Executive Summary If elected in 2024, Trump is proposing a 10% tariff on all U.S. imports. As a result, U.S. businesses would be faced with a substantial rise in import costs. Much of this would likely be paid by small and medium-sized enterprises (SMEs), who may end up taxed over $83.9 billion annually. Introduction If … Continue reading
Category Archives: Trade
BRICS and Currency Diversification Challenge the Dollar
Executive Summary The U.S. dollar’s position as the preeminent global reserve currency for international trade and transactions is under threat from countries across the world – particularly Brazil, Russia, India, China, and South Africa (BRICS) – that seek greater economic autonomy. BRICS nations plan to become less reliant on the U.S. dollar by circumventing it … Continue reading
“Strategic Autonomy”: Macron Splinters on Western Relations with China
Executive Summary This month, French President Emmanuel Macron and European Commission President Ursula Von der Leyen met with Chinese President Xi Jingping in China to discuss political and economic ties between Europe and China. During the summit, Macron denounced American and European efforts to economically “decouple” from China and reiterated the French desire for European … Continue reading
“De-Dollarization”: BRICS Countries Propose New Currency
Executive Summary In late March, Russian officials announced that the BRICS (Brazil, Russia, India, China, and South Africa) countries are working on creating a new currency for use in international trade. BRICS has developed deep ties since its inception in 2009 through expanded access in trade, annual diplomatic summits, and the creation of the New Development Bank. … Continue reading
The Good, the Bad, and the Ugly: USTR Tai’s Week on Capitol Hill
Executive Summary Last week, United States Trade Representative (USTR) Katherine Tai delivered her annual congressional testimony to the Senate Finance Committee and the House Ways and Means Committee to convey the Biden Administration’s trade agenda and to answer pertinent questions from members of Congress. Shifting from the Administration’s work thus far in trade, Ambassador Tai … Continue reading
Wine and Cheese: Europe’s Grating Support of Geographical Indications
Executive Summary In early March, the Fourth Circuit Court of Appeals upheld a U.S. Patent and Trademark Office ruling that denied French and Swiss cheesemakers from the exclusive use of the term ‘gruyere,’ a designation requested for only cheese made in the region of Gruyere. Geographical indications have long been a contention point between the … Continue reading
The Windsor Framework: Tackling “Troubles” in post-Brexit Trade in Northern Ireland
Executive Summary On Monday, leaders from the United Kingdom and the European Union announced the Windsor Framework, a trade proposal that would alter the rules of the Northern Ireland Protocol within the Brexit withdrawal agreement. The Framework would establish a two-lane system for goods being exported from Great Britain in which tariffs and trade barriers … Continue reading
The European Union’s Response to the Inflation Reduction Act
Executive Summary The Inflation Reduction Act (IRA) introduces numerous climate subsidies, including a tax credit up to $7,500 for American consumers who purchase electric vehicles with North American parts and assembly. As a large investor into green energy and electric vehicles in particular, the European Union was upset by the passage of the IRA and its … Continue reading
Biden Wrongly Backed Trump in Steel Feud with the World Trade Organization
In March 2018, the Trump Administration levied a 25% tariff on steel imports and a 10% tariff on aluminum imports. The tariffs launched an international trade war between the United States and the majority of its closest trade partners. Multiple nations, angered by the tariffs, responded through formal complaints against the United States through the … Continue reading
China and Latin America: forging new economic ties in United States backyard.
China experienced explosive economic growth in the past few decades that helped it rise to the position of the second-largest economy in the world. It now aims to transform itself from a regional to a global hegemon, effectively challenging the US in its backyard, Latin America. The country’s Belt and Road Initiative (BRI) facilitated its … Continue reading
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