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01 / 05
Australia to Abolish Nearly 500 So-Called Nuisance Tariffs

Wall Street Journal | Economic Freedom

Australia to Abolish Nearly 500 So-Called Nuisance Tariffs

“The Australian government has announced it will abolish close to 500 ‘nuisance’ tariffs from July 1, reducing the cost of importing everything from toothbrushes to roller coasters and bumper cars.

Described by the center-left Labor government as the biggest unilateral tariff reform in at least two decades, removing the tariffs will cost the budget $19.9 million (30 million Australian dollars) in lost revenue annually, but help to streamline $5.6 billion (A$8.5 billion) in annual trade.”

From Wall Street Journal.

The Atlantic | Human Freedom

America’s Incarceration Rate Is About to Fall off a Cliff

“For more than 40 years, the United States—a nation that putatively cherishes freedom—has had one of the largest prison systems in the world. Mass incarceration has been so persistent and pervasive that reform groups dedicated to reducing the prison population by half have often been derided as made up of fantasists. But the next decade could see this goal met and exceeded: After peaking at just more than 1.6 million Americans in 2009, the prison population was just more than 1.2 million at the end of 2023 (the most recent year for which data are available), and is on track to fall to about 600,000—a decline of roughly 60 percent.”

From The Atlantic.

New York Times | Energy Production

World Bank Ends Its Ban on Funding Nuclear Power Projects

“The world’s largest and most influential development bank said on Wednesday it would lift its longstanding ban on funding nuclear power projects.

The decision by the board of the World Bank could have profound implications for the ability of developing countries to industrialize without burning planet-warming fuels such as coal and oil.

The ban has been formally in place since 2013, but the last time the bank funded a nuclear power project was 1959 in Italy. In the decades since, a few of the bank’s major funders, particularly Germany, have opposed its involvement in nuclear energy, on the grounds that the risk of catastrophic accidents in poor countries with less expertise in nuclear technology was unacceptably high.

The bank’s policy shift, described in an email to employees late on Wednesday, comes as nuclear power is experiencing a global surge in support.

Casting nuclear power as an essential replacement for fossil fuels, more than 20 countries — including the United States, Canada, France and Ghana — signed a pledge to triple nuclear power by 2050 at the United Nations’ flagship climate conference two years ago.”

From New York Times.

The Verge | Food Production

Lab-Grown Salmon Gets FDA Approval

“The FDA has issued its first ever approval on a safety consultation for lab-grown fish. That makes Wildtype only the fourth company to get approval from the regulator to sell cell-cultivated animal products..

Wildtype salmon is now on the menu at Haitian restaurant Kann in Portland, Oregon, and the company has opened a waitlist for the next five restaurants to stock the fish. It joins Upside Foods and Good Meat, two companies with permission to sell cultivated chicken in the US, while Mission Barns has been cleared by the FDA but is awaiting USDA approval for its cultivated pork fat.”

From The Verge.

Forbes | Air Transport

Trump Clears US For Supersonic Flights Ending +50 Year Ban

“President Trump has issued an executive order ‘leading the world in supersonic flight’ which requires the Federal Aviation Administration to remove restrictions on supersonic flights within U.S. airspace. The existing noise rules have been in place since 1968, and a corresponding FAA restriction on flights exceeding Mach 1 established in 1970. These rules previously prevented Concorde operations on transcontinental flights.

The FAA has reviewed this rule in recent years but made no changes to the overland flight restriction. The new Trump executive order requires the FAA to repeal its ‘prohibition on overland supersonic flight, establish an interim noise-based-certification standard, and repeal other regulations that hinder supersonic flight.’

The FAA would need to repeal the prohibition on overland supersonic flight in 14 CFR 91.817 within 180 days and issue a Notice of Proposed Rule Making to establish a standard for supersonic aircraft certification within 18 months of the order.”

From Forbes.