US Imports Reroute $300B, Avoiding Tariffs Without New Supply Chains
"Rerouted U.S. Imports Avoiding Trump’s Tariffs Top $300B" https://t.co/UCqTwWQt8B "rerouting in response to tariffs is not being accomplished by building new capital-intensive supply chain relationships" 😲 https://t.co/4HbFA3ynRv
Jones Act Blocks Daily US Oil Trades, War Needed
This could happen every day if the Jones Act didn't exist. Instead, it takes a WAR to let US companies trade with each other.
U.S. Shifts Away From Canadian Fertilizer Dependency
Canada is legally part of the US Defense Industrial Base and a massive fertilizer producer. And buying Canadian fertilizer was never a problem for American farmers... Until recently.
California Bypasses Jones Act with U.S.-made Gasoline
"California has new way of getting gasoline due to Jones Act waiver" (And the fuel is American-made.) https://t.co/HnQQWljVtX "Nationally, 44 voyages by foreign-flagged vessels have carried petroleum products between U.S. ports" 😲 https://t.co/noAURnRzqq
AI Empowers Disabled Workers, Boosting Their Value
"AI didn’t replace workers with disabilities. It made them better and more valuable." https://t.co/LR2lgFUIUG https://t.co/G9wGWk8zB0
Jones Act Suspension Boosts Tanker Fleet 70%, Cuts Costs
"Since [the Jones Act suspension], 40 tankers have been able to deliver oil between US ports from California to Texas to Florida and Alaska, increasing the de facto fleet by 70% and helping to reduce costs as a result, according...
IEEPA Tariff Refunds Flawed and Likely To
New, from me & @AlfredCObregon: "IEEPA Tariff Refunds Are Far from Ideal—and Could Get Farther" https://t.co/TzV6NA3wCr https://t.co/4NOEcAZJKJ
Washington Poised to Take Over Struggling Spirit Airlines
"Spirit Airlines: Government Mistake, Then Government Ownership?" https://t.co/HqRSeYamXa "Washington may be preparing to do what it often does when prior interventions and political shocks leave a company reeling: intervene again." https://t.co/QFSWp97KGx
Liberalizing NIL and Transfers Boosts College Competition
Fun paper on how liberalizing the US college athlete market (aka NIL & transfer rules) improved competition in college sports, with broader labor policy implications: https://t.co/6n9OLql6Ho https://t.co/E3giENONKR
Trade Official's Import Limits Raised Fertilizer Costs for Farmers
"If the president is worried about high fertilizer prices, he might want to have a conversation with his top trade official... [who] lobbied for policies that limited fertilizer imports and drove up prices for American farmers." Drain. The. Swamp. https://t.co/IU5lNBpAfN https://t.co/OcSBv6gDxx
Trump Threatens Businesses over Tariff Refund Policy
Trump on tariff refunds, basically: Nice business ya got there; would be a shame if something happened to it. https://t.co/67e3RLjuR8 https://t.co/wlben8Vnlo
Trump's UN Trade-Over-Aid Proposal: Correct Yet Comically Bizarre
Good WaPo editorial on the Trump admin's correct - but bizarrely hilarious - UN proposal to promote "trade over aid." Physician, heal thyself. https://t.co/DIWuaiXQJ7 https://t.co/0Iub90NIKy
US Redirects Fertilizer Overseas Amid Iran War Price Surge
Uh oh: "US buyers redirect imported fertilizer overseas as Iran war drives up global prices" https://t.co/bQZvdTkA8z https://t.co/4gCpKe44yx
Canadian Steel Prices 40% Below U.S., Fully Disconnected
"Canadian [steel] pricing has 'completely disconnected' from the U.S., running at a '40% discount to U.S. pricing,'" 👀 https://t.co/RxOI4R1JE5 https://t.co/lMrgt4UWO4
Lakeville Joins Cities Opposing Zoning Loophole Bills
"Lakeville is one of several cities outraged over a package of bills that would loosen local zoning rules in hopes of encouraging home construction" https://t.co/FRpediHKpj https://t.co/lWaFHUhVPA
Beef Industry Under DOJ Probe Amid Greedflation Surge
Greedflation is so back, you guys: "Beef industry faces Trump DOJ criminal investigation, reports say" https://t.co/ynas3I3X8d https://t.co/4uWtgUr9P6
Debunking the Case for Tariffs and Exposing Corruption
Pleased to see the WSJ publish my & @AlfredCObregon's letter responding to a(nother) weak op-ed trying to make "The Case for Tariffs". (We hit on more than corruption, but that's what they chose for the title.) Read it all here: https://t.co/BAIWkel6oT...
