Publications

The Wall Street Journal reports that Americans are increasingly unwilling to relocate for a new job opportunities. Data show that roughly 3.5 million people relocated for a new job last year, a 10% drop from 2015, as prohibitively high housing costs and record numbers of job openings make workers less inclined to move. WSJ

According to the Financial Times, large American corporations are increasingly comfortable with passing along price increases to customers. Firms across a wide range of industries including consumer staples, machinery, and soft drinks say that higher input prices necessitate price increases, though a strong economy means that consumers will be able to foot the bill. FT

The Wall Street Journal reports that trade tensions between the U.S. and China threaten to disrupt American liquefied natural gas (“LNG”) exports to China. If the U.S. and China are unable to come to an agreement that avoids tariffs on LNG, other exporters, such as Qatar and Australia, may claim more market share in China, which could lead to reduced investment in U.S. LNG infrastructure. WSJ

According to the Wall Street Journal, President Trump says that he is in “no rush” to renegotiate NAFTA. The comment came as Mexican trade negotiators arrived in Washington to discuss new NAFTA rules for the auto industry and revised labor standards. WSJ

The Financial Times reports that China will send a delegation to the U.S. at the end of August for trade negotiations. The delegation noticeably lacks China’s top trade officials, indicating Chinese doubt in the ability of American officials to reach a binding deal. FT

According to the Financial Times, even though China has imposed tariffs on imports of soybeans, Chinese companies have no choice but to purchase American soybeans at the higher price. The U.S. accounts for about a third of Chinese soybean consumption, and there are no other countries in the northern hemisphere that are able to step in at short notice to fill that gap, causing China to resume soybean imports earlier than expected. FT

According to the Wall Street Journal, new research from the New York Fed finds that higher tariffs on imported goods are unlikely to affect the U.S. trade deficit because domestic businesses will face higher input costs. The researchers find that U.S. producers will be adversely affected by tariffs even before trading partners impose retaliatory measures, which will only worsen the input-cost effects. WSJ

Mike Bird of the Wall Street Journal writes that sharp declines in the Turkish lira and Indian rupee have risen the specter of emerging-market contagion. Bird points out that cross-border dollar-denominated loans to emerging markets total nearly $2.5 trillion, roughly double the level from a decade ago and a sign that emerging markets may be unable to service outstanding debt if investors continue to withdraw funds. WSJ