THIS WEEK IN TRADE
Last Friday, just shortly before President Donald Trump arrives in Beijing in early November, the Commerce Department hit imports of Chinese aluminum foil with preliminary anti-dumping duties, ranging from 97 percent to more than 162 percent.
A final decision on these duties is not expected before February 2018. Japanese PM Shinzō Abe won the election in Japan promising a more overt national security response to North Korea. In the meanwhile, TPP-11 countries are meeting today outside Tokyo, hoping to get to a general agreement early next month in Vietnam on the sidelines of the Asia-Pacific Economic Cooperation summit. On Brexit, it was a tumultuous week with leaks coming from PM May’s meeting and disagreements within the UK cabinet as well. Tax reform is dominating Washington – listen to Paul Ryan’s interview with Reuters here and find an interesting animated “tax reform 101” explainer by Politico here.
America’s infrastructure is in a state of disrepair. The American Society of Civil Engineers scored the country’s infrastructure a collective “D+” in 2017.
The Trump administration has stated its intention to spend $200 billion on improving America’s infrastructure over the course of ten years. According to the plan, the $200 billion in federal money will incentivize an $800 billion increase in investment from the private sector. Details remain unclear, and the plan will need congressional approval, with some members of Congress saying that the issue might not be taken up until 2018.
What can the current administration do to cure the United States’ ailing infrastructure? While there is no silver bullet, but there are many existing approaches and tools (i.e. dedicated infrastructure institution, P3s, private investment, debt-financing, and tax increases) to stimulate infrastructure investment, as well as lessons to be learned from overseas. More details in our latest EconoGraphic here.
Fact Sheet: Preliminary Determination in Antidumping Duty Investigation of Imports of Aluminum Foil from the People’s Republic of China, Department of Commerce
Official Press Release: Report on Promoting Energy Independence and Economic Growth Through Deregulation, US Department of Commerce
Official Press Release: Affirmative Preliminary Antidumping Duty Determinations on Carbon and Alloy Steel Wire Rod from Italy, the Republic of Korea, South Africa, Spain, Turkey, Ukraine and the United Kingdom, US Department of Commerce
Interview: Wilbur Ross Talk Tax and NAFTA with CNBC’s Becky Quick, CNBC
Opinion: Why NAFTA Needs an Expiration Date, Todd Tucker, Politico
Survey: How Progressives Can and Must Engage on NAFTA Renegotiations, Stan Greenberg, Green Research Citizen Opinion
Analysis: Can Trump Terminate NAFTA? Gary Clyde Hufbauer, Peterson Institute for International Economics
Podcast: Trade Talks Episode 8: NAFTA Time Out – Unsurprisingly Unconventional, Soumaya Keynes and Chad Brown, Peterson Institute for International Economics
News: US Will Not Interfere in EU Trade With Iran: Tillerson, Reuters
Report: President Macron Can Show Digital Light to Europe’s Laggards, William Echikson, Centre for European Policy Studies
News: Donald Tusk: EU Must Stay United or Face Brexit ‘Defeat’, BBC
News: UK Trade Secretary Dismisses ‘Nightmare’ Scenario of No-Deal Brexit, David Goodman, Bloomberg Politics
Analysis: Battle Hots up for London Clearing Business Post-Brexit, Phillip Stafford, Financial Times
Analysis: UK Push to Shape Michel Barnier’s Mandate for Brexit Trade Talks, Charlie Cooper, Politico
News: UK Growth Figures Raise Chances of Rate Rise, BBC
News: Southeast Asian Leaders Cozy Up to Trump with Trade Carrots, Nikkei Weekly
Interview: PM Lee Hsien Loong before his fist Meeting with President Trump, Prime Minister’s Office Singapore
TWEET/FACTOID OF THE WEEK
Did you know…
..that the US is below the average in terms of total tax revenue as a percentage of GDP internationally? The OECD average is 34% whereas the US equals 26%. Only Korea, Chilie, Mexico and Ireland collected less than the US as a percentage of GDP and many European countries exceed 40%.
Report: Global Impact of a Protectionist US Trade Policy, Erdal Yalchin, Gabriel Felbermayr and Marina Steininger, Leibniz Institute for Economic Research
Event: Chatham House London Conference 2017: Videos and Agenda, Chatham House
Report: The 51%: Driving Growth Through Women’s Economic Participation, Diane Whitmore Schanzenbach and Ryan Nunn, Brookings Institution
Opinion: Donald Trump Now Has the Excuse He Needs to Open the Floodgates of Protectionism, Chad Bown, Peterson Institute for International Economics
Report: Globalisation has Marginalised Many Regions in the Rich World, The Economist
Opinion: The Sovereignty That Really Matters, Javier Solana, Project Syndicate
Opinion: The Case Against Free Market Capitalism, Ngaire Woods, Project Syndicate
WHAT WE ARE READING
Blog Post: European Union Must Defuse Standoff Between Madrid and Catalonia, George Tsereteli, Atlantic Council
Opinion: The Catalan Martyr vs. the Spanish Strongman, Omar G. Encarnacion, The New York Times
Opinion: Can France and Germany Come Together? Dominique Moisi, Project Syndicate
Opinion: A Second Brexit Referendum Would Tear This Country Apart. Remainers Like Me Must Accept That We Lost, William Hague, The Telegraph
Issue Brief:Populism – Culture or Economics? John Springford and Simon Tilford, Centre for European Reform
Opinion: The Missing Pieces of the Euro Architecture, Gregory Claeys, Bruegel
Analysis: Four Theories to Explains the UK’s Productivity Woes, Gemma Tetlow, Financial Times
Analysis: ECB Taper Promises to Set Off Ripples Across Many Markets, Mike Bird, Wall Street Journal
Analysis: Where Europe Went Wrong: A Timely Warning for Both Sides of the Atlantic, Paul Taylor, Politico
Analysis: Why Germany’s Parliament Has More Members Than Ever Before, The Economist
Chart: The Economies of American States and Cities are Diverging, The Economist
Opinion: Déjà Voodoo, Joseph Stiglitz, Project Syndicate
November 1: Investing in Ukraine, Atlantic Council
November 1: US Immigration & Labor Update: How to Manage the New Challenges for Business Immigration & Employment in the United States, European American Chamber of Commerce
November 6: The Jobs Gap- Making Inclusive Growth Work in Africa, Atlantic Council
November 8: Global Business Summit: The Future of International Trade, Southern New Hampshire University
November 9: WEBINAR: Selling Food into the European Union: What you Need to Know as a US Company, European American Chamber of Commerce
December 7: An Update on the Transatlantic Relationship with the European Union Ambassador to the United States, European American Chamber of Commerce
Your Newsletter Team:
Marie Kasperek, Associate Director, Global Business & Economics, Atlantic Council
Michael Farquharson, Intern, Global Business & Economics, Atlantic Council
Jack Reynolds, Intern, Global Business & Economics, Atlantic Council
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