For the journalists out there, those numbers are not tariffs. The European Union, e.g., has weighted average tariff rates of ~ 3% and arguably lower on US goods. So they are clearly including VATs and who knows what else?? This false reciprocity is nonsense. For more, see:
Kimberly Clausing
5,726 posts
- Update: Sworn in today as deputy assistant secretary for tax analysis in Treasury. Tax policy is a key tool for tackling our biggest challenges, incl. pandemic relief & recovery, climate change, and inequality. Grateful to be part of Biden policy team! Fired up and ready to go.
- Here's a paper that deserves more downloads, on the 1918 flu. Findings in short: Cities that intervene more aggressively grow faster afterwards. More early/aggressive interventions lower mortality *and* reduce negative economic consequences. papers.ssrn.com/sol3/papers.cf…
- Net 175,000 missing manufacturing jobs due to Trump's reckless trade wars, plus higher prices for consumers and slower growth. Excellent summary of recent research from @Kadee_Russ. “The Trade War Has Cost 175,000 Manufacturing Jobs and Counting” econbrowser.com/archives/2020/…
- (1/3) Oren Cass had a piece recently in the Atlantic (theatlantic.com/politics/archi…) that mischaracterizes what we know (and don’t know) about tariffs. Maurice Obstfeld and I respond here (the Atlantic declined to publish). piie.com/blogs/realtime…
- Time to reread this, folks. God Help Us if Judy Shelton Joins the Fed
- Vote by mail is ALWAYS a good idea, and it is the only sensible solution now. It has worked beautifully in Oregon with no issues of fraud, and it enables busy people to participate in democracy. Every state should adopt. And while we're at it, automatic voter registration.Senators push to let every American vote by mail as coronavirus keeps people at home cnb.cx/3b0Qw0m
- Everyone had their own way of copying with the 2016 election; this was mine. I'll be relentless tweeting about it later, but it's exciting to get author copies today. Available for pre-order from hup.harvard.edu/catalog.php?is… or amazon.com/gp/product/067….
- (1/9) How to make a more equitable globalization? The tax system is essential. Of late, the labor share of income has fallen, yet capital is difficult to tax due to its international mobility. In a new draft, @gabriel_zucman, Emmanuel Saez and I propose a coordinated minimum tax.
- Trump's pushing all-around inflationary agenda. (1) Tariffs = regressive, distortionary tax on consumption (2) less immigration => price pressures, (3) unfunded tax cuts => price pressures , (4) threatening Fed independence, and (5) weak dollar policy.
- Update: I’ve finished my service at Treasury. I have so much respect and admiration for the Treasury team, and most especially our leader, the inimitable @SecYellen, who has done so much to move us forward over the prior 17 months. More later, but for now, rest.
- Terrific policy. A carbon tax, 70 % rebated to those with low&middle incomes and 30% used for green infrastructure, R&D, and adjustment. Nice. Senators to unveil carbon tax bill to generate $2.5 trillion in 10...
- Good piece from @Noahpinion: Centrists like Klobuchar are right that free college is not ideal policy. But free college for low-income kids, and free community college, is achievable. "This is a case when big promises should give way to smart policy."






