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Category Archives: Economy and Finance

Thought for Today: The Irony of Being a Woman

03 Sunday Apr 2022

Posted by Rosaliene Bacchus in Economy and Finance, Human Behavior

≈ 58 Comments

Tags

Female Unpaid Care Work, Invisible Women: Data Bias in a World Designed for Men by Caroline Criado Perez, Women Issues

Front Cover: Invisible Women: Data Bias in a World Designed for Men by Caroline Criado Perez (Paperback Edition, 2021)
Photo Credit: Abrams Books

Women are doing far and away more than our fair share of [unpaid care work] – this necessary work without which our lives would all fall apart. And, as with male violence against women, female biology is not the reason women are the bum-wiping class. But recognizing a child as female is the reason she will be brought up to expect and accept that as her role. Recognizing a woman as female is the reason she will be seen as the appropriate person to clear up after everyone in the office. To write the Christmas and birthday cards to her husband’s family – and look after them when they get sick. To be paid less. To go part-time when they have kids.

Failing to collect data on women and their lives means that we continue to naturalize sex and gender discrimination – while at the same time somehow not seeing any of this discrimination. Or really, we don’t see it because we naturalize it – it is too obvious, too commonplace, too much just the way things are to bother commenting on. It’s the irony of being a woman: at once hyper-visible when it comes to being treated as the subservient sex class, and invisible when it counts – when it comes to being counted.

Excerpt from Invisible Women: Data Bias in a World Designed for Men by Caroline Criado Perez, Abrams Press, New York, Paperback Edition 2021 (pp. 313-314).
[Original Hardcover Edition, published by Chatto & Windus (UK) and Abrams (USA), 2019.]


CAROLINE CRIADO PEREZ is a best-selling and award-winning writer, broadcaster, and award-winning feminist campaigner. Invisible Women: Data Bias in a World Designed for Men is the winner of the 2019 Royal Society Science Book Prize and the 2019 Financial Times Business Book of the Year Award. She lives in London (UK) where she also writes a weekly newsletter keeping up with the latest data on the gender data gap.

Countdown to World War NZE 2050

23 Sunday May 2021

Posted by Rosaliene Bacchus in Anthropogenic Climate Disruption, Economy and Finance

≈ 47 Comments

Tags

2015 Climate Change Paris Agreement, 2050 Net-Zero Emissions Scenario (NZE), Clean energy future, Fossil fuel industry, International Energy Agency (IEA), Net Zero by 2050: A Roadmap for the Global Energy Sector

Photo by Pixabay on Pexels.com

Some promises are made in good faith. Then, as often happens in our lives, another commitment that we consider more important or urgent sabotages our best intentions. This appears to be the case with pledges made by several of the 196 countries at the 2015 Climate Change Paris Agreement to lower their greenhouse gas emissions. What is alarming is that existing pledges, even if fully honored, fall short of attaining global net zero emissions by 2050. If we the people of Earth are to maintain habitable conditions for our species, we must get our priorities straight.

On May 18, 2021, the International Energy Agency (IEA), made up of 30 member countries and 8 association countries committed to shaping a secure and sustainable energy future for Earth’s inhabitants, released a special report that is intended to put us on track. Net Zero by 2050: A Roadmap for the Global Energy Sector is a comprehensive study of the way forward to a global Net-Zero Emissions Scenario (NZE) by 2050 with an emphasis on economic growth for all.

With just 29 years left for us to catch up, after decades on the path to planetary ruin, the NZE roadmap is no stroll along the beach or jog in the park. It calls for vast amounts of investment, innovation, implementation of skillful policy design, technology deployment, infrastructure building, international cooperation, and much more across all sectors. World War NZE 2050. A war for human survival. Success depends upon an unprecedented level of international cooperation.

