🧵Quick thoughts on Treasury Secretary Bessent's comments to the Supreme Court: re: "I am the Secretary of the Treasury. I have been the Secretary of the Treasury since January 28, 2025."
Hey, that's one bit he got right.

🧵Some comments on U.S. Trade Representative Jamieson Greer's recent error-filled speech on reindustrialization. It is so bad, it is almost like his speechwriters were attempting to sabotage him. Let's go! Greer: "At the heyday of American industrialization, our country enjoyed a robust middle class, an unassailable national defense, and an innovation economy unprecedented in human history. I am not appealing to nostalgia, but to real achievements that powered our nation."

The White House today regurgitated a bunch of embarrassingly wrong statements in support of tariffs. I addressed many of these earlier this year. Here is a recap: (note: also see x.com/ericadyork/sta…). White House: whitehouse.gov/articles/2025/…

🧵I will probably never understand why anyone takes former U.S. Trade Rep. Robert Lighthizer seriously. He recently wrote: "In the last 20 years, we have transferred some $20 trillion of our wealth to exploiting countries." Well, take a look at this: The so-called net international investment position of the U.S. decreased by some $20 trillion as our wealth INCREASED by $97.5 trillion. Before I explain, here is his unedited quote from @nytopinion

Re: @WSJ and @aduehren on "the surge in Chinese exports...helped hollow out the U.S. manufacturing base." US real manufacturing GDP is 42% higher than when China joined the WTO. Manuf imports from China increased $400 bil and US manufacturing GDP INCREASED BY OVER $1 TRILLION. @WSJ @aduehren Is it too much to ask how a $1 trillion increase represents "hollowing out?" Sources follow:

Former US Trade Representative Robert Lighthizer recently had a piece in @TheEconomist on trade and tariffs. It may be the most far-fetched piece the magazine has ever published. I can't say for sure because I haven't read every issue since 1843. THREAD 🧵
economist.com/by-invitation/… @TheEconomist Lighthizer: "Free-trade purists argue that tariff increases destroy capitalism."
What 95% of economists actually believe is more nuanced: Tariffs and import quotas usually reduce general economic welfare.
researchgate.net/publication/35…

THREAD: In honor of World Trade Week, here are excerpts from Presidential Proclamations recognizing this week from Harry S. Truman through Donald J. Trump. Whereas the right to trade freely is one of the marks of free people and an expression of their liberty...Now, Therefore, I, Harry S. Truman, President of the United States of America, do hereby proclaim the week beginning May 18, 1952, as World Trade Week

A few comments on foreign suppliers from new post, ntu.org/foundation/det… Korea’s Kogene Biotech is exporting COVID-19 test kits to more than 30 countries, and the only reason its kits are not available in the United States is that the Food and Drug Administration has not approved the test.

Peter Navarro on @tomkeene @BloombergRadio just now: "We have the lowest tariffs, the lowest trade barriers in the world." "Countries can charge US higher tariffs than we charge them, it’s endemic, it creates a large trade deficit, almost a trillion dollars a year." (Paraphrasing Navarro)

Some of the comments submitted to @USTradeRep on proposed new taxes on Americans who import from China: "We are concerned that this tariff could single handedly reverse over half a century struggling through the journey to support our large family and our many loyal employees." "I am the sole supporter of a family of 4 with 1 child in high school and the other in college. The 25% increase will price our vehicles out of reach to our dealers and consumers as our market is very competitive. To put it simply, it will kill my business."

I should probably make this my pinned tweet: "We should beware of the demagogues who are willing to declare a trade war against our friends, weakening our economy, our national security, and the entire free world, all while cynically waving the American flag." "... we should take a moment to recognize that one of the key factors behind our nation's great prosperity is the open trade policy that allows the American people to freely exchange goods and services with free people around the world"