Economics News

Lovely comments on US-China tech war in Axios article

The torrent of anti-Chinese rhetoric by the Trump administration recently has been countered by much softer actions, as the administration attempts to "thread the needle" of looking tough heading into the election while having the Chinese continue to purchase U.S. goods, says Professor Mary Lovely. "The tech issue is the big one … for the long term, but for the election it’s not at all clear to me that the tech issue is the big one," she says. Read more in the Axios article, "The tech war between the U.S. and China escalates."

Engelhardt cited in TRD article on COVID's impact on housing costs

Professor Gary Engelhardt notes that a new federal stimulus package would be essential to help prevent more households, particularly renters, from running into difficulties paying their housing costs. "Particularly for renters, the combination of those who missed a payment — or were offered and did not take it — is substantive enough to suggest real risk to their ability to make upcoming payments," says Engelhardt. He was quoted in the Real Deal article, "Landlords lost about $9B in rental payments last quarter: report."

Study by Ali, Shifa on colonial power, corruption in Africa published

"European colonization and the corruption of local elites: The case of chiefs in Africa," co-authored by Merima Ali and Abdulaziz Shifa, both assistant professors of economics, was published in the Journal of Economic Behavior & Organization. Using microdata from nationally representative surveys in anglophone and francophone countries in Africa, Ali and Shifa found that corruption among anglophone chiefs is significantly higher than that of francophone chiefs. They also found that anglophone chiefs command a significantly lower level of public trust.

Lovely op-ed on restoring US manufacturing published in Express-News

"To restore U.S. manufacturing jobs, we need to ask why production costs are higher here than abroad. We need to rebalance the costs and benefits to favor the U.S.," writes Professor Mary Lovely. "To successfully manufacture in the U.S. and pay American wages, employers use advanced capital equipment. We need to lower the cost of creating such factories while ensuring American workers are ready for the demands." Read Lovely's full article, "Bring back manufacturing? Then invest in America," published by the San Antonio Express-News

Lovely quoted in Reuters article on how Biden will handle tariffs

Because Biden is backed by groups with conflicting interests, it may add up to a wait-and-see approach that could keep many of the tariffs he would inherit from Trump in place for years, say former and current advisers, lobbyists and trade analysts. "It’s unclear how he will balance these different competing forces," says Professor Mary Lovely. She was quoted in the Reuters article "Pulled in many directions, Biden may keep Trump's China tariffs in place."

Mitra, Karakas paper on the political economy of populism published

"Inequality, redistribution and the rise of outsider candidates," co-authored by Professor Devashish Mitra and Leyla Karakas, assistant professor of economics, was published in Games and Economic Behavior. In their paper, Mitra and Karakas study the growth in voters' support for outsider candidates with a focus on understanding the potential role of increasing income inequality.

Schwartz discusses NYC school bus service in Gotham Gazette

"Should New York City Cut School Bus Service?," co-authored by Amy Ellen Schwartz, Daniel Patrick Moynihan Chair in Public Affairs, was published in Gotham Gazette. The authors explore different options for districts to allocate scarce busing resources to best support students. Christopher Rick, PhD candidate in public administration and international affairs, is also a co-author.

Lovely weighs in on China's purchase targets, trade deal in Wash Post

"No, they’re not on target,” says Professor Mary Lovely about US exports to China. "Even if they buy huge amounts, they’re not going to be on target." Lovely was quoted in the Washington Post article "Trump’s trade deal with China: More bluster than boom." She was also interviewed for the Marketplace segment "Trump doubles down on trade; China is far from meeting promises."

Lovely weighs in on postponed review of US-China trade deal in Reuters

"I think Trump is a little afraid that this triumph of his will be hung around his neck, but more purchases and a bit of a delay would clearly help," says Professor Mary Lovely. "But he does own it, so they’re going to have to put the best face on it," she says of the Phase 1 deal. Lovely was quoted in the Reuters article "Exclusive: U.S.-China trade deal review postponed as China ramps up farm, energy purchases."

