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Week of September 14, 2024
What % of Federal Tax Revenue comes from tariffs?
Answer: 2%
In 2023, imports duties on goods raised $80 billion of the $4.44 trillion in total Federal tax revenue (approx 2%). By comparison, 85% of Federal tax revenue is tied to individual income - 49% coming from income taxes and 36% from payroll taxes. (Source - WhiteHouse.gov)
This week:
The World Trade Organization warns that increasing trade barriers will harm poorer nations. Russia gets an explosive gift from Iran. In the U.S., port delays and dockworkers gearing up to strike on the East Coast, and companies nationwide will soon to get hit with higher interest rates.
Higher tariffs to hit poorest countries hard
Wall Street Journal (see full article)
The World Trade Organization warns that imposing trade barriers to shield jobs in wealthy countries disproportionately harms the world's poorest nations. The WTO instead called for "reglobalization" to reduce global inequality. Trade barriers have risen over the past decade with recent measures targeting Chinese-made electric vehicles.
Satellite images of Russian cargo ship that transported missiles from Iran
Business Insider (see full article)
Satellite imagery reveals a cargo ship suspected of transporting short-range ballistic missiles from Iran at a Russian port last week. Delivered on Sept 4th by Russian-flagged vessel Port Olysa-3, these weapons are likely to be used in attacks on Ukraine in the coming weeks, indicating a significant escalation in the war.
Surge of imports to US continues as possible East Coast port strike looms
U.S. container cargo imports rose by 12.9% year-over-year in August, processing nearly 2.5 million 20-foot equivalent units. The surge caused delays at major ports, sparking concerns about potential bottlenecks and increasing tensions over a possible strike over 45,000 doc workers in October by the International Longshoremen's Association (ILA) if a new contract is not reached with the U.S. Maritime Alliance.
U.S. companies will soon face higher interest rates
The Economist (see full article)
Despite the Federal Reserve preparing to cut interest rates, U.S. companies will soon face higher borrowing costs due to the delayed effects of previous rate hikes, requiring many companies to refinance loans at significantly higher rates. As these favorable fixed-term deals expire, companies, particularly manufacturers, will see interest expenses rise, complicating the Fed’s efforts to stimulate the economy. (Read more)
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