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Recent quotes:
Scott Bessent Is Doing a Terrible, Horrible, No Good, Very Bad Job | The Nation
Last month, Bessent asserted that Trump’s decision to slap major tariffs on China would not harm US consumers. “China will pay for the tariffs because their business model is exporting their way out of this inflation,” he claimed. “They will eat any tariffs that go on.”
Current Issue
May 2025 Issue
This week, China announced that it would counter Trump’s tariff moves by raising retaliatory duties on US imports to 84 percent. NBC’s report from Hong Kong was headlined: “China is matching Trump tariff for tariff. It has other ways it can strike back, too.” Things have gone so awry that, even as Trump backed off some reciprocal tariffs on Wednesday, he hiked tariffs on Chinese goods to 125 percent.
Retail Traders Are Aggressive Buyers of US Stocks This Year Despite Volatility - Bloomberg
JPMorgan’s data shows that 60% of the inflows from retail traders went to individual stocks, with electric-vehicle maker Tesla Inc. and chip giant Nvidia Corp. accounting for nearly half of that, and 40% went to ETFs. Mega-cap technology companies have consistently been retail favorites, with Elon Musk’s Tesla a major beneficiary of the trend.
Notable & Quotable: Robert Bartley on Trade Balance Fictions - WSJ
In fact, the United States ran a trade deficit in nearly all of its first 100 years, and ran surpluses in the midst of the Great Depression. A trade deficit is typical of rapidly growing economies, which require a disproportionate share of the world’s resources, and provide investment opportunities to balance the equation. Indeed, under the accounting identity, investment inflows must be balanced with a deficit on the trade account. The mystery is why we even collect these figures; if we kept similar statistics for Manhattan Island, Park Avenue could lay awake at night worrying about its trade deficit.
The manufactured nostalgia of Trump’s tariffs
From the 1950s through the 1970s, for example, Black men and white men in the U.S. were employed in manufacturing at roughly similar rates. Yet, the average white man working the industry was paid substantially more than his Black counterpart — a difference of more than $10,000 a year in today’s dollars. On top of those wage differences, Black families also faced further discrimination in access to education, low-cost mortgages, and rapidly growing suburban neighborhoods.
