Michael Stumo
@michael_stumo
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CEO of @cpa_tradereform Coalition for a Prosperous America. Father of Samya Rose Stumo fighting for aviation safety.
Joined February 2018
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Pew: Americans name China as the country posing the greatest threat to the U.S. by wide margin
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Re Boeing criminal fraud prosecution.
The US Dept of Justice informal “coddling corporate criminals” program is on full display in the Boeing fraud case. Crash victims families filed their objection in court today showing that DOJ and Boeing lawyers presented a sweetheart plea
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My take on the Boeing CEO and board. This company needs to be a great national champion making quality aircraft, not making killer airplanes, offshoring and pleasing the stock market. Headquarters should move back to Seattle where planes are built.
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Very good. POTUS banned investing in 31 CCP companies. Indexes are starting to pivot away. Why are any Chinese companies allowed to raise funds here? They uniquely don’t comply with securities laws.
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Wal-Mart joins Amazon as a primary pipeline for Chinese counterfeit and other goods to US consumers. No regulation, no business registration by the Chinese seller, and no country of origin labeling.
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HUGE EXCLUSIVE: Chinese Doctor Shi Zhengli Ran Coronavirus Research in Wuhan After US Project Was Shut Down by DHS in 2014 for Being Too Risky -- PRIOR LEAK KILLED RESEARCHER
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Ambassador Lighthizer is correct re strategic decoupling. We should start with removing Chinese companies from our capital markets and ending most favored nation status from China.
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Ridiculous that we allow Chinese companies to be listed on US exchanges when the CCP won’t allow audits to be public.
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Scholz and Germany are still asleep on China. Like Yellen.
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Boeing safety culture exists in name only. CEO David Calhoun's company wants FAA exemptions from critical safety rules for the upcoming MAX 7 (and 10) rather than designing safe aircraft. "Over pilots objection, Boeing seeks safety exemption for MAX 7"
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Very good explanation of tariff societal benefits. Changing incentives to build, rather than buy. Disagree with the end. No drop in standard of living will occur. Growth and real wage increases will occur. Too much “buy” has eroded our economy and society.
TARIFFS > TAXES?
For most of American history, tariffs dominated taxes as a source of federal government revenue:
This was also the time when the US rose to become a manufacturing powerhouse. And as you can see from the graph, the income tax (and the Federal Reserve and much of
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Good advice from Seattle Times editorial board for the Boeing board. Move HQ back to where you actually make airplanes. (Board members who approved move to Arlington are idiots) Return to fundamentals of quality mfg and admirable corporate culture. 1/
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Fun fact: all EV tax credits go to the purchase of foreign made electric cars. None go to US made EVs. Taxpayers are subsidizing foreign takeover of this market.
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Very bad. Boeing MAX, just two years old, sustains STRUCTURAL DAMAGE in scary “Dutch Roll” which should not happen in modern aircraft. Yet CEO Calhoun got 45% raise last month.
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Stop funding China companies through US capital markets to deprive them of literally trillions of USD to build coal plants, military equipment, etc. Stop buying (through trade bans) their polluting or forced labor goods and put those CCP companies out of business. Problem solved
“China has been fighting the United States in the “gray zone”—the murky area between war and peace—for years.”
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Treasury Dept is the WORST agency. Just terrible. Messing up everything they touch. National security, trade, geopolitical rivalry strategy. They protect Davos Man, Goldman Sachs man and intl capital. Serious reform needed there with outsiders in charge
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The morality of false-woke US multinationals profiting by offshoring to countries where oppressing minorities is hardwired in. Audits don't help.
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USA should worry more about selling real goods that workers make, and worry less about selling dollar financial assets that Wall Street conjures. The tension between them needs more fleshing out.
De-dollarization is a fad, will backfire on other countries: currency expert
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Ever wonder why we don't make enough things here? This is one reason. California sending $1B business to China when US companies can produce facemasks.
