{"id":30844,"date":"2018-10-27T11:07:07","date_gmt":"2018-10-27T05:37:07","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=30844"},"modified":"2018-10-27T11:07:07","modified_gmt":"2018-10-27T05:37:07","slug":"rolling-back-free-trade","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rolling-back-free-trade\/","title":{"rendered":"Rolling back free trade?"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-opinion\/rolling-back-free-trade\/article22938055.ece\"><b>Rolling back free trade?<\/b><\/a><\/p>\n<p><b>Context:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">At the World Economic Forum in Davos, announcement of steep metal tariffs leaves no one in doubt about the meaning of U.S. President Donald Trump\u2019s \u201cAmerica first\u201d agenda.<\/span><\/li>\n<\/ul>\n<p><b>Announcements:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A 25% duty on steel and 10% on aluminum imports for an unspecified period.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">These blanket tariffs are the most comprehensive of the recommendations by the U.S. Commerce Department, compared to the targeted levies and quotas against specific countries that were overruled by an instinctively protectionist President.<\/span><\/li>\n<\/ul>\n<p><b>Justifying the measures:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The administration has invoked a national security law, departing from an international consensus not to impose trade barriers.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Countries are allowed recourse to that means under the General Agreement on Tariffs and Trade in times of war and other emergencies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, Trump did not heed suggestions that the national security argument should exempt member states of the North Atlantic Treaty Organisation.<\/span><\/li>\n<\/ul>\n<p><b>Concern for EU:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A concern for the European Union would be to deal with the fallout from the U.S. levy on the bloc\u2019s bloated steel industry.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The current escalation could be defused depend on the chances that countries can negotiate their way out of the tariffs, and corporations can win exemptions for their products.<\/span><\/li>\n<\/ul>\n<p><b>Effect on US:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The latest levy is expected to put at risk millions of manufacturing jobs that rely on these metals.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It is unlikely to create significant new employment in these two sectors given that current U.S. steel and aluminum production remain close to a 10-year average.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The hefty tariffs could <\/span><b>undermine recent tax initiatives to lure investment<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><b>Conclusion:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Seeking to roll back the U.S. liberal trade regime is hardly the way to influence other economies to open their markets. Instead, Brussels would have to show leadership to defend the current open trading system. Experts have opined that the spike may have contributed to Washington\u2019s 2017 trade deficit, which widened to its highest level since the global financial crisis.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rolling back free trade? Context: At the World Economic Forum in Davos, announcement of steep metal tariffs leaves no one in doubt about the meaning of U.S. President Donald Trump\u2019s \u201cAmerica first\u201d agenda. Announcements: A 25% duty on steel and 10% on aluminum imports for an unspecified period. These blanket tariffs are the most comprehensive&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rolling-back-free-trade\/\">Continue reading <span class=\"screen-reader-text\">Rolling back free trade?<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-30844","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704895988},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/30844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=30844"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/30844\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=30844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=30844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=30844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}