President Trump wants to impose tariffs on imported steel. Despite threats by the rest of the G-20 to enter into a transatlantic trade war in response, Trump remains undeterred, yet another reminder that Trump’s proposal represents a shortsighted handout for the domestic steel industry that will only end up harming the American economy. Rather than hiding behind specious national security arguments to justify protectionism, Trump should be up-front about what steel tariffs represent: another unnecessary tax on the American consumer.
The Trump administration’s main rationale for steel tariffs has been that the United States’s steel industry is too weak to provide raw materials for the American military.
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With Emmanuel Macron’s election as French president, a sharp critic of Germany’s vast export surplus has become one of the most powerful men in Europe. Although his opinion is shared widely by commentators, politicians, and organisations such as the IMF, the German public is still largely ignorant of the devastating consequences of the macroeconomic policies of its current government. Unless this changes, the internal cohesion of the European Union and the well-being of its citizens are under serious threat….
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President Trump’s proposed budget plan would redirect $1 trillion to infrastructure spending over the next decade. This comes shortly after the previous administration signed a bill into law that would increase infrastructure spending by $305 billion over the next five years. While potential allies call for even greater amounts, policy critics suggest implementing free market principles to stretch a smaller amount of funding. By removing Buy America rules, repealing the Davis-Bacon Act, and continuing to repeal burdensome regulations, Trump can craft a more fiscally conservative infrastructure plan.
The Congressional Budget Office reports that state, federal, and local governments spent $416 billion on infrastructure in 2014 alone, accounting for roughly 2.5 percent of gross domestic product (GDP). Approximately one quarter of all infrastructure spending came via the federal government. Trump’s plan would increase it by $20 billion per year.
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