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@JDVance1
1)Commerce Committee investigation needed - why can't Boeing make safe planes? This is a brand new plane - 1st flight 11/3/23. 2) Past Service Difficulty Reports showed pressurization problems, but Alaska Air reduced SDRs in November. Why? 3) NTSB can't be sole investigator. The
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No Boeing bailout without aviation safety conditions: end the killer Organization Delegation Authority system which allows Boeing to self certify aircraft safety while FAA pushes paper. That was a cause of MAX crash. Public bailout needs to provide public benefit.
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@zerohedge
I guess that is 10 billion jobs. Pretty impressive since there are, what, 7.7 humans on earth.
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Agree with
@marcorubio
. We need a “Made in America 2030” strategy to counter Chairman Xi’s “Made in China 2025”.
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When will we get to the point where you simply don't do business in China regardless of the profits you think you can make.
@BRICbreaker
We will soon realize the forced labor is China wide, not just Xinjiang. Its part of their industrial strategy.
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@gbrew24
Dollar dominance has been predicted to end - by the uninformed - for at least 20 years.
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Why does Wall St keep pushing to support CCP companies? White House has to intervene again.
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Its the US Chamber of Globalists.
@USChamber
ofCommerce opposes BuyAmerican exec order for medicines. What if China unleashes a virus & controls all the medicines?
@USChamberAction
@WHNSC
@BoycottHegemony
@hickory66
@JackPosobiec
@DanRDimicco
@michael_stumo
@PhillipsNanl
@WarRoomPandemic
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We should not be thinking of China as a partner in anti-pollution efforts. They'll run out the clock again on diplomacy. Only tariffs or import prohibitions will work. Our HUGE leverage is access to our market.
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Robby Smith writes about how China lists fake Cayman Island companies on the NYSE to trick the US investors to send trillions in capital to the CCP. The SEC and Blackrock aid and abet Chairman Xi.
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Good start. Should do like Germany and prohibit all China acquisitions unless specifically authorized after petitioning the govt. via
@BreitbartNews
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What... is the US Chamber arranging for the Chinese to come see Biden? Is that really their role? Is that number one on their list?
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Macron joins the nationalists. “We have to produce in France, on our territory, from now on. Certain products and certain materials have a strategic importance and we need Europe to be independent to reduce our dependence.”
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1/x Unfortunately nothing the CCP defending WSJ Ed board says on Trump tariffs and trade is true as they futilely strive to reframe tax cuts as the solution to everything. Steel tariffs caused $22b new investment and no consumer inflation.
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OMG. Paulson "“Decoupling China from U.S. markets by delisting Chinese firms from U.S. exchanges is a terrible idea,” he said. “So is forcing Chinese equities out of the MSCI indexes.”
1-“This article is unique as it kills two "
#China
loving birds" with one stone ...
#Kissinger
&
#Paulson
..”..“Paulson,like Kissinger,continues 2 ignore the multidimensional nature of China’s undeclared
#coldwar
against the United States and the West....
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If we make it here, the Port of LA isn't a bottleneck.And container prices on polluting ships don't matter. Shipping from Alabama to Kansas is easy. And we get the innovation, the very good jobs, and the future spinoff industries.
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Kamala Harris position on globalism vs jobs and supply chains in the USA is a worry. The liberal internationalist instinct of helping everyone but us can’t continue.
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China-enabling WTO panel just ruled against section 301 tariffs of the US. Big deal. Geneva bureaucrats and trade globalists do not want the US to be tough on China. It further calls into question whether the WTO should survive.
@DanRDimicco
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Solution: localize supply chains for dependability, environmental sustainability and good jobs. Globalists were wrong. via
@WSJ
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OMG! Stop doing business in China! From BBC report, "Yes, the rape has become a culture. It is gang rape and the Chinese police not only rape them but also electrocute them. They are subject to horrific torture."
Breaking: the BBC publishes some of the most horrendous evidence yet of what happens in Xinjiang's camps. Endemic rape, brutal sexual torture of women, electric batons inserted into vaginas, Uyghur female detainees provided to Han men for a fee.