Lovely speaks to China Daily about US techno-nationalism

Professor Mary Lovely says it's "not true" that the US sees all its technological advantages being stolen by China. "We can see the majority of high-tech goods, defined by the Chinese, are still being exported by foreign-invested enterprises operating in China. And (we can see) the amazing amount of R&D which is being done jointly by foreign companies in China, as well as the productivity of Chinese scholars (operating internationally)," she says. Read more in the China Daily article "'Techno-nationalism' unlikely to succeed: experts."

Lovely weighs in on EU-China investment agreement in SCMP

"Given that many Chinese outward investors are state-owned or state-invested firms with access to state-owned banks, showing an absence of government subsidy could be difficult. Thus, the proposal alone can deter Chinese investment activity in Europe. In short, the pandemic has led to greater fear of Chinese unfair practices, not less," says Professor Mary Lovely. She was quoted in the South China Morning Post article "EU-China ties hinge on Germany’s political future as reign of Beijing ally Angela Merkel nears its end."

Lovely comments on Barr's speech on pro-China policies in Wash Post

Attorney General William P. Barr recently accused Beijing of pressuring American business leaders to promote pro-China policies in the United States, and suggested that U.S. executives who do so might be violating U.S. lobbying laws. Professor Mary Lovely says the speech "seems designed to show the world that the U.S. will interpret every action of multinational firms operating in China through a lens of bilateral hostility." She was interviewed for the Washington Post article "William Barr cites Disney, Apple in speech accusing U.S. companies of ‘kowtowing’ to China."

Lovely speaks to Reuters, Yahoo Finance, Bloomberg about USMCA, China

"The champagne isn’t quite as fizzy as we might have expected - even under the best of circumstances - and there’s trouble coming from all sides," Professor Mary Lovely told Reuters about the U.S.-Mexico-Canada Agreement. "This could be a trade agreement that quickly ends up in dispute and higher trade barriers." Lovely also spoke to Yahoo Finance and Bloomberg about US-China tensions.

Mitra discusses what India needs to do to attract GSCs in ET

"View: India has to catch up in infrastructure and skill-building to play role in global supply chains," written by Devashish Mitra, Gerald B. and Daphna Cramer Professor of Global Affairs, was published in the Economic Times. Mitra says attracting global supply chains (GCS) to India is actually very hard work. "There is no strategy other than considerable additional investment and effort into infrastructure and skill-building, tackling power bottlenecks, reforms in labour and land regulations and keeping protectionist forces at bay," he says.

Lovely discusses Trump's Hong Kong policy in CNN article

"Revoking the city's special status will subject its exports to the high tariffs the president levied against China during his ongoing trade war," says Professor Mary Lovely. "But this change will barely budge the status quo," she says, "because Hong Kong's economy consists mostly of financial, logistical and other services, not manufactured goods." Her article, "Trump's removal of Hong Kong's special status hurts the US more than China," was published on CNN.com.

Tóbiás featured in WalletHub article on economic fallout from COVID-19

Áron Tóbiás, assistant professor of economics, says the most important lesson that state authorities can learn from the economic fallout of this pandemic is "the unexpected happens—better be prepared." He adds, "From a public finance perspective, state governments (and the federal government, too) might want to think about setting up more robust rainy-day funds once this crisis is over." Read more in the WalletHub article "States That Need Most Financial Help Due to COVID-19."

Lovely comments on the future of the US-China trade deal in SCMP

"The priority the two sides are placing on the deal is not so much a way to repair damage as it is to not cause further damage," says Professor Mary Lovely. "If the US announces the deal is dead, Trump is locked into some kind of retaliation." Read more in the South China Morning Post article "Donald Trump says China is buying ‘a lot’ of US products."

