For the first couple of months of my stint on the CEA staff back in 2000, I had to cover trade issues (my designated area was international finance). One of the first words I learned walking into the EEOB/OEOB– that I hadn’t heard of in my grad school classes — was “Carousel Retaliation”.
From CRS:
From Wisconsin Cheese Makers Association:
On August 25, Canada announced a broad set of retaliatory tariffs, hitting U.S. dairy hard. Our northern neighbor announced that as of September 8, U.S. cheese entering Canada will face a 25 percent tariff, while milk products, cream, and whey products will see a 50 percent tariff.
Through yesterday:
I was looking to see what the Administration’s Mid-Session Review economic forecast looked like. Alas, courtesy of Jared Bernstein, I am disappointed. Did Vought et al. purge all the economists from the CEA, Treasury and OMB? The MSR:
With August hourly earnings and nowcasted August CPI:
Evidence of continued growth:
Down, under Trump 1.0 and Trump 2.0:
Back at the end of 2024, EJ Antoni was citing the Primerica Household Budget Index as indicator of consumer conditions.
