra Modi on Thursday signalled he planned to travel to China later this...

During an appearance on ABC’s “Jimmy Kimmel Live” on Monday, failed Georgia gubernatorial candidate Stacey Abrams alleged President Donald Trump was taking steps to cancel elections in the United States. Abrams outlined 10 steps to guest host Anthony Anderson in her book, which she was promoting, that would ultimately lead to an “autocracy.” “[Y]ou criticize the media, and you create your own echo chamber of propaganda,” Abrams said. “You call it truth even though you know you’re lying. Then you go to the next step, and I call that step seven. It’s at step seven you have to blame someone....

Chicagoans can’t catch a break when it comes to the cost of living—at least, according to a new study from home-goods pros Highland Cabinetry, which ranks the most overpriced cities in the U.S. Analyzing a diverse range of metrics that consider not only the cost of living but also the quality of life in the Windy City—including the exorbitant expense of housing, earned income, relative safety, traffic and so on—the study sourced its data from the likes of the U.S. Bureau of Labor and Zillow real estate stats. While Newark, New Jersey earned the number one spot for being the...

Iranian Foreign Minister Abbas Araghchi, who led the stalled nuclear deal talks with the United States, demanded in a letter to the United Nations on Sunday that the global body help Tehran seek “reparation” for the damage caused by American airstrikes on his country’s illicit nuclear sites. The letter, according to the Iranian propaganda website PressTV, insisted that the Security Council had a responsibility to “hold the aggressors accountable,” referring to Israel and the United States, and recognize the targeted attacks on Iran’s terrorism apparatus as “heinous and serious crimes.” “We solemnly request that the Security Council recognize the Israeli...

The White House refuted a leaked report that stated Iran’s nuclear capabilities were not totally destroyed in the U.S. airstrike. President Donald Trump announced that Israeli officials believe the U.S. airstrike targeting an Iranian nuclear site over the weekend has made it “totally inoperable” and set the regime back for years. “The devastating U.S. strike on Fordow destroyed the site’s critical infrastructure and rendered the enrichment facility totally inoperable,” Trump told a NATO conference in the Netherlands, reading the statement from the Israeli Atomic Energy Commission

Dangit, that's 8 months ahead of real life. But guess what - it's catchy.

Sen. John Fetterman (D-PA) responded to the news that the United States had carried out strikes on several nuclear sites in Iran, describing it as the “correct move.” In a post on X, Fetterman described Iran as being “the world’s leading sponsor of terrorism,” adding that they “cannot have nuclear capabilities.” Fetterman’s post came after President Donald Trump revealed in a post on Truth Social that the U.S. had completed a “very successful attack” on several nuclear sites in Iran. “As I’ve long maintained, this was the correct move by @POTUS,” Fetterman wrote. “Iran is the world’s leading sponsor of...

Wednesday on ABC’s “The View” co-host Whoopi Goldberg said the rights of black people in the United States are under attack at the “same” level as Iranians living under an Islamic regime. Co-host Alyssa Farah Griffin said, “Let’s just remember, too, the Iranians literally throw gay people off of buildings. They don’t adhere to basic human rights.” Goldberg said, “Listen here is the thing, let’s not do that, because if we start with that, we have been known in this country to tie gay folks to the car.” Griffin said, “The Iranian regime is today is nothing compared to the...

President Donald Trump announced, “We now have complete and total control” of Iranian airspace and that the U.S. knows “exactly where” Ayatollah Ali Khamenei “is hiding.” Trump’s announcements came in a string of Truth Social posts. “We now have complete and total control of the skies over Iran. Iran had good sky trackers and other defensive equipment, and plenty of it, but it doesn’t compare to American made, conceived, and manufactured ‘stuff,'” Trump wrote. “Nobody does it better than the good ol’ USA,” he added. Trump then said the United States knows where Khamenei is located.

The Benefits and Risks for China Regarding the Israel-Iran Conflict Given the Irael-Iran conflict, I created SITREPs for those wishing to follow my thought process. I’ll adjust and I won’t always get it right. It is my thinking, nonetheless. Today’s focus: China’s benefits and risks. Because of this conflict, China’s benefits, are primarily strategic and indirect, rooted in its broader geopolitical and economic interests. Below are the specific ways China gains: 1. The conflict weakens U.S. Influence in the Middle East. It diverts U.S. attention and resources from Asia, where China faces pressure over Taiwan and the South China Sea....

Sen. John Fetterman (D-PA) praised the celebrations for the 250th anniversary of the United States Army, noting that politics aside, it is “appropriate” for people to celebrate. “This parade is comprised of our sons, daughters, mothers and fathers—the very best of us,” Fetterman wrote in a post on X. “Regardless of your politics, it’s appropriate to celebrate the 250 years of sacrifice, dedication and service.” Fetterman’s words come as leftist protesters across the nation have gathered for “No Kings” protests in contrast to President Donald Trump’s parade to celebrate the 250th anniversary of the U.S. Army.

Chicago’s radical, progressive, Democrat Mayor Brandon Johnson told the media on Wednesday that the Trump administration is “what our country would look like had the Confederacy won.” The race-obsessed, left-wing mayor railed against the Trump administration after hundreds of protesters flooded the streets of the Windy City in opposition to the president’s lawful immigration enforcement policies. Johnson by turns called Trump a “terrorist” and a “racist” in his comments to the press. The mayor with the single worst approval rating in the entire country also reminded the media that he recently said that Trump’s immigration policy is “what terrorism looks...

The U.S. trade deficit in goods and services narrowed sharply in April, falling to $61.6 billion from $138.3 billion in March—the largest monthly improvement on record—driven by a steep drop in imports and continued strength in American exports. The 16.3 percent decline in imports, the biggest on record, coincided with the introduction of new U.S. tariff schedules and followed months of accelerated purchasing by companies anticipating higher duties. Analysts noted that much of the shift reflected a hangover after months of elevated imports as businesses rushed to bring in goods ahead of the tariff hikes. At the same time, exports...

Where you live can have a big impact on your mental health. Particularly for seniors, it’s important to settle down in a location that promotes happiness. Older adults face a higher risk of mental health problems due to circumstances like the loss of loved ones, loneliness, chronic illness or disability, medications, changes brought on by retirement and other stressors, according to the National Council on Aging. Caring.com, a senior care resource, recently released its Senior Happiness Index, revealing where in the country seniors are happiest based on WalletHub’s state happiness roundup.

Establishment Sen. Lindsey Graham (R-SC) is giving is “more proof of who he is” with his recent visit to Ukraine, the senator’s GOP challenger, businessman Mark Lynch, said during an appearance on Breitbart News Saturday. Host and Breitbart News Washington Bureau Chief Matthew Boyle asked Lynch to respond to the fact that Graham recently traveled to Ukraine to meet with Ukrainian President Volodymyr Zelensky. “I mean, yesterday we were talking about it. When did he become our Secretary of State?” Lynch asked. “You know, like you said, a week ago, Zelensky and Lindsey were left there by themselves. Putin and...

Do I amuse you? The Big Apple boasts the most confident sounding accents in the US, a recent study found. The unique tone, marked by dropped “R”s, shifted vowels (like coffee becoming “caw-fee”) and tough talk — often thought of as a specific Brooklyn or Bronx sound, is particularly associated with working-class, multi-generational New Yawkas. Think Joe Pesci’s “Funny how” in “Goodfellas” and Chazz Palminteri’s iconic “Now youse can’t leave” in “A Bronx Tale” — or anything Fran Drescher. “There’s a rhythm to it that cuts through small talk and its placement and resonance tends to sit further forward giving...