Mitra discusses India's need for an effective rescue plan in ET

"As reviving the economy is not possible without restarting production, there needs to be a phased exit from the lockdown through extensive testing that identifies people who can go back to work with the confidence that they won’t contract the disease from others," says Devashish Mitra. His article "View: India needs structural reforms for growth to make a strong comeback," was published in the Economic Times.

Lovely weighs in on US-China trade deal targets, tensions on NPR

Professor Mary Lovely says targets for exports of farm goods, factory products, and crude oil were always going to be a stretch. And the coronavirus pandemic has made things worse. "The world has changed," Lovely says. "And clearly, China's purchases are going to be affected." Lovely was interviewed by NPR for the segment titled "U.S.-China Tensions Were Already High. Pandemic And Hong Kong Have Made Things Worse."

Lovely quoted in SBG article on COVID-19, US manufacturing

Professor Mary Lovely believes maintaining a globalized economy is more sustainable for the countries involved than moving manufacturing to the United States unnecessarily. "There’s this idea that there’s a fixed number of jobs to go around and we need to bring them back here for people to have," she says. "That’s not exactly true." Lovely was interviewed for the Sinclair Broadcast Group article "Pandemic exposes need to bring some manufacturing back to US."

Mitra recommends AEZ model for India's economy in Economic Times

In his co-authored article titled "View: How a successful 'AEZ Model' can remove India's structural bottlenecks," Devashish Mitra, Gerald B. and Daphna Cramer Professor of Global Affairs, explains how the use of Autonomous Economic Zones (AEZs) can be helpful in accelerating the creation of well paying jobs in India. The piece was published in the Economic Times.

Maxwell faculty and students honored with 2020 One University awards

Syracuse University announced its 2020 One University Awards, honoring members of the University community for their scholarship, teaching, academic achievement, leadership and service. The annual ceremony was scheduled to take place on April 17 in Hendricks Chapel, but was canceled due to COVID-19 guidelines.

Maxwell students selected as 2020-21 Remembrance Scholars

Ten Maxwell students were among the 35 students selected to be the 2020-21 Remembrance Scholars by Syracuse University’s Remembrance Scholar Selection Committee. The scholarships, now in their 31st year, were founded as a tribute to—and means of remembering—the 35 students who were killed in the Dec. 21, 1988, bombing of Pan Am Flight 103 over Lockerbie, Scotland.

Flores-Lagunes gives advice to 2020 graduates in Syracuse.com

Graduate school is generally a smart option for students graduating during an economic downturn, provided they balance the added debt with demand for jobs in their desired profession, says Professor of Economics Alfonso Flores-Lagunes. He was interviewed by Syracuse.com for the article “Class of 2020 remains upbeat as it faces worst unemployment since Great Depression.”

Lovely discusses COVID-19 impact on US-China trade deal in WSJ

"There are going to be a lot of businesses in China that are not going to survive this," says Mary Lovely, referring to the lockdowns associated with the coronavirus. "They’re definitely going to have trouble." Lovely was interviewed for the Wall Street Journal article "U.S. March Trade Deficit Widened as Coronavirus Disruptions Spread."

Perry Singleton funded by University of Kentucky poverty center

Perry Singleton, associate professor of economics, received a $46,500 grant from the University of Kentucky’s Center for Poverty Research to fund his project, "The Effect of Social Security Retirement Benefits on Food-Related Hardship among Older Americans."

Lovely quoted in HuffPost article on red flag in US-China trade deal

"This is not a trade agreement. This is more like a hostage situation," says Professor Mary Lovely. Her quote appears in the HuffPost article "China Demand For ‘Other Unforeseeable Event’ Out In Trade Deal Was Possible Red Flag."

Lovely quoted in USA Today article on face mask imports from China

"Suppliers may not have been able to supply as much as was demanded because they needed to provide it to the local economy, and the Chinese factories were simply not operating," says Professor Mary Lovely. She was interviewed for the USA Today article "The US needs masks to fight coronavirus, but supplies from China fell as demand rose."