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China has been blocked from buying land near US military bases on national security grounds. Now the CCP may be trying to get inside the bases by buying GNC.
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The enemies of building US production and employment are at it again. Trying to gut COVID recovery by making it easier to buy goods from China. The 301 tariffs are there to counter China's massive IP theft and cheating. via
@BreitbartNews
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A mechanism to pull trillions of US retirement dollars into CCP companies to help them supply the PLA, surveil the Uyghurs, weather and deter future sanctions and grow CCP company trade market share globally. Good idea.
"BlackRock, Goldman & JPM have been expanding in
#China
for yrs...Now they're positioning to grab a piece of huge new biz"
Great. But reality: anyone ingratiating themselves on the deal side will be forced to compromise themselves on the research side.
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Weird how SEC chair Clayton has been a wimp on Chinese stocks trading on US exchanges without complying with the rules that everyone else does. What does that say about other SEC anti fraud activities?
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Agree. Whatever the merits or demerits of DEI, the Boeing original sin is the 1990s MacDonnell Douglas merger that introduced M-D financialization for the next decades. CEOs Condit, Stonecipher, McNerny, Muilenburg, Calhoun and their cost-cutting/outsourcing culture were the
Boeing's corporate collapse had zero to do with DEI policies and everything to do with bad regulatory choices.
I dislike DEI, but the attempt to push every problem into the DEI bucket is just a lie designed to protect Wall Street's and corporate monopolists.
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This must stop now.
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Reminder. There was no actual agreement on fentanyl. Just a commitment to talk about it in a working group in the future. Chairman Xi promised Obama that China would rein in fentanyl too. Best not to acknowledge this as an agreement.
Biden got Xi to bend on fentanyl for a steep price: dropping sanctions on a Chinese police facility that Commerce Dept decreed was “complicit in human rights violations” against Uyghurs and other Muslim minority groups via
@carmenpaun
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Dear Pres Biden: The reason the electric F150 is being made in Dearborn is 25% LBJ tariffs on imported light trucks. The reason GM is investing $1B in EV car production in Mexico is because of 0% tariffs on imported cars from there. The end.
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The reality is that more than 95% of the world's producers are outside the US. And try to get rich or employed by selling to US consumers, displacing our own domestic producers. That's why goods production declined here and income insecurity skyrocketed.
Biden-trade = Obamatrade. “More than 95 percent of the world’s population lives beyond our borders—we want to tap those markets.” Heard that for 30 years. Yawn.
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"The big source of the price increases are supply bottlenecks caused by an overreliance on a global supply chain…”
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Tariffs as economic growth tool, causing reshoring. Not “friend” shoring which provides no growth or employment for US.
Consumer products firm Newell is moving production back to Tennessee from China.
Bring it home!
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Very important bill filed by
@repblumenauer
. Closing a huge trade loophole exploited by China and Amazon. Hundreds of millions of uninspected packages coming in with counterfeit goods, dangerous items, drugs, etc. Harming US companies that pay taxes.
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OMG. Great graphic, disgusting portrayal. Going from high wage economy to low wage economy by shifting from productivity growth sectors to productivity stagnation sectors. Neoliberal focus on cheap consumption worked.
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1/x This is a very unfortunate and inaccurate opinion piece. Strategic trade and industrial policy was developed by America's Founding Fathers. It was called the American System, not the Chinese system.
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WSJ article urges unilaterally dropping tariffs. Why don’t we hear calls for all other countries in the world with higher tariffs than us - which is all- to drop them unilaterally? Odd that it applies only to us.
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Mexico is a big trade problem for the U.S. China trans shipping, breaching agreements on steel and tomatoes, assisting de minimis shipping with warehouses that just serve the U.S. market , etc.
If you believe in US decoupling from China, take a look at Mexico's trade balance. Exports to the US (blue) are up massively, reflecting a big rise in imports from China (red). There is no trade decoupling. China is just sending its goods to the US on more circuitous routes...
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Meanwhile, Yellen, over in the Wall St/Treasury bubble, wants to lessen the tariffs on China.
