The import tariff exclusions include industrial components such as pumps and electric motors, some car parts and chemicals, bicycles and vacuum cleaners. The COVID-related exclusions include medical products like face masks, examination gloves and hand sanitizing wipes. Read the article.
“The era of free trade seems to be over. How will the world economy fare under protectionism?” What some decry as protectionism and mercantilism is really a rebalancing toward addressing important national issues. The biggest risk to the global economy stems not from this broader reorientation – which should be welcomed. Read the article.
The United States Department of Commerce (DOC) recently issued a preliminary ruling on imposing tariffs of up to 300% on tinplate steel materials imported into the United States from Canada, China, Germany, South Korea, Taiwan, Turkey, the Netherlands and the United Kingdom. Read the article.
The decree focuses on the implementation of temporary import duties ranging between 5% and 25% on goods classified in 392 tariff items covering steel, aluminum, bamboo, rubber, chemical products, oils, soap, paper, cardboard, ceramic products, glass, electrical material, musical instruments, and furniture. These temporary duties are applicable as of 16 August 2023 and until 31 … Read More
The government has finally prepared a national tariff policy to boost trade competitiveness and enhance consumer welfare. Titled ‘National Tariff Policy 2023’, it is the first-ever tariff policy of the country, which is expected to remove the anomalies in the existing tariff structure and highlight the country’s trade-related priorities. The policy has also set a … Read More
Illegal dumping of foreign-made tin mill products — when a company or country exports these products at a price lower than the price charged in its home market — has cost thousands of workers their jobs over the past few years. And it’s rapidly wiping out the rest of an industry crucial to the nation’s … Read More
“China expressed serious concerns concerning the U.S.’ discriminatory (Section) 301 tariffs,” she added. “China demands the U.S. give equal treatment to Chinese enterprises investing in the U.S. in terms of market access, regulatory enforcement, public procurement and policy support,” Shu Jueting, a commerce ministry spokesperson, said. Read the article.
Let’s assume that the tariffs are on products that are also made in America. The tariff raises the price of the foreign product to the benefit of the U.S.-made product. This would encourage more purchases of the U.S.-made product and thus increase production and employment here in the U.S. — the total opposite effect that … Read More
The drop is explained by lower goods exports and smaller inventories, authorities said. While the data wasn’t as bad as the 1.5% contraction indicated by a preliminary release published in July, it indicates “the Swedish export motor is in trouble,” Michael Grahn, chief economist at Danske Bank A/S, said. Read the article.
Clinton and Obama thought globalization inevitable and bought into the textbook view that trade benefits all parties. “Globalization is not something we can hold off or turn off,” Clinton explained in 2000. “It is the economic equivalent of a force of nature, like wind or water.” Read the article.
