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EU Aims to Solve Trade 'Mess,' Not Provoke US: Commissioner
15 Marcha 2018, 01:33 | Crisanna Felipe
Critics have correctly identified the mercantilist fallacy behind Donald Trump’s formulation
The country's beef producers will be much better off because now imported meat is as much as 20 percent more expensive, meaning domestic companies will be able to sell more rib-eyes and raise their prices.
In fact, we have been in trade wars for many years. As I often say, government policy is a precursor to change. Granted, it's so easy to be ignorant on a Twitter account ~ there's no one to proofread it.
The biggest cause of our economic problems is the Federal Reserve. Americans are better off trusting Mr. Trump on trade.
Trump has railed against major global trading partners, most recently by imposing a tariff on steel and aluminum exports, but granted an exemption to Canada and Mexico as the three countries approach a reorganization of NAFTA, the trade agreement Trump has threatened to tear up.
The bloc said that it's a close ally of the USA and therefore any import levies on national security grounds are unjustified. Whether it was President Donald Trump barring the arrival of travelers from certain countries, firing his Federal Bureau of Investigation director or trying repeatedly to overhaul the health care industry, nothing seemed to knock markets off their steady, record-setting course that lasted through 2017.
It remains far from clear how, exactly, the Trump administration's tariffs will be applied, which countries will be subject to them or how economically damaging the retaliation from the affected nations might prove.
Critics call this small potatoes, compared with jobs that could be lost in other manufacturing areas such as autos if steel prices rise. Unlike antidumping or countervailing duties, which are meant to remedy damage to USA industries caused by unfair competition and target specific companies or countries, "safeguard" tariffs focus on national security and typically apply to all countries. This growth was offset, though, by a $15 billion decline in profits for steel-consuming companies. As a result, steel consumers are more likely to balk at the higher prices that would result from tariffs.
The EU reacted angrily to Trump's announcement with the European Commission announcing last Wednesday that it would raise import duties on archetypal USA goods including bourbon, peanuts and cranberries if the US went ahead.
The U.S. a year ago rejected three major Chinese acquisitions of U.S. technology companies, including a semiconductor maker, an Internet services provider and in-flight entertainment company, and a mobile ad developer. Trump's tariff tantrum is only going to make those cars more expensive for US consumers.
"That being said, any benefits attributable to tariffs are likely to be outweighed by costs".
Higher tariffs on these products would "hurt American families", said Hun Quach, a trade lobbyist for the Retail Industry Leaders Association. According to Bloomberg data, the industry posted net profits totaling $2.5 billion in 2017, up from $60 million in 2016.
A 2011 report by the International Trade Commission estimated that US companies lost more than $48 billion in one year because of widespread Chinese violations of intellectual property.
A China-based business source with knowledge of discussion among senior European officials said there had been a "clear effort" by the US government over the past six months to introduce a coordinated approach to Chinese industrial policy, but that Trump's metals tariffs had undermined European support.
"We don't carry out a global FONOPs program as the United States does", she said.
"The politics that matter for the market are the ones that impact the fundamentals", said Stephen Auth, chief investment officer of equities for Federated Investors. This first appeared in his Frank Talkblog.
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