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$AA Alcoa CEO: "...the administration has asked us, are we likely to reshore aluminum production in the United States? We make decisions around aluminum production that are a horizon of 20 to 40 years. We would not be making an investment in the United SS based on a tariff

The problems won't end until Congress forcibly removes the big TARIFF switch they installed in the Oval Office.

Virtually every pro tariff piece I read asserts that: 1, we have lost our manufacturing base 2,that wages are down. 3, that the middle class has been hollowed out. None of them are true.

I don't think people realize that in important respects tariffs are now higher & more inflationary than what was announced on last Wednesday. Since then we've gone from 54% to 125% on China, our 3rd largest trading partner. That outweighs delaying the increases on 70+ others.

Don't blame the plumbing of Treasury markets, blame Congress and the White House. Not the unwinding of the basis trade in US Treasury markets, but the response to a large, macro shock. March 2020 was the first sign of cracks in the global safe asset supplier armor. April 7 and

Pretty soon your new washing machine will have 5G just so they can call it a phone.

I think there are many people in academia who fundamentally have the wrong motivation. Two motives that can undermine research are activism and careerism. It’s really important that researchers have the right values, that they inherently care about trying to get the right answer

Government funding cuts for scientific research will leave us short on talent in a few years.

Who knew, the manufacturing share of output has remained relatively stable in the United States since the 1970s!

Who else is excited to see how we fix these problems? The USA's "broken" monetary system: #1 in total wealth. #1 in total GDP. #1 in GDP growth in the G7. #1 in global corporate profits. #1 in GDP per capita in the G20.

A reminder that the public debt reduction episodes unfolding in Southern Europe are for the history books. The ones in 🇬🇷🇨🇾🇵🇹 are the fastest in recent history. And for the "it's all inflation!" crowd, inflation has been around 1.5-3% across all in the last year and a half.

Why didn’t electrical engineers forecast the Iberian electricity crisis?

Governor Waller on central bank reseaerch federalreserve.gov/newsevents/spe…

The extant major oil export pipelines (Keystone, TMX, Enbridge) were at 93% of capacity in the last month of public data: Keystone at 100%, Enb at 96%, and TMX at 75%. "Excess" capacity of about 350k bbl/d across the three lines. That's ~ AB forecast production growth to 2033.

Wages across the distribution have risen substantially since NAFTA was signed in 1994. It's amazing how many people seem to be unaware of this fact. Illustrative charts from Noah Smith 🐇

Leftists keep criticizing Ezra for not having a "theory of power," but it's actually their theory of power that has nothing to say about the problems he's identified. They can't conceive of -- or address -- a problem not caused by big corporations, monopoly, or "oligarchs."

The biggest story few are talking about: CBO projects that the government's interest rate never exceeds 3.6% over 30 years. If rates remain at 4.5%, that adds $40 trillion more to interest costs over 30 years - as much as adding a second Defense Department.

The Trump administration is wrong to target elite universities, but it's worth remembering that these elite universities have painted a huge target on their back over the past few years. They have not been the bastions of free speech, academic freedom and civil discourse they now

Counterpoint:

I'm glad to see articles about this. But, for crying out loud, it's been blindingly obvious for years.