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@UAW
Great. Let’s now get 35% tariffs on all imported autos to preserve the wage gains and prevent offshoring to low wage/regulation/environment countries.
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If you like low tariffs, globalization and trade deals, you hate the climate. Outsourcing the pollution from our consumption is fake green policy. Oh, and then there is the container ship pollution.
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China Commission Warns of China’s Near Parity with US In Advanced Tech; Doubts Export Restrictions Are Working
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The "Lighthizer Doctrine." Very different from past US trade ambassadors.
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Why is there even a debate about whether to allow CCP forced labor/subsidized solar to evade tariffs?
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When globalist, Davos Man free traders realize they have no data to support their points, they resort to cartoons. Working class families, on the other hand, love the jobs and dignity they get when tariffs build growth and new industries.
REMOVING tariffs BENEFITS low-income families.
Protectionism HURTS CONSUMERS by raising the cost of goods.
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Amazon won't tell online shoppers where products are made, even as they get rich laundering Chinese products to US consumers. Senators Scott and Baldwin have a bill to make them show country of origin clearly. It should pass yesterday. via
@ndn
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A late addition to the Senate bill was a unilateral, unrequited gift to CCP companies, helping lower IP theft tariffs on China despite continuing IP theft. And it makes it hard to impose tariffs again when other countries screw us. This is how we make America weak.
Senate's 'China Bill' Hobbles USTR, Puts Chinese Exporters First | Coalition For A Prosperous America
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Good thing we let China into the WTO so it could become a more liberalized, capitalistic, democratic country.
For all the lessons for Xi to take away from the virus, he seems to have settled on one above all: Centralized control works and more is needed
The government that emerges will likely be more centralized and more authoritarian than before
My latest:
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@Menloferry
Reshoring pharma is great for US health, innovation, jobs, growth and security. We need to get it done!
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The US needs its own 5G supply chain. Not Huawei. And not Ericsson or Nokia. Our forefathers built next gen industries here and so can we. via
@detroitnews
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Hmm. Uyghur victims of CCP ethnic cleansing policies have a different view.
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After Wall Street pushes our production base offshore, Jamie Dimon says this: “As a nation, we were clearly not equipped for this global pandemic, and the consequences have been devastating."
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Thank you Sen. Rubio. Mexico is taking advantage of us through USMCA, and promoting itself to Chinese companies as a route for tariff free access into the US market.
China is avoiding tariffs by moving manufacturing to Mexico.
Mexico is also surging steel exports in violation of our 2019 agreement.
My colleagues & I urge Pres Biden to work with Mexico to protect the American industrial base.
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I am not happy that the Kamala Harris account is attacking tariff proposals daily. Tariffs should be a bipartisan part of the industrial policy toolbox. A majority of Americans support them. Economist/Davos Man "experts" don't.
Team Harris should find another topic to attack
Q: Trump is proposing a 20% across-the-board tariff on everyday products. Are you concerned Trump’s tax will drive up costs for Americans?
Mitch McConnell: Yeah, I’m not a fan. It will raise prices for American consumers
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No deal please. "China is getting a taste of what off-shoring has done to blue collar labor across the United States since the 1980s, and at an increasing pace since China joined the World Trade Organization in 2001."
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Calling tariffs a sales tax reveals a striking lack of knowledge.
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FDA Commissioner Califf is either asleep or beholden to big pharma importers and distributors. He refuses to fix drug shortages, rebuild domestic production. US patients face shortages, for years, like some undeveloped nation.
@Rosemary100
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1/ Terrible incident on 2 month old, brand new Boeing MAX 9 airplane, just left Boeing plant and went into service last November 3. The MAX 8 that crashed and killed my daughter Samya & 156 others in Ethiopia was brand new also. Very glad no one was injured or died this time.
Alaska Airlines flight
#AS1282
, a Boeing 737 MAX 9, experienced a rapid decompression after the loss of a large panel that included an emergency exit door on the left side of the plane.
