POLITICS 07/22/2018 08:01 am ET The myth of free trade is coming apart. By Zach Carter President Donald Trump’s trade agenda is a corrupt, chaotic mess. He made trade concessions to China after its government agreed to invest hundreds of millions of dollars in a Trump-branded resort. He announced a modest trade enforcement action on steel and aluminum and declared it a “trade war” ― something both “good” and “easy to win.” He then shifted his sights in this combat from China to Canada without any apparent rationale. The president has even threatened Ecuador’s economy with crippling sanctions if its government offered public support for breastfeeding. As with so many Trump debacles, his bluster creates an appearance of radicalism — a dramatic break with a stable and happy consensus. Washington Post columnist Catherine Rampell has lamented that he is discarding more than 300 years of settled … [Read more...] about Trump’s Tariff War Is The Final Act Of A Broken System
Smoot hawley act
Heather Long, The Washington Post Published 5:17 am, Tuesday, June 19, 2018 Most economists say we're not in a trade war - yet. An informal Washington Post survey over the weekend of 22 top economic forecasters found that most of them - two-thirds - say the United States isn't yet at the point of an actual trade war. While President Donald Trump's actions are moving us closer to that label, the forecasters surveyed don't think the effects of the president's tariffs on various countries are big enough yet to classify as a true trade war. Most economists surveyed would still dub the fighting a "skirmish." "I would call this a trade skirmish at this point rather than all-out war. If we stay with the military analogy, it is like lobbing some artillery shells and minor border incursions," said Martin Barnes, chief economist at BCA Research. "A war would be when there is a full-scale invasion. In other words, when more countries and more goods and services are affected by … [Read more...] about The Finance 202: Economists say we’re not in a full-blown trade war. Yet.
POLITICS 05/03/2018 11:11 pm ET "Americans across the country" paid a stiff price last time. By Mary Papenfuss More than 1,100 economists, including 14 Nobel Prize winners, have written a letter to President Donald Trump, along with Congress, warning against making the same trade mistakes that helped plunge America into the Great Depression. The 1,140 economists sent the letter Thursday amid a mounting international trade battle. Trump has imposed a number of tariffs, including on steel and aluminum imports, but has granted temporary reprieves to the European Union, Australia and a handful of other countries. The letter was intended to mirror a similar warning sent in 1930 that went unheeded. “In 1930, 1,028 economists urged Congress to reject the protectionist Smoot-Hawley Tariff Act,” the authors wrote, citing a trade law that many economists are convinced deepened the Great Depression. The letter warns that protectionist trade barriers erected by … [Read more...] about 1,140 Economists Warn Trump Not To Make Great Depression Mistakes
Josh Wingrove, Bloomberg Published 10:33 am, Wednesday, May 2, 2018 Photo: Library Of Congress Image 1of/1 CaptionClose Image 1 of 1 Rep. Willis Hawley, R-Ore., left, and Sen. Reed Smoot, R-Utah, on April 11, 1929. Rep. Willis Hawley, R-Ore., left, and Sen. Reed Smoot, R-Utah, on April 11, 1929. Photo: Library Of Congress Economists invoke great depression in warning to Trump on Trade 1 / 1 Back to Gallery To some of the biggest voices in U.S. economics, it could be 1930 all over again. More than 1,100 economists, including Nobel laureates and former presidential advisers, have signed a letter warning Donald Trump about his tariff-heavy approach to trade. Many of its passages quote directly from another letter sent in 1930, cautioning against protectionist measures the U.S. imposed at the start of what became the … [Read more...] about Economists invoke great depression in warning to Trump on Trade
This morning’s key headlines from GenerationalDynamics.com China’s tariff retaliation plan would devastate China’s economy China on path to repeat Japan’s experience after Smoot-Hawley Tariff Act of 1930 China’s tariff retaliation plan would devastate China’s economy The Trump administration imposed tariffs this week on some 1,300 products in a broad range of sectors, from electronics components to medical devices, and from false teeth to detergent chemicals. When China retaliated on Wednesday, its list contained only 106 items, mostly agricultural products. American soybeans as the number 1 target, followed by corn products, two types of cotton exports, wheat and meat. The list also includes frozen orange juice and whiskey, tobacco, and cars. As a number of analysts have pointed out, while the Trump administration is targeting strategic products, China’s reciprocal tariffs are not strategic but political, specifically targeting products that … [Read more...] about World View: China on Path to Repeat Japan’s Experience After Smoot-Hawley Tariff Act of 1930