Trade

Background

The EU on Wednesday said a raft of retaliatory tariffs, including on whiskey and motorcycles, against painful metals duties imposed by the US would be ready as early as July.
The European Commission, which handles trade matters for the 28-country bloc, “expects to conclude the relevant procedure in coordination with member states before the end of June,” said European Commission Vice-President Maros Sefcovic at a news briefing.
This would allow “that the new duties start applying in July,” he added.

Background

Nothing better illustrates the disaster of Britain leaving the EU than Donald Trump. Once we’re no longer able to enjoy the huge benefits of the European single market we will be compelled to try to arrange favourable independent trade deals with other countries, the largest of which will almost certainly be the USA. Having to rely on the US for our primary trading partner is the truly nightmare scenario of Brexit, and one example of why this is so was provided last week.

EU president and Polish politician Donald Tusk says the U.S. acts with “capricious assertiveness.” With friends like this who needs enemies?” he asked the other day, adding, “If you need a helping hand you will find one at the end of your arm.”
EU vice-president Federica Mogherini met with European and Iranian representatives after the U.S. decision to leave the Iran nuclear agreement. She committed Europe to the following:

Academics now are saying that, from 1999 to 2010, six-million manufacturing jobs, one-third of all US manufacturing employment, were lost to China and had nothing to do with robots or automation. Blue-collar workers instinctively knew that, and it was one of the reasons they supported Trump who openly said so. According to the academics, the introduction of China into the global trading system is the root cause of the job losses.

China has announced that in retaliation for the 25% tariffs imposed on Chinese steel, aluminum and other exports to the U.S. it will impose 25% tariffs on, among other things, U.S. soybean imports.
Let us think about soybeans.

On Tuesday (4/3/2018) the US published a list of Chinese imports, set to be hit with a $50 billion tariff increase. This is the latest in an escalating trade skirmish between the US and China, that could escalate into a war.

US Presidents, European leaders and their academic spokespeople have attributed China’s growing market shares, trade surpluses and technological power to its “theft” of western technology, “unfair” or non-reciprocal trade and restrictive investment practices. President Trump has launched a ‘trade war’ – raising stiff tariffs, especially targeting Chinese exports – designed to pursue a protectionist economic regime.

Let’s put it out there with suitable portions of provocation: free trade has never actually taken place. There is an uncomfortable, skirmish-ridden middle ground, where states compete for primacy over surplus and deficits, where the notion of prosperity is language deferred, not to citizens, but corporations who are often backed for pursuing technological remits.

(ANTIMEDIA) — As the Trump administration moves forward with its plan to impose tariffs on goods shipped into the U.S., like steel and aluminum, the term “trade war” is emerging in headlines across the media. Abandoning the principle of free trade marks a monumental shift in America’s stance towards the globalized economy and will undoubtedly come with severe repercussions. President Trump seems […]