President Joe Biden may be preparing to make a big ask of the United States’ neighbor to the north, and if he does it will run contrary to the agenda of Michigan Gov. Gretchen Whitmer and her administration.
According to Tuesday’s Wall Street Journal, the first-term Democratic president is considering asking Canada to boost its oil exports to the United States. However, the president halted construction of the Keystone XL Pipeline on his first day of office. XL would’ve have transported 830,000 barrels of Canadian crude from Alberta to Nebraska each day.
In the meantime, the Michigan governor and Attorney General Dana Nessel – both Democrats like Biden – have been working in the courts to permanently shut down a five-mile portion of the Enbridge Line 5 pipeline which ships 540,000 barrels of Canadian hydrocarbons daily across a five-mile section of the Straits of Mackinac lakebed. Read More
The U.S. trade deficit continued to grow in January as the import-export gap widened to a record high, The Wall Street Journal reported.
The trade deficit reached $89.7 billion in January, up $7.7 billion from December 2021’s $82 billion figure, the Census Bureau announced Tuesday. Economists surveyed by the WSJ predicted a January trade deficit figure of just $87.2 billion. Read More
The COVID-19 pandemic has served to upend many long-held policy assumptions, but none so clearly as the theory that international trade rests purely on economic incentives, and that those economic incentives will always override a country’s more base instincts to act in its own interest because of the cost to global profits.
Responses from countries around the world to COVID-19 have significantly fractured this argument. It can no longer be said with unshakable confidence that nations will sidestep their own economic objectives, interests, and policies for the sake of a more profitable international economic integration. Read More