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Recent articles by Michael Stumo

  • Biden Should Use Defense Production Act to Increase Overall Vaccine Output

    Americans are impatiently waiting for their chance to receive a COVID-19 vaccination. It’s estimated 70 to 85 percent of the nation will need to be fully vaccinated in order for the United States to return to “normal” living conditions. So far, however, only about three percent of the U.S. population has been fully vaccinated. Clearly, there’s a lot of work left to be done. But the priority should be to rapidly increase vaccine manufacturing and to distribute all available doses. To accomplish this, President Biden should invoke the Defense Production Act (DPA) in order to get more U.S. pharmaceutical companies involved in vaccine production. Read more
  • Infrastructure investment must include ‘Buy America’ rules

    As politically polarized as the United States is right now, virtually everyone agrees on one thing. With millions unemployed in the wake of the COVID-19 pandemic, the nation urgently needs to create good jobs.  In response, Washington appears to be coalescing around one key idea — a series of infrastructure projects to finally address America’s crumbling roads, bridges, waterworks and schools. Read more
  • Congress Needs to Reestablish the Office of Technology Assessment

    By Michael Stumo In 2019, a House resolution established a bipartisan “Select Committee on the Modernization of Congress” that sought to make Congress more efficient and transparent. Recently, the Committee offered a lengthy list of recommendations to improve everything from staff pay and mailing procedures to cybersecurity and communications systems. However, amidst various mundane proposals was an intriguing suggestion—reestablishing the Office of Technology Assessment (OTA). Read more
  • Press Release | CPA Applauds New Commerce Department Currency Manipulation Rules

    Long-overdue rule says currency undervaluation is a trade subsidy Washington. The Coalition for a Prosperous America (CPA) today stated its appreciation for a new Department of Commerce rule that would impose countervailing duties on imports benefiting from foreign currency undervaluation. CPA has long supported such action and was a key advocate for House and Senate currency manipulation bills in 2010 and 2011. Read more
  • Press Release: US Goods Trade Deficit Hits Major New Record in 2018

    Overvalued dollar drives record US deficits with China, rest of world Washington. Annual data released this morning by the Commerce Department shows that America’s overall trade balance continued to worsen in 2018. Not only did the United States record its highest-ever global trade deficit in goods—at $891.3 billion—but the annual goods deficit with China soared to a stunning new record of $419.2 billion.  Read more
  • Quantifying Economic Growth and Job Creation from a Competitive Dollar

    This Working Paper presents the results of a CPA econometric model testing how much dollar adjustment is needed to balance US trade in six years and the dramatic economic benefits that would result from the adjustment. by Jeff Ferry (Chief Economist) and Steven Byers (Senior Economist) Read more
  • Press Release: CPA Welcomes Revised US Trade Agreement with South Korea

    Washington. The Coalition for a Prosperous America (CPA) today said the renegotiated Korea-US Free Trade Agreement (KORUS) is a substantial improvement over the original deal. The revised agreement can help reduce large, persistent trade deficits within important sectors such as the automotive industry supply chain. Read more
  • Stumo Commentary: Whose Trade War Is It Anyway?

    by Michael Stumo, CEO of CPA I was asked, after the US Trade Representative announced tariffs on another $200 billion of Chinese goods, whether I would admit that we are now in a trade war. Members of the CPA board asked me to share my response more widely.  Here it is. Read more
  • Harley Davidson Loves Tariffs

    by Michael Stumo, CEO of CPA Contrary to what you may have heard, Harley Davidson, the iconic American motorcycle company loves high tariff countries. Company management loves tariffs so much, it moves production to countries with the highest motorcycle tariffs in the world. Read more
  • CPA Statement re 232 Investigation on Autos