The flight made a safe return to Portland (PDX).
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This is a good article correcting the ridiculous WaPo hit piece on Peter Navarro. Trying to get reshoring done through the Fed govt is really hard, and breaking plates is needed. But the career fed staff don't like change forced on them. via
@BreitbartNews
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Higher tariffs mean more plant investment in the USA rather than Mexico or other countries. Just ask India's PM Modi who does this aggressively so companies locate their plants in India.
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Yup. No supply chain crisis if your suppliers are in the USA.
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Untrue. Most jobs in high volume manufacturing take a few weeks of in house training, or a few months. CNC machines, presses etc. China shock price pressures wiped out US training on the job. China did not beat our prior mfg might because of huge existing skilled workforce.
There is no workforce anymore. You can’t just snap your fingers and have a thousand people who know how to work in a factory. We destroyed that know-how. We can get it back but it’ll take time.
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Its the anti-US jobs lobby.
Insane. Special interests tell govt: We don’t need US-made meds. Just stockpile China-made drugs. That’s like saying we don’t need farmers. Just buy food fr China & stockpile it
@USChamber
@PhRMAgroup
@ACTforAmerica
@AmericaFirstOG
@EinsteinsMagic
@DanRDimicco
@michael_stumo
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Why We Can’t Count On Washington (or Hollywood) To Tackle China
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High level CCP defector says US engagement policy helps China overtake us.
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Trump is right that tariffs can grow the economy, raise revenue, and build the good-paying jobs part of the job market. Driving up the quality of growth. Democrats (& old GOP) shld support tariffs too and abandon neoliberal cheap-consumption fetish that gutted the working class
PRESIDENT TRUMP: As tariffs on foreign countries go UP, taxes on American workers and families will come DOWN.
According to one recent study, a small 10% tariff on most foreign-made products will allow massive tax cuts for working families, create almost 3 million American
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Oh my, the political commentator understanding of how tariffs work is more wrong than I thought. Former Senator Franken and Bill Maher actually think tariffs are applied to retail price of TVs at Best Buy. Rather than the reality that tariff is applied to the foreign vendor
Former Democratic Senator Al Franken & Bill Maher discussing Biden's 100% tariffs on EVs built in China & imported to the US:
Bill Maher: Why does it (tariffs) not work only for Republicans? Isn't it a bad idea what the Democrats are doing?
Al Franken: I don't know electric
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We need to reshore our pharma manufacturing industry.
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In the tariff, industrial policy and trade debate, it’s important to keep in mind that nearly half of imports are multinational firms buying from themselves. MNCs want a frictionless border to chase the lowest wages and standards in the world.
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Build Back Beijing. Pulling the rug out from under recovering US manufacturers. Old style Clinton-Obama globalist move.
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9/x The lesson is that building a broad industrial economy is the only way to national broad prosperity , greatness and security. A national policy of chasing cheap stuff from anywhere causes poverty, insecurity and political instability. And funds our enemies.
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If China wants Taiwanese to vote for a proCCP candidate this weekend, sending spy balloons over the country is a strange campaign tactic.
Surge of Chinese spy balloons over Taiwan before election.
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NYT article finally admitting offshoring was stupid and now dangerous. I’d point out that the culture of corporate procurement managers is a silent cause. Those guys/gals have been aggressive and boneheaded, forcing suppliers overseas for years.
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Jeff Ferry shows that we can re-shore essential medicine manufacturing with little overall cost. B/c the manufacturing is such a small share of the consumer health care dollar. The middlemen can squeeze their disgraceful margins from selling Chinese drugs
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The brain dead assumption that tariffs are always passed on to consumers will not die.
I don't understand why there's no accountability for basic economic literacy when commenting on tariffs.
If you want to complain about the "cost" of a tariff you have to talk about the deadweight loss, not the revenue raised. The $3 million is still there, in the treasury.
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Weird how globalists don't care about where jobs are. Or the fact that low quality jobs are what the US increasingly creates after offshoring industrial capacity.
#JQI
#jobqualityindex
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