I’m not a protectionist, but those up in arms should explain recent developments and facts rather than relying on Smoot-Hawley and the Great Depression.
For instance, every country uses tariffs including the United States.
I’m not a protectionist but…
Let’s look at the fastest growing economies in the world, how fast they grew from 2008 to 2017, and their average Most Favored Nation (MFN) tariff on imports. I get correlation doesn’t equal causation, but it’s remarkable that the fastest growing economies in the world are protecting their domestic economies and burgeoning businesses with high entry costs for overseas rivals.
China and India continue their blistering growth, and by most estimates will be the number one and two economies in the world within two decades. But even before then, coupled with other Asian nations, economic power will have shifted decidedly from the west.
In this special report, Charles breaks down the currency manipulation, tariffs, trade wars and the impact on world economies.
|Mostly ignored in the steel trade story is that while only ~3% of US steel imports come from China directly, more Chinese sourced steel & steel products arrive here indirectly through other countries. It would be interesting to know the total amount of US imported steel actually originates in China.|
Jim on 3/6/2018 12:51:30 AM
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