    Statement of Dan DiMicco, CPA Chairman: "The Coalition for a Prosperous America supports the decision of Secretary of Commerce Wilbur Ross to initiate an investigation into auto and automotive parts imports under Section 232 of the 1962 Trade Act and whether they put at risk United States’ national security. America's national security is built upon industrial leadership in many industries, including our automotive supply chain capacity, world-leading quality, and our cutting edge research and development capability. In the motor vehicle and parts industry, as in many others, military capability is inseparable from civilian capability. A nation cannot maintain a state-of-the-art military advantage without leading-edge production and the innovation that goes with it. The high cost and complexity of modern research and development requires that these capabilities must be shared between civilian and military uses." Read more
  • CPA: National Security Decision on Steel and Aluminum Is Necessary Beginning

    Washington ~ The Coalition for a Prosperous America (CPA) strongly supports President Trump’s decision to ensure that America’s ability to produce steel and aluminum are sufficient for our national security. Previous U.S. government measures taken by previous presidents since Ronald Reagan were too narrow to prevent industry decline which endangers American interests. Read more
  • CPA Statement on 232 Report on Steel, Aluminum

    Washington ~ The Coalition for a Prosperous American (CPA) applauded the Department of Commerce reports, released Friday February 17, recommending import restrictions to combat an unprecedented surge of steel and aluminum imports. The recommendations have previously been submitted to President Trump for action, but were made public today. They include tariffs on steel imports ranging from 24% to 53% and on aluminum imports ranging from 8% to 24%. Read more
  • CPA Statement: Commerce Dept Finds China Dumping Cast Iron Pipe

    Washington ~ The Coalition for a Prosperous America (CPA) applauded a Commerce Department decision today finding that companies in China are dumping cast iron soil pipe fittings in the US market. Read more
  • Five Reasons Why the Big 2017 Trade Deficit Affects You

    by Michael Stumo, CEO of CPA The big news this week is that the annual US trade deficit increased in 2017 by 12% over 2016. Here are five reasons you should care. Read more
  • Press Release: Administration Fights Back Against Predatory Trade in Clothes Washer/Solar Safeguard Tariff Cases

    Washington ~ The Coalition for a Prosperous America (CPA) applauds the Trump Administration’s decision yesterday to impose safeguard tariffs on imports of solar panels and clothes washers. Read more
  • Trump's Asian Speech Lays Out Trade Policy

    At last week's APEC (The Asia-Pacific Economic Cooperation) summit, President Trump laid out his administration's views on future trade policy in more detail than we've seen before in a public address. Below is the trade related excerpt of the November 10 speech. Read more
  • Press Release: US Trade Rep Confirms Strong Stance on New NAFTA

    Washington~ Yesterday, the Coalition for a Prosperous America (CPA) met with United States Trade Representative, Robert Lighthizer to talk about NAFTA renegotiations, trade enforcement, trade deficits, and currency misalignment. CPA members had an opportunity to share the challenges they face in their business due to failed trade policy. Read more
  • NAFTA Withdrawal Unlikely to Cause US Consumer Harm

    By Michael Stumo, CEO of CPA, and Jeff Ferry, CPA Research Director President Trump raised the possibility of withdrawing from the North American Free Trade Agreement last week in an Arizona speech. “Personally, I don't think we can make a deal ... I think we'll end up probably terminating NAFTA at some point," Trump said. Contrary to what you hear in the mainstream media, NAFTA withdrawal would be unlikely to cause harm to consumers. Read more
  • Former White House economist failures now against 232 remedies

    By Michael Stumo Former White House CEA and NEC chairs again reveal why our economy declined and stagnated under their collective watches.  They worry about speculative diplomatic repercussions from dealing with overcapacity and national security issues as the US considers neutralizing the problem.  Not a word from these Very Smart People about other countries who should, perhaps, fear repercussions from us for subsidizing overcapacity and carrying out an industrial policy that advances their economy at the expense of ours. We are relegated to selling oil and gas, and flipping burgers domestically, as they move up the value chain. https://www.americanactionforum.org/wp-content/uploads/2017/07/Steel-Tariff-Letter-7_12_17.pdf Disgusting.
  • CPA Statement on Confirmation of Lighthizer as US Trade Ambassador

    The following statement can be attributed to Michael Stumo, CEO, Coalition for a Prosperous America: Read more