Four American presidents on free trade (Truman/Eisenhower/JFK/Reagan) 60 seconds

Latest w/@AlfredCObregon: Nucor Cheered Forced Labor Tariffs, but Its Own Supply Chain Tells a Different Story cato.org/blog/nucor-cheered-… via @CatoInstitute

A joint statement from Texas Cattle Feeders Association, Kansas Livestock Association and Oklahoma Cattlemen’s Association regarding the ongoing ICE operations in Texas, Oklahoma and Kansas: “The Kansas Livestock Association, Oklahoma Cattlemen’s Association and Texas Cattle Feeders Association are closely monitoring reported U.S. Immigration and Customs Enforcement (ICE) activity affecting agricultural communities in Oklahoma, Kansas, and Texas. Our organizations respect the responsibility of federal agencies to enforce the law. At the same time, cattle producers, feedyards, dairies, livestock markets, processors, and other rural businesses depend on a stable workforce to care for animals, protect food safety, and keep the supply chains operating. Sudden workforce disruptions can create immediate animal-welfare, operational, and economic consequences that extend well beyond an individual business. These ICE operations are having a massive chilling effect on the legal, documented, skilled workers that put beef on the table and keep the cattle supply chain moving. Additionally, these types of disruptions will lead to higher beef prices for consumers. Reported impacts to our organizations throughout the past few days have been: - Thousands of fed cattle slated for shipping to processors now delayed, resulting in millions of dollars in lost revenue and additional costs. - Workforce disruptions at numerous supply chain chokepoints such as feedyards, dairies, processors, feed and grain companies, transportation hubs, and community services. These disruptions come at a time of enhanced focus and pressure on the cattle and beef supply chain. They are a costly and unnecessary impact to cattle producers already suffering from unwelcome political interference to both the markets as well as the physical supply chain. Frustratingly, the harm these actions cause to cattle producers last for days and weeks after such operations conclude. We urge federal officials to conduct enforcement actions in a lawful, orderly, and transparent manner; respect due process; and communicate clearly with affected employers and communities.”

New @ClevFedResearch paper finds 2018-19 US tariffs on Chinese manufacturing inputs increased US producer prices by a significant amount: clevelandfed.org/-/media/pro…

U.S. 20-Year Treasury Bond Auction just saw the lowest foreign demand ever recorded 🚨

Longer from Scott on PMI cato.org/commentary/american…

I can’t find where Noah has ever tweeted about this, at least in over a decade, but maybe I didn’t look hard enough.

Best-kept secret in DC? ⬇️

When you illegally impose tariffs you have to refund them to the people you illegally taxed in the first place. I'm not even a lawyer and I can understand this. 🤷‍♂️ piped.video/Jd0bul1AYyo?si=kfSM…

Thanks to U.S. Trade Representative Jamieson Greer for reminding us about the phony "globalists vs. the USA" distinction. "Our trade policy is a global trade policy." piped.video/Jd0bul1AYyo?si=VbbZ…

The period of declining labor share has coincided with rising real wages, higher living standards, greater worker ownership of capital, and significant improvements in technological progress. But sadly, optimism doesn’t sell as well as doomerism.