Continue reading →

U.S. Trade Update 2018: China, Canada and Mexico

24 Sunday Mar 2019

Posted by Rosaliene Bacchus in Economy and Finance, United States

≈ 32 Comments

Tags

NAFTA 2.0, Public Citizen's Global Trade Watch, United States-Mexico-Canada Agreement (USMCA), US Top Ten Trade Partners 2018, USA-Canada Trade Deficit 2018, USA-China Trade Deficit 2018, USA-Mexico Trade Deficit 2018

Container Vessel from China unloads at Los Angeles Port – California – USA
Photo Credit: Mark Ralston/AFP/Getty Images

On March 1, 2019, Trade Representative Robert Lighthizer delivered President Trump’s “2019 Trade Policy Agenda & 2018 Annual Report” to Congress. He was full of praise for his boss.

“Thanks to President Trump’s leadership, the United States is pursuing trade policies that are more favorable to American workers,” said Ambassador Lighthizer. “In just two years, we have significantly re-written major trade deals with Korea, Mexico, and Canada. We have undertaken dramatic new enforcement efforts to stop unfair trading practices by China and other countries.” 

The full report can be viewed here.

President Trump has kept his promise made during his electoral campaign to renegotiate NAFTA. On November 30, 2018, the three trade partners signed the United States-Mexico-Canada Agreement (USMCA), which will replace NAFTA. It’s now up to Congress to approve or reject the terms of agreement.

In her article, “The Battle Over NAFTA 2.0 Has Just Begun,” Lori Wallach, director of Public Citizen’s Global Trade Watch, warns that “if progressives don’t engage strategically to improve the pact, the consequences could be devastating [for both workers and consumers].”

To date, our Dealer-in-Chief’s strategies to reduce our trade deficit has not shown results. Based on the U.S. Census Bureau foreign trade statistics released on March 6, 2019, here’s a look at U.S. trade (goods only) in 2018 for our top three trade partners—China, Canada, and Mexico—that account for 44.9 percent of America’s total trade, valued at $1.9 trillion.

Chart of US Top Ten Trade Partners 2018 prepared by Rosaliene Bacchus

America’s trade war with China is not over. Our success or failure matters. China is our Number One trading partner with 15.7 percent of total trade (imports & exports), valued at $659.8 billion. Trade teams from the USA and China are now in their eight round of negotiations. Judging from the import figures for 2018, our ten percent tariff on select Chinese imports have not yet had any effect, when compared to the previous year. U.S. export values tell a different story. Our farmers and ranchers continue to bear the burden of China’s retaliatory tariffs on American produce.

  • China
    Imports increased $34.0 billion to $539.5 billion
    Exports decreased$10.1 billion from $130.4 billion
    US-China Trade Deficit increased $44.0 billion to $419.2 billion
    —representing 47.7 percent of total trade deficit for all countries
Chart of US Total Imports & Exports of Goods & Services 2009-2018
Prepared by Rosaliene Bacchus

After China (15.7%), Canada (14.7%) and Mexico (14.5%) rank in second and third place, with total trade valued at $617.2 billion and $611.5 billion, respectively. In 2018, trade deficits increased for both Canada and Mexico, when compared with figures for 2017.

  • Canada
    Imports increased $18.5 billion to $318.5 billion
    Exports increased $16.3 billion to $298.7 billion
    US-Canada Trade Deficit increased $2.2 billion to $19.8 billion

  • Mexico
    Imports increased $32.5 billion to $346.5 billion
    Exports increased $22.0 billion to $265.0 billion
    US-Mexico Trade Deficit increased $10.5 billion to $81.5 billion

After decades of trade policies that have favored multinational and transnational corporations and gutted American manufacturing jobs, we cannot ignore the terms of our trade agreements that would impact our industries and livelihood. We can no longer expect more and pay less. This comes with a high price tag.

