Protectionism Is Immoral, Unjust, and Corrupt

Mises Institute, October 27, 2021 Protectionism Is Immoral, Unjust, and Corrupt by James Bovard Protectionism is reviving in Washington on both sides of the political aisle. Democrats are cheering proposals to restrict trade to benefit labor unions and save the environment while some Republicans are reviving Smoot-Hawley style salvation schemes. Protectionist advocates routinely seize the […]

Fair Trade Is Still a Fraud

American Institute for Economic Research, October 20, 2021 Fair Trade Is Still a Fraud James Bovard The Biden administration is embracing the same flawed “fair trade” mantra that previous administrations used to sanctify protectionist policies. Biden’s team has “largely dispensed with the idea of free trade as a goal in and of itself,” the New […]
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Steel Follies and the Perils of Politically-Controlled Trade

American Institute for Economic Research, April 22, 2021 Steel Follies and the Perils of Politically-Controlled Trade James Bovard The Biden administration appears determined to perpetrate all of Trump’s economic follies while adding fresh blunders of its own. Trump was notorious for saying incorrect things on trade, such as his assertion that “trade wars are good, […]

Trump meets Xi: No extra tariffs as talks continue

US President Donald Trump said the G20 Summit was a success for America’s interests [PPIO]
World markets on Sunday may have sighed some relief after news emerged from the G20 Summit in Buenos Aires that China and the US had agreed to put the breaks on any new trade tariffs for the next three months.
The US agreed not to raise current tariffs on some $200 billion in Chinese goods from 10 to 25 per cent on January 1, 2019.

Russia raises duties on US imports

Russian President Vladimir Putin is due to meet US President Donald Trump in Helsinki, Finland on July 16 but most of the talks will focus on the Syrian conflict [PPIO]
A week after resorting to the World Trade Organization in its complaint against US tariffs on Russian steel and aluminum, Moscow has raised its duties from 25 to 40 per cent on some US imports.
According to the Russian news agency TASS, Economic Development Minister Maksim Oreshkin said the rise was to compensate for more than $500 million loss in exports expected due to the US tariffs.

Expert economists warn Trump of global depression

World leaders including Vladimir Putin and Xi Jinping have warned Trump that his protectionist policy is a lose-lose for the world [PPIO]
A number of prominent economists, including 14 Nobel prize winners, have warned the Trump administration that protectionist measures such as tariffs won’t only end in trade wars, particularly with China, but could lead to the type of depression which broke global markets in the 1930s.

IMF urges China, US to negotiate over trade

File photo of US President Donald Trump with Chinese President Xi Jinping
International Monetary Fund chief Christine Lagarde has called on China and the US to resolve their looming trade disputes through the use of existing multilateral provisions and organizations.
Both countries have been locked in a war of words and threats over US President Donald Trump’s decision to impose substantial tariffs on Chinese goods entering US markets. China has responded by doing the same, largely focused on agricultural industries in the American heartland.

EU ‘ready’ to slap tariffs on US products

US industry will likely take a hit, some argue as top economic advisor to the White House resigns.
US manufacturers fear a global backlash and trade war which could hurt jobs and local output [Xinhua]
Late on Wednesday, the European Commission issued a press release in which it stated that it hoped Europe would be exempt from the aluminum and steel tariffs suggested by US President Donald Trump.