Commenda Media

Commenda Media Issue I is here.

A print and digital magazine on global free markets, trade, and the people building across borders. Our inaugural issue ships now.

Under the Jones Act, a ship can count as American-built with a Korean engine, a Chinese propeller and Japanese generators. Only the hull has to be welded here.

Chlorine chicken. Hormone beef. Japanese snow. Kinder Surprise Eggs.

Four trade fights, none of them about a tariff.

The size of China's subsidies tells only part of the story. The real question is how the Party shapes the market around them.

Read Michael Hill in Issue I of Commenda Media, online or in print today.

Trade negotiators are still fighting a war that ended in the 1990s.
Tariffs aren't the binding constraint anymore. For 88% of countries, regulation now costs exporters more than tariffs do