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White House Looks to Slash China's Bilateral Trade Surplus by $100 Billion
15 Marcha 2018, 01:12 | Crisanna Felipe
Trump could hit China with tariffs in intellectual property dispute next week - Politico
While the newly-imposed tariffs will cause the price of steel and aluminum to go up here in America, other commodities will take a hit as well, including agriculture.
If only this were true.
Despite the war of words, global markets are yet to be noticeably shaken.
A third source who had direct knowledge of the administration's thinking said the tariffs, associated with a "Section 301" intellectual property investigation, under the 1974 US Trade Act begun in August, could come "in the very near future". The real culprits were bungled monetary policies and financial market chaos.
Tariffs are generally not a good way to promote domestic industry. Or why not take things a step further and reinvigorate the TTIP negotiations, which failed not least because of the chlorine-washed chicken in order to remove reciprocal trade barriers? Hoover, writes Whyte, supported Smoot-Hawley "for political reasons rather than economic reasons". Beyond the first-order effect of a potential increase in the price of China-made products, the move would likely lead Beijing to retaliate against USA exporters.
Nearly 90 percent of those polled said they were concerned that the tariffs would lead to a wider trade war as well as a third polled who are "very concerned". In the last few days, China has warned the USA of retaliation. So what does Canada plan to do?
Trump however made use of a little-used national security clause (Section 232) in the US trade laws to justify his big jump in steel and aluminium tariffs. So much for Canada the great free-trading nation: Free trade, but only if necessary. President Trump implemented the tariffs by executive action under Section 232 of a 1962 law originally created to restrict importation of goods on the grounds of national security. This is against the free competition touted by free-trade advocates. "We don't know how these tariffs will affect us yet, but we do help feed the world here in the Central Valley so I would think it wouldn't, but you never know". Earlier this year, Trump pulled the USA out of the Trans-Pacific Partnership. Over time, trade protectionism would gain ground.
"But he was elected because he exploited the genuine concerns of many working people in the U.S., people who haven't received the benefits of free trade and globalisation". Europe is by no means as exemplary on trade issues as it likes to pretend.
The United States has proposed World Trade Organization reforms that would punish members for violating basic rules, in what appears to be another move by Washington targeting China, according to documents seen by AFP Wednesday. Hopefully not, but it could happen, to everyone's detriment, if other nations don't stand down. "This argument", said Friedman, "has no validity whatsoever either in principle or in practice". The aluminum and steel industries are in dire straits, with many plants idle or operating far below capacity while cheaper metal flows in from other countries.
It will also harm USA exporters.
That may or may not be sound economics, but it is certainly lousy politics. He was elected by the American people because he is a businessman aiming to Make America Great Again, not a politician who is loyal to a political party but is loyal to the American working class.
As the White House moves to implement these restrictions - 25 percent on steel imports and 10 percent on aluminum - it should be wary of the likely consequences.
It's not even clear that Friedman's economic case is solid.
That sent senior officials at the White House, Treasury Department, State Department, Justice Department, the Office of the U.S. Trade Representative and other key agencies scrambling this week to finalize the proposal. What we need now is realism when it comes to America. That pattern holds true at the national level. That's the missing link in global trade.
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