Latest news with #USTradeCommission
IOL News
10-07-2025
- Politics
- IOL News
From Hamilton's 'You'll Be Back' to backfiring tariffs – the long legacy of US trade barriers
For anyone who has seen the Broadway musical, Hamilton, which tells the life-story of one of the US' founding fathers, you'll be more familiar with the scene in which 'King George III' sings 'You'll Be Back' in response to the American Revolutionary War than Alexander Hamilton's role in tariffs. Yet, Hamilton was key in what must be one of the oldest tariff proposals in the US' history. In 1789, he communicated the Act Laying Duties on Imports was to the United States House of Representatives, proposing that imported goods be more expensive, which would force Americans to buy more homemade products and boost the local manufacturing sector. While the direct results of Hamilton's tariffs are lost to history, this Act was followed by many more. In fact, the US has a long history of imposing import duties, with serious – yet unintended – negative consequences. The latest trade war is due to US President Donald Trump's recent imposition of tariffs, which varied widely from his first 'Liberation Day' announcement and have already been extended beyond August 1 for negotiations – except for South Africa and other countries that received a letter. In a 1976 paper detailing the background and emergence of the US Trade Commission, author John Dobson commented amid its 146 pages that: 'Perhaps the safest conclusion one can draw from a study of tariffs in general, and the history of the US tariff in particular, is that change, and controversy are ever present and perhaps inevitable.'
Bloomberg
29-04-2025
- Business
- Bloomberg
Navigating market volatility amid tariff threats
The issue Tariffs pose a threat to the US economy's resilience with disruptions to trade flows and consumer spending—two key indicators of economic health. The need for timely data and advanced analytical capabilities to assess these impacts accurately is critical in navigating the volatility inflicted on markets. In a recent analysis of US import dynamics, Bloomberg's ECAN tool, which allows users to see the key economic indicators that contribute most to headline numbers, revealed that in February imports from China declined by about $10 billion from January. Drilling down on shifting trade patterns can help forecast broader economic implications. Additionally, consumer spending behaviors can rapidly shift in response to economic uncertainty from tariffs. Consumer spending is crucial for the health of the US economy, and consumer demand and supply levels can act as a leading indicator of inflation. The ECAN tool can leverage real-time credit and debit card transaction data from millions of consumers. In March, analytics showed a noticeable year-over-year dip in consumer spending with purchases appearing to be directed more towards essential goods than discretionary items. Tariffs on raw materials and agricultural products threaten to drive up inflation and spark fears of recession. Meanwhile, expectations for oil consumption this year have already been slashed by 320,000 barrels a day, while prices approach a four-year low. 'Oil is already starting to price in a recession,' Energy Aspects analysts wrote in a note. 'The question now concerns how long the front can hold out while the world's two largest economies butt heads — which historically has not been the best news for demand and the global economy as a whole.' Tracking Run WSL POLITICS for real-time tracking of the US Trade Commission tariff data by partner and relevant US political decisions. Type 'worksheet sample' and click the WSL match. Type 'politics' in the amber field, press .
