Author Archives | stumo

Chinese Latest Attacks on TradeReform Blog

CPA’s IT guy just updated me today on a recent hacking bombardment of our TradeReform blog.  Over 3500 servers from across the world have tried to hack into this blog in the last week.  It was a big coordinated attack. I think it’s the Chinese but am not sure.  As they…

Posted in China2 Comments

Video: Tesla Factory

The general population doesn’t fully understand that manufacturing is not industrial revolution dirtiness anymore.  Most plants are very clean, bright, high-tech working environments.  The many plants remaining in the U.S. – those that have so far withstood the foreign mercantilism onslaught – are very good at what they do.  They are very…

Posted in Technology1 Comment

Trade Deficit Stunted 2nd Qtr US GDP Growth

Recall that the US Trade Representative’s office and others have a goal of “more two way trade” and more exports. They do not have a goal of “net exports.”  Theirs is a stupid and destructive goal, as you’ve heard me say before. I bring this up because the latest GDP…

Posted in Economy0 Comments

10 reasons why TPP could be in the Doha stage.

This blog post ended up much longer than I intended when I started.  Maybe it will spark some debate. Trade negotiations are on the rocks and may never recover.  What then?  Perhaps domestic policy tools should be the focus.  That’s what China does.  And what Japan did.  They didn’t try…

Posted in Trade2 Comments

Jack Lew Evades Jim Cramer’s Trade Questions on CNBC

  Treasury Secretary Jack Lew refused to answer question about U.S. trade performance under trade agreements.  Jim Cramer of CNBCpressed Lew on whether we have surpluses under our trade agreements, to no avail. (Of course an accurate answer would be that our trade agreements produce large net negative trade results for…

Posted in China, Trade, Trade Agreements3 Comments

NAM asks for Tariff Elimination in TPP

In a world of complex and multidimensional mercantilism that goes far beyond tariffs, the National Association of Manufacturers (NAM) and others still focus on tariffs.  Tariffs are the kindergarten version of trade distortions… and indeed tariffs have been used as a way to combat trade distortions and create growth. Some…

Posted in Trade Agreements1 Comment

NY Times Editorial Board stuck in 1990′s groupthink on trade

The NY Times Editorial Board still thinks tariff-reductions bring prosperity. They are championing negotiations to reduce tariffs on environmentally related goods among the U.S., EU and China. Its as if the last 40 years of persistent trade deficit corresponding with tariff reductions and replacement mercantilism did not happen. Because they…

Posted in Trade1 Comment

Some comedy from Jack Lew on a Friday

Ha, ha, ha… The U.S. Treasury Secretary and his top aides left Beijing last night thinking they had a won big battle in their effort to get China to strengthen the value of the yuan. China had agreed to reduce intervention in its currency markets to “what are really extraordinary…

Posted in China, Currency1 Comment

China: We won’t stop price-fixing our currency

The U.S.-China Strategic and Economic Dialogue is occurring this week.  For at least 10 years, the U.S. has asked China “pretty please… can you stop manipulating and undervaluing your renminbi?”  China always says “No… we want to grow really fast so we won’t stop.” Of course, they are growing really…

Posted in China, Currency1 Comment

CPA Letter regarding Currency Manipulation Issues in Trade Agreements

One of CPA’s top issues is currency manipulation.  Paul Volcker once said: “In five minutes, exchange rates can wipe out what it took trade negotiators ten years to accomplish.” CPA and others sent a letter to Secretary Jacob Lew and Ambassador Michael Froman last week demanding that any future trade agreements…

Posted in Currency, Trade Agreements8 Comments

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