Response to the pandemic has pushed the federal budget higher than it’s been in decades, but Americans are slightly less concerned about the deficit than in recent years.
The Trump administration’s plans to impose $50 billion in tariffs on Chinese imports, as well as tariffs recently placed on imported steel and aluminum and on imports of solar panels and washing machines, mark a distinct break from decades of U.S. trade policy, which long has generally favored lower tariffs and fewer restrictions on the movement of goods and services across international borders.
Although manufacturing jobs have fallen over the past three decades, improved productivity has kept manufacturing output rising – contrary to what many Americans believe. But over the past few years, productivity growth has been sluggish at best.
Although Europe is struggling to manage the hundreds of thousands of refugees fleeing conflicts in the Middle East, Africa and elsewhere, the countries facing the biggest refugee impacts are the ones closest to the fighting.
Consumer confidence is rising in the U.S., reflecting its continued modest growth. But confidence has taken a tumble in Europe, which is still struggling to achieve significant, sustainable growth.