The U.S. and the European Union have a long-running trade dispute over airplane subsidies. Each side alleges that the other is subsidizing its major commercial-aircraft manufacturer in violation of World Trade Organization rules. The WTO says both sides are right: Boeing and Airbus both receive improper subsidies. Soon, the WTO will say how much in retaliatory tariffs each side may impose to punish the other for these violations. And in preparation for that decision, the U.S.
“Even mature economies like the United States and Europe have these kinds of trade disputes all the time,” says Tony Fratto, who was a spokesman on economic and trade issues in the George W. Bush administration. Roquefort cheese has been a particular punching bag in these pre-Trump trade wars. After Roquefort had gotten whacked in the Banana War, George W. Bush imposed a 300 percent tariff on the French blue cheese as part of a campaign to pressure Europe to accept imports of hormone-treated American beef, as one of his last acts in office.
Another is the focus on specialty and luxury goods. Why focus on these kinds of goods? Traditionally, it’s because you don’t want tariffs that will raise the cost of basic consumer necessities, and you don’t want tariffs that will hurt the economy by making business inputs more expensive. So you focus on luxuries that people can skip or substitute if they become expensive. Implicit in this analysis is an admission that other countries don’t pay American tariffs; Americans pay American tariffs.
For example, last month a bipartisan group of 19 members of Congress wrote a letter to US Trade Representative Robert Lighthizer urging that Trump not apply these tariffs to olive oil. They noted that 70 percent of olive-oil imports come from Europe and there literally isn’t enough non-EU olive oil available for export in the world to satisfy American demand.
jbarro Donald Trump doesn't drink disinfectant.
jbarro Josh Barro produces stupid petty pointless little pieces.
jbarro Why not?
jbarro There is nothing normal about the incompetent oaf in the WhiteHouse, or any of his “policies.”
jbarro
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