Lovely explains the economic impact of coronavirus on CGTN

"We're looking at a labor market catastrophe right now here in the United States," says Professor Mary Lovely. "What we seem to need right now is employment support to keep these people attached to their employers and able to get back to work relatively quickly when the economy comes back." Lovely was interviewed on CGTN's The Heat for a segment on the latest on COVID-19.

Lovely op-ed on addressing economic impact of COVID-19 featured on CNN

"Getting rid of these tariffs will remove a painful yoke that had depressed American manufacturing and farming long before the coronavirus hit our shores," says Professor Mary Lovely. Her article "What Trump can do now to rescue America's factories and farms," was published by CNN.

Lovely quoted in Washington Times article on US-China trade deal

"There’s a real question as to the economic capacity in both countries [right now]," says Professor Mary Lovely, adding that "it’s hopeful that the officials are saying that they still intend to meet these obligations." Lovely was interviewed for the Washington Times article "China trade deal holding up despite strains, U.S. says."

Lovely talks to Marketplace about the impact of US suspending tariffs

Mary Lovely says that a suspension of tariffs would be aimed at U.S. manufacturers that import items to assemble new goods."The tariffs cost firms $900 per worker per year, so you can think of it as an easy way to put $900 per worker back in the companies that are employing those workers," she says. Lovely was interviewed for the Marketplace segment "Despite reports, trade adviser denies plans to suspend tariffs."

Lovely comments on future of US-China trade deal in Washington Post

"Ultimately the question is, does the president have the political incentive to push this before the election?" says Professor Mary Lovely. "And I think the answer to that is pretty clearly no." Lovely was interviewed for the Washington Post article "Businesses were already hurting under Trump’s trade war. Then came coronavirus."

Lovely quoted in CSM article on impact of COVID-19 on globalization

"To the extent that this crisis appears to be heading toward a global phenomenon, it is a nudge toward a different, more diversified globalization rather than less globalization," says Professor Mary Lovely. She was interviewed for the Christian Science Monitor article "Why COVID-19 is likely to change globalization, not reverse it."

Lovely speaks with Axios about US agriculture sector, tariffs

"Most observers believed that the ag sector was hurt and would need an extraordinary year to make up for that. I don’t think they’re going to see it," says Mary Lovely. "Couple that with the fact that the U.S. could very possibly be heading towards a recession, and it’s going to be a tough year for them." Lovely was interviewed for the Axios article "The trade war could weaken U.S. coronavirus response."

Engelhardt wins grant through the U.S. Social Security Administration

Gary V. Engelhardt, a professor of economics and faculty associate with the Aging Studies Institute in the Maxwell School, was awarded a grant from the U.S. Social Security Administration through the Retirement and Disability Research Consortium. The $100,000 grant will support Engelhardt’s research into the role of housing equity as an asset for retirement planning among older Americans.

Dutkowsky speaks to Spectrum News about the stock market drop

Donald Dutkowsky was interviewed for the Spectrum News article "Stock Market Professor: "Stay The Course" After 3% Point Decrease." He advises not to think in terms of points but in percentage. "'The Dow's off 1,000 points, oh my goodness, that's horrible.' But the Dow's [near] 30,000 points, so that's a 3% drop," says Dutkowsky, adding that a 3% drop is not good, but not awful.

Lovely speaks to Wash Times about FBI, Chinese-American scientists

Mary Lovely says the rules governing scientists’ ties to Chinese research institutions are murky and sometimes lead prosecutors to charge people who have made innocent mistakes. "There should be clear guidance on what is allowable, what is not allowable...," she says. Lovely was interviewed for the Washington Times article "House Democrats say FBI too tough on friendly Chinese visitors."

Lovely discusses US annual trade deficit with Bloomberg, Politico

"Everything the president has done has shown that the advice of more traditional economists has actually been very solid — so we don’t see the trade deficit closing as a result," says Professor Mary Lovely. She was interviewed by Bloomberg and Politico about the U.S. trade deficit.