America escalates trade war with China

08 Sunday Jul 2018

Posted by Rosaliene Bacchus in Economy and Finance, United States

≈ 24 Comments

Tags

America’s trade war with China, US Trade, US Trade Representative (USTR), US-China trade tariffs

China Shipping Line at the Port of Los Angeles - California

China Shipping Line at the Port of Los Angeles – California – USA
Photo Credit: Reuters/Lucy Nicholson

 

America’s trade war with China is now official. On July 6th, the US Trade Representative (USTR) announced that an additional 818 Chinese goods, amounting to approximately $34 billion, now face a 25 percent import tax on arrival at US ports. Goods affected include Chinese-made vehicles, aircraft, boats, engines, and heavy equipment. Check the USTR website for the complete list.

“We must take strong defensive actions to protect America’s leadership in technology and innovation against the unprecedented threat posed by China’s theft of our intellectual property, the forced transfer of American technology, and its cyber-attacks on our computer networks,” said US Trade Representative Robert Lighthizer on June 15th.  “China’s government is aggressively working to undermine America’s high-tech industries and our economic leadership through unfair trade practices and industrial policies…”

In retaliation, China has imposed a 25 percent tariff on 545 American products of equivalent value. American soybeans, corn, wine, fresh and dried fruits, nuts, pork, and poultry are among the targeted items.

“[Beijing was] forced to strike back to defend the core interests of the nation and its people,” declared China’s Commerce Ministry on July 6th. China will also file a complaint against the USA with the World Trade Organization (WTO).

In a PBS presentation with Amna Nawaz on July 6th, Yasheng Huang of MIT’s Sloan School of Management said that negotiations between American and Chinese commerce officials failed to reach an agreement because “the strategy pursued by the Trump administration is kind of a take it or leave it. That doesn’t really leave the Chinese with much room to maneuver.”

More tariffs are yet to come. President Trump told reporters aboard Air Force One: “And then you have another 16 [billion dollars] in two weeks, and then, as you know, we have $200 billion in abeyance and then after the $200 billion, we have $300 billion in abeyance. OK? So we have 50 plus 200 plus almost 300.”

I doubt that our president’s bully tactics will curb China’s trade abuses. Meanwhile, import tariffs put in place earlier this year on washing machines, solar panels, steel, and aluminum are already impacting American jobs. In his July 6th article in The Week, Jeff Spross concludes that our president is recklessly rushing into a trade war without any clear objectives or endgame.

“It’s worth remembering that the president was a reality TV star,” Spross writes. “And in that profession, the point is ratings. There’s little differentiation between putting on a show and getting results; the show is the result. And it’s hard to escape the conclusion that this trade war is just another show Trump’s putting on.”

Unlike America’s endless wars in the Middle East, upon which our military-industrial complex gorges itself, America’s trade war with China has an expiry date. As the global market adjusts, more American manufacturers will relocate their factories overseas to remain competitive and secure their markets.

Why should we care about the trade deficit?

18 Sunday Mar 2018

Posted by Rosaliene Bacchus in Economy and Finance, United States

≈ 24 Comments

Tags

Trade wars, US tariffs on solar cells and modules, US tariffs on steel and aluminum, US trade deficit, US Treasury securities

Shoppers at Walmart Store - Christmas 2017

American Shoppers at Walmart Store – Christmas 2017
Photo Credit: Digg/Associated Press

 

America’s trade deficit has been making the news. Our president loves to quote the amount of $800 billion: the U.S. trade deficit for trade in goods only. Our trade in services count too. They earned a surplus of over $242 billion in 2017 (Census Bureau, Exhibit 1).

The total U.S. trade deficit of goods and services in 2017 was $568 billion. We imported $2.900 trillion in goods and services while we only exported $2.332 trillion.

