Pinned
Goodbye to double digit royalty checks. . .
You can now freely download pdf chapters of Clashing over Commerce on the @nberpubs website!
nber.org/books-and-chap…
Douglas Irwin
2,355 posts
Douglas Irwin
@D_A_Irwin
- If there is any doubt that the cost of the tariff is passed through to consumers, the price of propane (to heat my house) just went up by the amount of the tariff
- In June 1930, the Treasury Secretary said the Smoot-Hawley tariff would aid business .... "fears and criticisms have been greatly exaggerated."
- Proposal: why don't we write to basic macro identity as Y = (C + I + G - M) + X to make it clear that the trade deficit doesn't reduce GDP, rather, imports are subtracted simply to eliminate them from domestic expenditures fredblog.stlouisfed.org/2018/09/do-imp…
- How about an AER rejection in which the editor says your paper is "very narrow" & "adds practically nothing to the literature"? That's the rejection that Wolfgang Stolper & Paul Saumuelson got for the Stolper-Samuelson theorem - one of the most important ideas in trade ever!
- And it is bigger than Smoot-Hawley . . .“This is going to be much bigger than Smoot-Hawley,” @D_A_Irwin says. “Imports are a much greater share of GDP now than they were back in the early 1930s by a long shot.” Imports of goods & services are 14% of US GDP — ~3x the share they were in 1930. bloomberg.com/news/features/…
- Yes, this is an off-the-charts increase in tariffs - particularly because the tariffs are applied to the 2/3rds of imports that normally come in duty free (coffee, tea, tin, bananas, etc.) Even Nixon's 10% surcharge in 1971 did not include those goods. . . .A couple of folks have crunched the numbers (Evercore ISI - their chart, below; @fcastofthemonth) and concluded that the U.S. weighted average tariff, with all Trump's new orders in effect, will be higher than under Smoot-Hawley.
- Why was there was so much trade liberalization in pivotal decade of 1985-95 - creating globalized world of today? Thread on new paper 1/7
- Never thought I'd see such a photo! Probably the same people who opposed the TPP in 2016....
- Here's what we import from Colombia and what will get socked if the 25%/50% tariffs get imposed
NEWS After President Petro of Colombia denied entry of two US repatriation flights of Colombian migrants, President Trump has announced these retaliatory measures. Petro said he wouldn’t allow the flights in until Trump establishes a protocol for the dignified treatment of - The US Constitution expressly forbids export taxes but I guess this "payment" isn't a tax but a payout....🤔 U.S. Government to Take Cut of Nvidia and AMD A.I. Chip Sales to China
- Actually, it emerged from the EEC which the US wanted formed as a condition of Marshall Plan aid'The European Union was formed in order to screw the United States, but now I am president.' US President Donald Trump talks about EU tariffs that he will impose in his first cabinet meeting. He says 'it will be 25 percent in most cases'. trib.al/7yrN8D3 📺 Sky 501
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