Much depends on how the CHIPS and Science Act and Inflation Reduction Act are implemented.
Economists, pundits and the media—on the left and right—complain these will promote inefficiency and won’t address fundamental disadvantages—for example, shortages of engineers and similar workers with advanced training.Much depends on how the CHIPS and Science Act and Inflation Reduction Act, or IRA, are implemented.
For example, the IRA offers tax credits of as much as $7,500 for the purchase of an EV if it is assembled in the United States, Mexico or Canada and its batteries contain at least 50% North American content—that rises to 80% by 2027. The general exclusion of the EU and Asian allies from the tax credits and other financial benefits are inspiring them to create similar programs.
This column has argued that a free trade system built outside the WTO—for example, anchored in the Trans-Pacific Partnership—would be highly desirable for achieving the specialization and economies of scale benefits of free trade while addressing the predatory economic consequences of China’s mercantilist policies and the security challenges posed by its military buildup in the Pacific.
Biden’s commitment to weighing the impacts of trade policy on domestic workers is laudable but too extreme. For example, he has rebuffed U.K. overtures to negotiate a free-trade agreement and a technology cooperation agreement. It’s hard to comprehend how U.K. working conditions and expanded cooperation and commerce with our strongest strategic partner would pose risks to American workers—other than fair competition.Organized labor came out against the recent agreement with Japan.
A comprehensive analysis by DHL indicates that globalization is not going away—rather linkages are changing.
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