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Basically the chinese will retaliate which will hurt toher US companies. It's always the case.Until the WTO acts it will be a trade off really.But I agree that china holds the cards.Its just a politcal move really.
It will be interesting to see how long it takes the Chinese to drop the US treasuries bonds they have been holding.
Its already in the making due to our unconstrained borrowing and printing. Neither party cares for a strong, stable currency, but rather erode it in order to implement their political agenda. Libertarians have been warning people of this for a long time, even when they were laughed at.
Yup..and that what I bolded above was a pre-cursor to the Civil War.
As a temporary measure I think this is needed, but we need to progress past the "government help" of tariffs sooner rather than later to avoid what happened in the past.
Go ahead and explain why it took 60 years from the time the 1816 Tariffs were passed until the Civil war started.
That'd be like saying that the civil rights movement in the 1960s is gonna create a civil war in 2020
This is TOTALLY the right thing by Obama's government to do! Its a mild way of moving forward on this huge problem with China without cutting them off completely.
Enough with Chinese crap flooding the market everywhere and killing production in this country. The same hiked tariffs should be made in other countries too. I have seen Chinese cheap imports ruining companies all across the world; generations of family businesses destroyed because of free trade agreements with China that kills them. No developed nation is capable of competing with prices where labor can be purchased for $20-30 a month. Our goods here have mark-ups according to the going production rate and employee salary.
I hope Obama will hike the tariff so high, Chinese imports will end up costing the same price as merchandize produced in this country. In that way it will not strip people of jobs - nor will China be banned to trade with the U.S. so they can't complain they have been blocked trading.
Where does this problem originate from?
Since President Bush took office, the United States’ trade deficit—the gap between what the United States exports and imports- reached historic levels. Large sustained trade deficits mean that the United States is consuming much more than it is producing. Just like a household that spends more than it earns, this national gap must be financed by borrowing. Chronic trade deficits over the past decade have led to a rising foreign debt, the displacement of millions of jobs from the manufacturing sector, and downward pressure on the wages of non-college educated workers.
• Since President Bush took office, the U.S. trade deficit nearly doubled from $379 billion (2000) to $700 billion (2007).
• The trade deficit with China alone tripled from $83 billion in 2000 to $256 billion in 2007.
• As a share of the economy, the overall trade deficit rose from 3.9% of GDP in 2000 to a peak of 5.7% in 2006, before moderating slightly to 5.1% of GDP in 2007.
• In President Bush’s first term, the United States lost 1.9 million jobs to trade deficits.
• In 2007, the bilateral trade deficit with China represented 1.85% of the entire economy. Growth in this deficit since 2001 has displaced 2.3 million net jobs. • Between 2000 and June 2008, the United States lost 3.4 million manufacturing jobs. Recent estimates have predicted that next year China will overtake the United States as the world’s largest producer of manufactured goods.
Basically the chinese will retaliate which will hurt toher US companies. It's always the case.Until the WTO acts it will be a trade off really.But I agree that china holds the cards.Its just a politcal move really.
China exports more to us than we export to them. We're already losing the trade war with China, factory by factory.
This is about the first thing O has done right though it's too little too late I fear. Years and years of open trade with China has decimated jobs. We need to get out of all these free trade agreements and do what's best for our economy.
...and all roads lead to Walmart (and stores like them). Yes, people are so enamored of getting these cheap prices while our economy is beng crushed by China. They are feeding the very beast that is forcing us to buy cheap crap whether we want to or not. What a monumental scam.
In the 12 years of the Reagan/Bush(I) administrations, the United States went from being the world's largest creditor nation to the world's largest debtor. Many of those nations which had enjoyed huge trade surpluses started loaning that profit back to the United States with the stipulation that we work on our manufacturing, clean up our infrastructure, raise taxes, in short, clean up our act, so that investment in America makes sense! However, we didn't quite do that.
The United States is in deep trouble. We have lost a huge amount of our manufacturing capacity, and those products we still make do not compete well on the world market, despite the steady devaluation of the dollar. In short we have vast debts to pay and little to pay them with. Like the foolish Farmer we have sold the machinery that allowed us to prosper, and we stand around shaking our investment portfolios back and forth in the hopes that the money inside will somehow grow all by itself. It won't. It never has. The very best that can be said is that money gets moved from one person to the other.
Go ahead and explain why it took 60 years from the time the 1816 Tariffs were passed until the Civil war started.
That'd be like saying that the civil rights movement in the 1960s is gonna create a civil war in 2020
Do you think laws have immediate effects on goods ?
If you research the Civil War, it was an economic war about cotton. That's how it started.
How long did globalization take to win most American white collar jobs ?
Mfg got offshored in the 70's and here we are in 2009 with little to no mfg and white collar jobs now leaving at an excelerated pace. That alone is about 40 years.
Tire centers buy those made in China tires because they are cheaper. But those tire centers do not pass on the savings.
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