Saturday, November 27, 2004

trade sanctions for free trade

From the IHT:

The World Trade Organization on Friday authorized the European Union, Canada and five other countries to impose about $150 million in trade sanctions against the United States in retaliation for an import duty law that the WTO ruled illegal last year. "It's been approved," said Amina Mohamed, the Kenyan ambassador to the WTO and chairwoman of the organization's dispute settlement body, referring to the sanctions. Sanctions could be aimed at a wide range of American exports, possibly including steel ball bearings, cod, shoes and apples. Most would be imposed by Japan and the European Union, which have been the hardest hit by the U.S. law…

Known as the Byrd amendment, after Senator Robert Byrd, the West Virginia Democrat who proposed it in 2000, the law hands American companies the proceeds from duties levied on foreign rivals for alleged dumping - selling goods at below-market prices. Seven trading partners of the United States complained that this punished importers twice over: once with the levy and again by giving a financial windfall to their American competitors…

This is very significant," she [Lourdes Catrain, a trade lawyer and partner in the Brussels office of the law firm Hogan & Hartson] said. "It sends a very important message to the United States: Its trading partners are getting tired of the way the United States behaves."


Let's hope Brazil's cotton subsidy lawsuit against the US shares a similar fate.

Maybe in light of the fact that we are in the 11th month of the most prosperous year in human history, we can safely assume that the merits of free trade have been realized, and that trade will only become less restricted and less subsidized.

20 comments:

Clara said...

Hmm. Dumping. Good for me, but I feel for the industries getting boxed out by it.

I was at a party in my hometown (Pikesville, MD) during Thanksgiving and I got to chatting with a sort-of free trader-ish guy I know. He said that the US must hang on to some of its exportable-stuff industries -- even if it requires government subsidies. He said we won't be able to compete globally if we're just a service economy. Falling dollar and all that. What do YOU think?

I tend not to see how a globalized globe is different than, say, a TOWN in which some people do service stuff and others farm and make tech equipment. But the falling dollar is a b*tch, whatever Cato people say about how the current account balance doesn't matter.

marco said...

I don't understand why we wouldn't be able to compete being only a service economy. I tend to use the same argument, if you think a nation should be self sufficient, why not a state or a county or a town or even a person. It becomes quite clear that it is an arbitrary distinction, and ultimately I see it as the continuing specialization of the world economy.

About the falling dollar business, i don't know much, however i do think that it might make the government rethink its deficit policies. Another speculation that I read about is that it might cause China to change its policy of fixing their currency to the dollar, another good thing. Honestly though, it is not an issue that I know much about.

Anyone else know about this stuff?

jiri said...

Cool Blog, I never really thought about it that way.

I have a Hurricane Katrina blog. It pretty much covers hurricane related stuff.

Thank you - and keep up the thoughts!

Anonymous said...

Great Blog! I wanted to share this with you. Are you tired of the Internet Marketing Rat Race? business computer home xxasdf


Check this out when you have time :-)

Dream Builder said...

Great blog here! I'm definitely going to bookmark you! I have a email marketing software site. It pretty much covers email marketing software related stuff.

Come and check it out if you get time :-)

hiro said...

Hi i am totally blown away with the blogs people have created its so much fun to read alot of good info and you have also one of the best blogs !! Have some time check my link of dui lawyer.

Tom Naka said...

I have a benefit health owning pet
site. It pretty much covers benefit health owning pet
related stuff. Check it out if you get time :-)

Anonymous said...

Nice blog here.. I also have a site you may want to visit about lasik surgery cost feel free to check it out.. Articles and news added daily.. Please feel free to add to your links..

Anonymous said...

Hi, This tv on pc thing is great... I have found this really cool site that offers over 200 channels for a really low price pc to tv

giresse said...

Nice site loads of info feel free to check out my site..

Laser Eye Surgery

Laser eye surgery, Lasik. Learning about lasik, lasek, wavefront and there procedures.

Anonymous said...

Nice Blog. If you are looking for more information on financial free planning.
Check out this site financial free planning. I found this site and think it may be useful.

Anonymous said...

I discuss this topic daily myself. I also have a website that talks about resource business intelligence related things. Go check it out if you get a chance.

Anonymous said...

Yo, This blog is pretty neat. You should check out mine sometime. It pretty much covers mass email marketing related stuff.

Anonymous said...

Anyone looking for some more free business card info?

GS said...

This site gives away FREE tickets to Las Vegas shows. They have other great Las Vegas stuff including info about tony and tina’s wedding tickets Check it out tony and tina’s wedding tickets

Johnny said...

hello, your blog is interesting to read, I have a website about internet marketing, it should be helpful to you in making more web money. This is a global trend that more and more people can make a living online, so make sure you visit it.

Barton said...

This site gives away FREE tickets to Las Vegas shows. They have other great Las Vegas stuff including info about tribute to frank sammy joey and dean Check it out tribute to frank sammy joey and dean

Turnkey Builder said...

Market oi millions with blogblastervector marketingvector marketing
Please go to http://ww.blog-masters.net

Ray said...

I like your blog! Check Out our website too its about college board online
. You can get to college board online
here. We have a Huge selection. RS

Anonymous said...

Nice page. If someone want to check actual poker bonuses without deposit - visit my site.
Online poker bonus and bankroll no deposit required for donk gamblers. Good luck at the tables.