Burger Prices Surge, Imports Rise, Exports Fall.
"Burgers approach luxury territory as beef prices remain high" https://t.co/kxMtibg3NB "Imports are rising to fill the gap, while exports are falling as domestic supply tightens." https://t.co/U23joP278Z
Intel's Valuation over Doubles Dot‑com Peak
"Intel... now trades for more than 130 times its projected earnings for this year, far above the peak multiple of 60 times that the stock briefly touched during the dot-com bubble." https://t.co/yO388d0820 https://t.co/2HjelEQb7W
Tariffs Fully Passed to Consumers, Labor Gains Negligible
Another Fed paper finds Americans paid almost all Trump's 2025 tariffs ("pass-through of realized tariffs into import prices was close to one hundred percent"), AND that local labor market effects were "economically negligible." All pain, no gain. https://t.co/FIgzz7XDAC https://t.co/SeRAnQAdLP
NC's CON Laws Still Stifle Care Innovation Post-Reform
A great dive into NC's Certificate of Need laws - and how, even after 2023 reforms, the anticompetitive rules still block new medical services, discourage innovation, and screw NC patients just to line the pockets of well-connected hospital groups: https://t.co/e4QutO0UUf...
Iran Shuts Strait Despite Markets Being Closed
Weird for the Iranians to close the Strait again today. Don't they know financial markets are closed? https://t.co/FumsjlfJjH
Two Merchant Ships Fired upon in Strait of Hormuz
"At least two merchant vessels said they were hit by gunfire as they attempted to cross the Strait of Hormuz on Saturday" https://t.co/aOQ59MTbKh
Mexican Tomato Prices Jump 23% After Trade Ban
"Trump ended free trade for Mexican tomatoes. Prices are up 23 percent in the last year." https://t.co/rXKH70uU4w https://t.co/5h1CotBsLs
Trump’s Upcoming Tariffs Likely Just Another Sham
Our blog post on the "Section 301" investigations of "structural excess capacity": "Will Trump’s Next Tariffs Be a 'Sham, Too?" (spoiler: probably) https://t.co/ttbowSddG3 via @CatoInstitute
Trump Administration Targets Big Egg Amid Collapsing Egg Prices
Komrade Kamala jokes aside (sigh), it's hilarious that the Trump admin is going after BIG EGG now that US egg prices have collapsed. https://t.co/V22pe8h7EJ
US March Industrial Production Slumps, Tariff Boost Still Elusive
"US Industrial Production Fell in March in Broad Decline" https://t.co/aq4xd1Vgvn Still waiting for that tariff boom.... https://t.co/LS9R23Crm0
Tariffs and Conflict Reveal Hidden Supply Chain Risks
"U.S. aluminum tariffs and the Iran war—a case study in unintended supply chain vulnerability" https://t.co/UuDRjms7S6 https://t.co/oZgTAVHOS4
Tax Complexity Costs Billions, Not Treasury Revenue
My new Capitolism @TheDispatch - and the debut of the NEW Dispatch Markets vertical - is a deep dive on the ever-growing scourge of US tax complexity: "Americans Paid Billions this Tax Day—But Not to the Treasury" https://t.co/63iDhmrmYH https://t.co/mUdi5gLRvB
Tariffs Drive Steel Producers' Q1 Earnings Surge
Yay, tariffs: "Steel producers tease Q1 earnings surge, citing higher prices" https://t.co/gTHXOvmfrG “The domestic producers don’t [have to pay a tariff], meaning if all steel prices rise, that a lot of that flows to the bottom line for them"
USTR’s Section 301 Probe Flawed Economically, Factually, Legally
We submitted comments on the new US Section 301 investigation of "structural excess capacity," explaining the herculean task USTR has assigned itself - and why its indicated approach would be economically, factually, and legally invalid: https://t.co/55Q4AADU12 https://t.co/INfD60QkjP
Cato Releases Handbook with 100+ Affordability Policies
🚨 NEW TODAY🚨 The @CatoInstitute "Handbook on Affordability," featuring more than 100 policy recommendations to lower the cost of housing, healthcare, education, childcare, energy, transportation, food, everyday essentials , & more: https://t.co/OyGv25KXXO https://t.co/0cLaHQ0gPx
Politician Urged to Hear Small Businesses Hit by Tariffs
Yeah, and he should talk to all the American small businesses crushed by tariffs whether they're "unfelt," too.
Admin Boosts H‑2B Visas, Adding 64,716 Slots
"The administration authorized an additional 64,716 H-2B visas for fiscal year 2026, after initially planning only 35,000." I, for one, would prefer a more open and transparent system where supply and demand aren't determined in large part by whom you know...