Yinger research cited in NYT article on school funding disparities

A research article written by John Yinger was cited in the New York Times article "States Are Burying Damning Data About School Funding." In his study, Yinger showed that schools with a high percentage of students from low-income households need more money than other schools to address those students’ greater challenges.

Lovely weighs in on new USMCA in Associated Press, Xinhuanet

On Wednesday, President Trump signed into law the U.S.-Mexico-Canada Agreement, a rewrite of the rules of trade with Canada and Mexico. According to Professor Mary Lovely, the impact will be modest. "It’s a blip," Lovely told the Associated Press. "The main thing is what it isn’t: It isn’t a continuation of uncertainty, and it isn’t a major disruption″ to business.

Lovely discusses US-China trade deal with Associated Press, NPR

"Just thinking in the short term and locally, the big change of course is that we've had a cease-fire. We're in a truce in the ongoing trade conflict between the US and China," Mary Lovely told NPR. "And that's good news. It's good news for our economy. It's good news for the global economy." Lovely also spoke with the Associated Press about the US-China trade deal.

Lovely speaks to Bloomberg, WSJ, Wash Post about US-China trade deal

The new system "is a gigantic finger in the eye of WTO," Professor Mary Lovely told the Wall Street Journal. "The decider will be the trade representative in consultation with the president." Lovely spoke with Bloomberg, the Wall Street Journal, and the Washington Post about the US-China trade deal. She also spoke to Xinhua about the United States-Mexico-Canada Agreement (USMCA).

Lovely discusses Phase 1 US-China trade deal with AFP, NPR, Reuters

Tariffs that will remain on goods from China after the Phase 1 trade deal are a big problem for the U.S. economy going forward, Professor Mary Lovely told Reuters. "You’re taxing things that our businesses need to be competitive, and yet you’re saying the point of this is to support manufacturing." She spoke with multiple international news outlets about the US-China trade deal.

Dutkowsky, Tobias discuss 2020 election, economy in Seeking Alpha

Don Dutkowsky and Áron Tóbiás were interviewed for the Seeking Alpha blog post "Here’s What The 2020 Election Could Mean For The Economy." "The most important threat, in my view, of another Trump presidency is the unpredictability and uncertainty," says Tóbiás. "You can never know what happens next: what appears on Twitter, or what kind of trade policy is made."

Lovely comments on US-China trade pact in The Guardian

Professor Mary Lovely was interviewed for the Guardian article "Trump vaunts his China trade pact – but some say it’s too little, too late." "There is very little in the agreement that could not be achieved by partnering with allies that were also concerned about the same issues," says Lovely.

Lovely comments on Phase One China trade deal in AP, Washington Post

"It’s a very toxic brew and I don’t know that we’re really going to see much progress on it," says Professor Mary Lovely. She spoke to the Associated Press and the Washington Post about the first phase of a U.S.-China trade agreement.

Lovely quoted in Quartz article on USMCA

"I don’t know what the lesson here is in getting a free trade agreement passed, because president Trump did not," says Professor Mary Lovely. "One way to get a trade agreement passed is just to throw out free trade." Lovely was interviewed for the Quartz article "How the USMCA sets the stage for the future of trade."

Lovely discusses the US-China trade deal with AP, BBC, CNN, PBS, WSJ

"A ceasefire now raises the likelihood that the two sides can find lasting solutions to the problems identified in the US investigation of China's unfair practices related to technology transfer, intellectual property and innovation," writes Professor Mary Lovely. Her article "A trade war ceasefire is just what America's economy needs," was published in CNN Business Perspectives. Lovely also spoke with many major news outlets regarding the trade deal.

Lovely speaks with NY Times, PBS, Wash Post about USMCA trade deal

"It’s not at all clear that there is going to be a positive effect on jobs in the auto industry," Professor Mary Lovely told the New York Times. "This is the hard lesson of economics, which is basically there’s a lot of factors here." Lovely spoke with several media outlets about the United States-Mexico-Canada Agreement (USMCA).

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