275


WTO rules against Trump's trade war
By on September 20, 2020
share68 Share chat_bubble_outline1 Comment

WTO rules against Trump's trade war
A panel of experts ruled that the tariffs were inconsistent with the global trade rules and asked the United States to bring its measures into conformity with its obligations.
On Tuesday, September 15, 2020, the World Trade Organization said that American tariffs on Chinese goods violated international rules, thus undermining Donald Trump's justification of his trade war against China and other neighboring countries. While the US helped design those rules, Trump's actions violated the United States' own principles with regard to facilitating the global trade. In 2018, the Trump administration imposed levies on $400 billion in Chinese exports to the United States. The administration also imposed tariffs on Canadian aluminum, arguing that its reliance on foreign suppliers was a threat to its national security. Very quickly, China and Canada responded with retaliatory tariffs on US goods. As a result, American consumers are paying more now and imports from other countries have significantly gone up. The tariffs threatened the US economy as they had a negative effect on consumer spending, which is the most important driver of American economy. And the US trade deficit surged, hitting its highest level in 12 years since 2008. The trade war confounded American businesses as they became more and more uncertain of their raw material costs. Last September, it was estimated that the trade war had cost the United States about 0.3% of its GDP and 300,000 jobs, according to Moody's corporation, an American firm that provides information on global capital markets. Farmers were the most affected by the trade war as agricultural exports went down, creating a surplus of perishable goods stuck in limbo and equipment prices increased. The Trump administration had to bail out the sinking agricultural sector by giving farmers $28 billion of taxpayer money and promised to add $20 billion more. Created in 1995, the World Trade Organization joined the Bretton-Woods family of global financial institutions with the mission of regulating trade and reducing tariffs within member countries.
Source:
globaltradexchange.com


27


More pain than gain: How the US-China trade war hurt America
By on October 03, 2020
share3 Share chat_bubble_outline Reply

More pain than gain: How the US-China trade war hurt America
Trump's trade wars have significantly hurt the American economy without solving the underlying economic concerns that the trade war was meant to resolve.
American consumers are paying higher prices. Manufacturing jobs are not back. And the trade war has allowed China to advance its interests abroad and oppress its own people.
Source:
brookings.edu
Sign up for our newsletter


TOP
WTO rules against Trump's trade war

Global Liberal Blog
©Apr, 2020 - Aug, 2021. gloliblo.com
All rights reserved.