An examination of imports and exports of goods by principal end-use category (Census Bureau, Exhibit 10) reveal that consumer goods together with automotive vehicles, parts and engines account for our mounting deficit. Let’s not forget that goods produced by American companies in a foreign country – like the coveted Apple Smartphone designed in California – becomes an imported product on arrival in the USA. Continue reading →

Trump: China not to blame for US trade deficit

11 Saturday Nov 2017

Posted by Rosaliene Bacchus in Economy and Finance, United States

≈ 42 Comments

Tags

Trade Deficit with China, US Trade in Goods with China, US-China trade deals signed 9 November 2017, USA Trade

US President Donald Trump with Chinese President Xi Jinping - Beijing - China - 9 November 2017

While watching BBC World News America on Thursday, November 9, 2017, I was surprised to hear our president say that he doesn’t blame China for America’s trade deficit with that country. This change of tone occurred during his recent state visit to China.

With President Xi Jinping by his side, President Trump told business leaders inside Beijing’s Great Hall of the People: “I don’t blame China. After all, who can blame a country for being able to take advantage of another country for the sake of its citizens?” [Read the complete news report at BBC Online News.]

While still describing the relationship as “very unfair” and “one-sided,” Trump blamed past US administrations for allowing our trade deficit with China to grow. As indicated in the chart below, showing US Trade in Goods with China 2004-2016, the trade deficit with China was US$266.3 billion (2008) at the end of the Bush administration. It ballooned by 30.3 percent to US$347 billion during the Obama administration (2009-2016).

US Trade in Goods with China 2004-2016
US Trade in Goods with China 2004-2016 prepared by Rosaliene Bacchus
Data Source: US Foreign Trade Statistics

 

On November 9, according to a press release from the US Department of Commerce, America’s trade delegation signed approximately a quarter trillion dollars (US$250 billion) in deals between private US businesses and Chinese entities. The deals signed included shale gas, liquefied natural gas, and aviation projects. Among American executives present at the signing ceremony were representatives from General Motors, GE, Boeing, Caterpillar, Dow Chemical, and Goldman Sachs.

Secretary of Commerce Wilbur Ross expects these deals to bring thousands of new jobs to America. “American businesses are the most innovative in the world, and, when given access, can compete with anyone,” he said. “I believe these deals can provide a solid foundation for a stronger relationship that is more free, fair, and reciprocal between the U.S. and China.”

Descriptions of each deal can be viewed HERE (pdf file). Some of these deals are only memoranda of understanding, making them non-binding agreements that may end up being just Christmas tree decorations. Time will tell which deals bear real fruit. For jobless Americans who are hurting, the sooner the better.

CAPTIONED PHOTO
US President Donald Trump with Chinese President Xi Jinping
Beijing, China – November 9, 2017
Source: ABC News (Associated Press)

Spotlight on U.S. Global Trade

21 Sunday Aug 2016

Posted by Rosaliene Bacchus in Economy and Finance, United States

≈ 15 Comments

Tags

Global Trade, Multinational & Transnational Corporations, US Free Trade Agreements, US Import & Export Companies, US Top Ten Imports & Exports 2015

Aerial View of the Port of Los Angeles - California - United States

Aerial View of the Port of Los Angeles – Southern California – USA
Photo Credit: Port of Los Angeles Official Website

 

As a former international trade professional, I am not adverse to global trade. The challenge of our times lies in the terms and rules of trade which have led to the disruption of communities worldwide. With their global financial and political influence, rich industrial nations can negotiate, legislate, and enforce trade agreements beneficial to their major players.

The United States is the world’s third largest exporter, after China and the European Union. When it comes to consumption, we hold the top position as the world’s largest importer. In 2015, our total imports and exports of goods and services earned US$2.7 trillion and US$2.2 trillion, respectively, for our economy. Our global trade deficit – the difference between our exports and imports – amounted to 500 billion dollars.

Our top three trading partners are China, with 16 percent of total trade in goods only, followed by Canada (15.4%) and Mexico (14.2%). When combined, our trade of 29.6 percent with our NAFTA partners exceeds that with China.

Our greatest trade deficit by country is with China, amounting to more than 365 billion dollars. Mexico and Canada rank in fourth and thirteenth places with 58.4 billion and 14.9 billion, respectively.

