Joseph Steinberg
@jbsteinberg
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Professor @econuoft. Research Associate @nberpubs. PhD from @umn_econ. Macro, international, public finance. Views my own.
Joined July 2023
RT @rupasubramanya: Carney knew Trump 35% on non USMCA goods wouldn't make much of a difference to our current situation. It barely registe….
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RT @FoodProfessor: I was in Mexico with grain farmers in February when all of this started. It quickly became clear that Canada had a real….
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RT @tradewartracker: if you don't have a bloomberg @TheTerminal you can get visualize #Tariffs here (and grab the data, code). https://t.co….
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Canada at 2.39%! Holding very steady from the May number of 1.9% despite the increase on steel & aluminum that kicked in in June. USMCA exemption continues to do a lot of work.
🚨 Just updated: June tariff data is now live on WSL SECTORTARIFFS<GO>. For those wanting to dig deep into U.S. effective tariff rates by country and product, we’ve started loading highly detailed tables into WSL SECTORTARIFFS & ECAN US TARIFFS<GO> on @theterminal!
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RT @mattyglesias: 8. They themselves will tell you that their policy goal is not promoting competitive markets but promoting a fragmented b….
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RT @sunlorrie: The argument that Doug Ford is a patriot for urging Mark Carney to respond dollar-for-dollar to Trump tariffs while anyone w….
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RT @moneytalkstweet: This is what's masquerading as economic insight - including in the commentariat. As if anyone is suggesting Canada mak….
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This is so incredibly selfish.
But at what cost? Even in the face of yet more US tariffs OR a punch to their own pocketbook, those who want the counter-tariffs say do it anyway.
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* Greater than 99% of products aside from those with section 232 sectoral tariffs, that is. Of course, the 2% effective rate is almost entirely due to those sectoral tariffs.
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This is incorrect. Greater than 99% of our exports are eligible for preferential USMCA treatment. The 90% figure is the current rate of compliance. It's calculated based on the last measurement we have for the effective tariff (total duties paid/total exports) which was 2% in.
PRECISION POINT: Under CUSMA, the “90% exempt” figure which is often cited is not entirely accurate. It refers to the portion of Canadian exports to the U.S. that could qualify for tariff exemptions if they meet origin rules and are properly certified. It’s not a blanket.
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RT @jessesingal: I disagree with University of Toronto professor of political science Dr. Ruth Marshall, @wtfis2bdone, that I should kill m….
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RT @PremierScottMoe: While Saskatchewan is disappointed in the Trump administration’s decision to increase tariffs on non-CUSMA compliant C….
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RT @tradewartracker: Food for thought from myself and @JeffHorwich for the @MinneapolisFed given todays employment numbers and this times….
nytimes.com
Economists say the way the Trump administration is imposing tariffs is backfiring for some of the businesses they are meant to help.
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🎯.
I think it’s becoming pretty clear that the deep anti-American bias of Canadian culture, politics, and media has badly malformed this country’s understanding, response, and coverage of the tariff crisis in a way that’s just made that crisis worse.
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"economic growth right now is basically a Friday church service: just old people + trying to summon god" 🔥.
So GDP is only growing because of AI capex. The labor market is only growing because of health care spending and social assistance—the latter being a lot of home aides and administrators. economic growth right now is basically a Friday church service: just old people + trying to.
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P.S. The elephant in the room for the Canadian auto industry is a much longer-term trend: the reallocation of US production away from the Great Lakes region to the American south. (Pictures from @ModeledBehavior's excellent essay here:
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RT @TheHubCanada: ICYMI: Need to Know by @jbsteinberg, @BrianDijkema, and @Anthony__Koch: Do Trump’s new tariffs even matter?. https://t.co….
thehub.ca
The Hub’s twice-weekly Canadian politics roundup
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1. The data are not missing anything. The overall effective rate is inclusive of---and almost entirely driven by---the sectoral tariffs. They're harmful, and I've never said otherwise, but they're not changing. The situation today for these sectors is the same as it was.
A lot missing here! Section 232 tariffs, hitting auto, steel and aluminum and the workers in those industries. 25%-50% tariffs there. Missing: softwood lumber duties and the ongoing trade 232 investigations on wood products and many other sectors of the Canadian economy.
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RT @scottlincicome: Many things to like in this data-rich @ModeledBehavior look at the US auto industry (and bogus protectionist claims abt….
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RT @rupasubramanya: Glad to see Carney finally admit that most of our trade with the U.S. has been tariff-free under USMCA. It has been sin….
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