For Uncle Sam, "Buy American" mandate comes with a cost — $130,000 per job

Economists have warned that implementing new, stringent Buy-American rules that former President Donald Trump and President Biden have pursued will cost the government up to $237,800 per job.

The researchers, led by economist Matilde Bombardini at the University of California, Berkeley, said that when the Federal Government is forced by law to purchase relatively more expensive supplies from producers in the U.S., taxpayers end up paying more for the goods that the government BUYS.

They looked at current versions of Buy-American policies and figured that they sustain about 100,000 extra jobs, at a cost of $132,300 per job.

Extrapolating forward to the new changes, the researchers figure the policies will create an additional 41,300 jobs in the economy — but at a cost of between $154,000 and $237,800 per slot.

Reference Sources

1. washingtontimes - For Uncle Sam, Buy American mandate comes with a cost — $130,000 per job

Taiwan President Vows to Boost the Island’s Defense Budget as China Threats Rise

(Photo: Chien-Ying Chiu)

Taiwanese President Lai Ching-Te has pledged to strengthen the Island's defenses in the face of escalating Chinese threats, saying in a new year's address that Taiwan was a crucial part of the "line of defense of democracy" globally.

Since Lai's Inauguration in May, Beijing has Ramped up pressure on Taiwan with two large-scale military exercises encircling the island.

Since then, tensions between Taipei and Beijing have escalated significantly, especially when Lai Ching-Te, a strong supporter of the Island's independence, won the May Presidential elections.

Beijing has beefed up its military presence near Taiwan, sending warships and planes almost every day into the waters and Airspace around the self-governed island of 23 million people.

Reference Sources

1. aawsat - Taiwan President Vows to Boost the Island’s Defense Budget as China Threats Rise
2. bangkokpost - Taiwan’s Lai vows to show determination to fight as China looms
3. polishnews - China. Xi Jinping wants “unification” with Taiwan. A clear declaration
4. thestar - Taiwan president vows to boost the island’s defense budget as China threats rise
5. independent - Xi Jinping says no one can stop China’s reunification with Taiwan as they are one family

Mexico unveils new tariffs, popular e-tailers like Shein, Temu may be in crosshairs

(Source: Shutterstock)

Mexico's tax authority, SAT, has introduced new tariffs that will increase surveillance of goods from Asia, potentially Impacting popular online retailers like Shein and Temu. Goods that enter Mexico via courier companies originating from countries that do not have an international treaty with Mexico will be subject to a duty of 19%. Goods entering via courier companies from Canada and the US, which are part of the United States-Mexico-Canada Trade Agreement (USMCA), will be subject to a 17% duty if the value is greater than $50 but does not exceed $1117. A 19% duty will also apply to goods that exceed $1 from other countries that have international treaties with Mexico.

Reference Sources

1. scmp - Mexico unveils new tariffs, popular e-tailers like Shein, Temu may be in crosshairs

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.

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