Continue reading →

Brazil’s woes to persist in 2016

10 Sunday Jan 2016

Posted by Rosaliene Bacchus in Brazil, Economy and Finance

≈ 14 Comments

Tags

Afro-Brazilian entrepreneurs, Brazil credit ratings downgrade 2015, Brazil economic crisis, Brazil financial crisis, Brazil political instability, Rio 2016 Olympics

Brazil President Dilma Rousseff - Planalto Palace - Brasilia - September 2015

Brazil President Dilma Rousseff
Planalto Palace – Brasilia – September 2015
Photo Credit: Reuters/Ueslei Marcelino

Since Brazil lost the 2014 FIFA World Cup, the country has endured even more woes that now threaten the upcoming Rio 2016 Olympics.

Fallout from ongoing investigations into the Petrobras graft scandal aggravated an already sputtering economy, partly due to a weak global commodity market. The government’s efforts to cut public spending hit workers hard, sending them into the streets in protest. Riding on the wave of public discontent, the right-wing opposition party called for the impeachment of President Dilma Rousseff. This has further increased the country’s political instability. Continue reading →

Guyana: “Essequibo Is We Own”

13 Sunday Sep 2015

Posted by Rosaliene Bacchus in Economy and Finance, Guyana

≈ 20 Comments

Tags

Essequibo Region/Guyana, Essequibo River, Guyana-Venezuela Arbitral Award of 1899, Guyana-Venezuela border controversy, Guyana-Venezuela Geneva Agreement of 1966

Map of Guyana - Disputed Area being claimed by Venezuela

Map of Guyana: “Disputed Territory” (salmon-pink) claimed by Venezuela
Source: Caracas Chronicles

Guyana struck black gold in May 2015! American oil giant ExxonMobil estimates that their find amounts to at least 700 million barrels of crude oil, valued at US$40 billion, over ten times Guyana’s entire economy (GDP). The elation of Guyana’s newly-elected government was short-lived. Within weeks, Venezuelan President Nicolas Maduro issued a decree claiming sovereignty over the ExxonMobil’s drill site along with the rest of Guyana’s territorial waters off the Essequibo region. [That Guyana should keep it in the ground is another story.]

Venezuela persists in a belief that the entire region west of the Essequibo River, including the islands in the river, is rightfully theirs. With over 50,000 square miles of savanna and forest cover, the Essequibo Region makes up about two-thirds of Guyana’s total territory. Continue reading →

Brazil’s First Female President Under Fire

23 Sunday Aug 2015

Posted by Rosaliene Bacchus in Brazil, Economy and Finance

≈ 9 Comments

Tags

Brazil economy, Brazilian President Dilma Rousseff, Corruption in Brazil, Former Brazilian President Lula da Silva, Media giant Grupo Globo, Petrobras corruption scandal

Protesters in Sao Paulo - Brazil - 16 August 2015

Protestors on Avenida Paulista – São Paulo – Brazil – 16 August 2015
Photo Credit: David Shalom / iG São Paulo

After leading Brazil’s economic boom under Former President Lula da Silva (2003-2010) and its record in reducing unemployment and poverty, the left-wing Workers’ Party (PT) government is facing a tough time. A weak global economy has taken its toll on South America’s largest economy. As has happened before during periods of recession, Brazil’s cost of living and job losses are on the rise again. This time, the implosion of the US$2 billion graft at oil giant, Petrobras, in March 2014, has weakened the nation’s economic foundations and moral fabric.

For the government opposition, conditions are ripe for bringing down President Dilma Rousseff and the Workers’ Party, in power since 2003. With the media giant, Grupo Globo, stoking the fires of discontent, and backed by the major conservative party (PSDB), an estimated 795,000 people from rising right-wing organizations and the middle class took to the streets for the third time this year on Sunday, August 16, in all major cities across the country. Continue reading →

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