President Trump on Friday announced that the United States would impose tariffs on $50 billion in Chinese products, making good on a threat that has been months in the making. The White House's move is expected to ramp up trade tensions with Beijing and possibly risk a key cooperative partnership to help denuclearize the Korean peninsula.
"The United States will not get a second chance to win the global 5G race," Meredith Attwell Baker, president and CEO of the wireless industry group CTIA, warned in April, when the group released a report concluding that the US trails China and South Korea in preparing for 5G (fifth generation) networks. If that doesn’t change, the report warns, the US economy will suffer.
Exports of U.S. technology industry products and services grew by nearly $10 billion in 2017, to an estimated $322 billion, according to a new analysis released today by CompTIA, the world's leading technology association.
Many believe that China’s government prevents the untrammeled expression of ideas and thereby stifles innovation. As a result, the theory goes that China has to obtain technology from others because it cannot develop creative ideas on its own. While that might have had some truth to it for much of its recent economic history, it is no longer true today.
The federal government, through disaster relief programs and flood insurance, subsidizes the cost of rebuilding in areas hit repeatedly by storms, floods and fires. Critics say that encourages too much development in those regions, wasting tens of billions of dollars in tax money and endangering lives.
A number of high-tax states have recently passed legislation to help residents manage new caps on their ability to take federal tax deductions. However, accountants are warning taxpayers to proceed with caution. This year, the Tax Cuts and Jobs Act put in place a $10,000 cap on the amount of state and local taxes (SALT) that filers can claim on their taxes.
Over a million more people moved out of California from 2006 to 2016 than moved in, according to a new report, due mainly to the high cost of housing that hits lower-income people the hardest. “A strong economy can also be dysfunctional,” noted the report, a project of Next 10 and Beacon Economics. Housing costs are much higher in California than in other states, yet wages for workers in the lower income brackets aren’t.
California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest, according to new federal data made public on Friday. Despite having a population of only 40 million compared with the UK’s 65 million people, California’s gross domestic product of $2.7tn has overtaken the UK’s $2.6tn.
Vice President Mike Pence sang the praises of the Trump economy at an event announcing that Infosys Technologies will spend $35 million on a new U.S. Education Center in Indianapolis, Indiana by 2020 and will hire 2,000 to 3,000 new employees in the state by 2023.
Congress should be working to grow the economy instead of weakening it. And, with the introduction of the STRONGER Patents Act, they might just be doing that. What does it take to grow the economy? In some ways that question can be almost insurmountable, but in others it is just common sense.