AI's Biggest Legacy: Ending the Billable Hour Forever
When the history books are written*, the death of the billable hour might very well be AI's greatest contribution to humanity *Written by AI, obvs https://t.co/s3t8cvnoht
NYC Developers Exploit 99‑Unit Loophole, Merge Buildings
In 2024, NYC offered tax breaks & regulatory relief (labor regs, especially) for new apartment buildings with some "affordable housing" & fewer than 100 units. So, NYC developers built dozens of "99-unit" buildings & then... stitched them back together. LOL.
China’s Tech Surge Marred by Waste, Looming Stagnation
"China’s High-Tech Drive in 10 Charts" https://t.co/SZXnkg9CHZ "There have been tremendous strides, but also great waste and failures, such that China’s economic growth is likely to continue to stagnate and decline." https://t.co/hH3Gu87F81
Government Forces Self‑employed to Fund Interest‑free Loan
This is the injustice: the US government is actively pushing - by threat of fines (and, ofc, eventual imprisonment/violence) - American self-employeds to give Uncle Sam an interest free loan every year (via estimated overpayment).
US Deficit Cuts Essential for Global Current‑account Balance
"Reducing the US fiscal deficit materially and sustainably is the most important US policy prerequisite for global current account rebalancing" This is ignored by many trade deficit hawks bc 1) it contradicts their narrative of the US as innocent victim; 2)...
Self‑Employed Penalties Stem From Complex, Unpredictable Tax Estimates
The best part abt being self-employed in the US is that the government penalizes you for underpaying estimated taxes each quarter - amounts that are often impossible for self-employeds to know in advance due to the tax code's complexity and...
Congress Adds Tax Complexity to Favor or Punish Groups
And yet Congress cannot resist adding new tax complexities (in order to subsidize/punish favored/disfavored groups)
USTR Section 301 Probe Called Pre‑Planned Tariff Sham
Bessent again confirms that USTR's "investigations" under Section 301 will be a reverse-engineered sham pre-determined to reproduce Trump's illegal IEEPA tariff wall: https://t.co/rvwEiNT9tw
Tax Complexity Grows Despite TCJA Simplifications Since Rummy's Letter
Even with the TCJA's (pretty good) simplifications, the US tax complexity problem has gotten significantly worse since Rummy wrote that famous letter. (More to come on this later today - hint)
Tax Loopholes Sail, Social Spending Stalls in Congress
"The country’s politicians have created a tax code with 10,000 sections and innumerable carve-outs.... tax expenditures tend to fly through Congress, whereas social-spending bills tend to get stuck" https://t.co/vRFS2tPnEu https://t.co/MTmEBAEnV7
Court Clears Home Distilling for Hobby Distillers Association
"the Court of Appeals recognized that my clients—the nonprofit Hobby Distiller’s Association and four of its named members—are now free to distill alcoholic beverages at home as long as they comply with existing state and federal law."🔥 https://t.co/QQVUwc5hMn https://t.co/BKgRls4QBQ
Presidential Report Misses Key Drivers of Housing Supply
"What the Economic Report of the President Gets Wrong and Right About Housing Supply" https://t.co/wTL0SpGnWA via @CatoInstitute @sslivinski https://t.co/SjtLwXHzq7
Builders Slash Cabinets and Windows to Preserve Margins
"Flimsier Cabinets and Fewer Windows: Home Builders Are Skimping on the Basics" https://t.co/D3NKwvf6zt "higher labor costs and materials prices are also cutting into margins" https://t.co/2KkyYnoVod
Redefining Deficits Turns Section 122 Into Ongoing Tariff Power
Important: "If 'balance-of-payments deficits' can be redefined to mean some politically salient trade imbalance, then Section 122 stops being a narrow emergency provision designed for a fixed-exchange-rate system and becomes a standing reservoir of discretionary tariff authority" https://t.co/yGvNS8REjI
Foreign Overcapacity Not Driving US Trade Surpluses, Study Shows
.@USTradeRep's Section 301 case says "systemic overcapacity" abroad causes trade surpluses that harm US manufacturing. As @stanveuger @KyleLHandley show in new comments, there's no relationship bt low capacity utilization & big trade surpluses - if anything it's the opposite:
Institutional Investors Expand US Housing Supply via Distressed Home Rehab
New @AEI case study finds that institutional investors boost US housing supply by buying single family homes in poor condition (thus likely underused/vacant), quickly rehabilitating them, and returning them to the market for sale to individual homeowners: https://t.co/oRNyDFJcil https://t.co/DswoYpfXZ7