Word: tariff
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...While all countries engage in trade practices that aren't always legit (example: U.S. steel tariffs, which were lifted in December after 20 months), China is not an egregious trade cheat. China imposed tariffs on some steel imports from five countries last month, but is more open to foreign investment and imports than Japan was during its boom years. Few countries have embraced globalization at greater risk. The shutdown of inefficient state-owned plants has cost China tens of millions of jobs, with more to go. On a more pragmatic level, the U.S. needs China's cooperation on everything from...
China has achieved this critical global role not by protecting its economy but by throwing it open. Tariff rates are comparatively low, and this year it surpassed the U.S. as the world's biggest recipient of foreign investment, attracting an estimated $60 billion. Accusations that China manipulates its currency miss the point. The yuan is pegged to the dollar, which has dropped in value over the past year. So Chinese exports to the U.S. have indeed grown cheaper compared with those of other countries. To support its currency, China holds about $120 billion in U.S. Treasury bonds, thus lending America...
...nchez de Lozada to resign. In Peru, the polling firm APOYO has found that only around one-third of voters agreed with their government's decision to take Peru out of the G-22. Lula and Brazil have harnessed decades of pent-up frustration with hefty U.S. tariffs. For example, Brazil and the U.S. together produce 90% of the world's orange juice. Brazil exports all but 1% of its juice, while Americans guzzle 68 million glasses a day - a more than $3 billion market. But to protect U.S. citrus growers, Washington slaps a whopping 52% tariff on Brazilian...
...America was in love with SUVs' rugged looks and capacious interiors. The Ford Explorer became one of the best-selling vehicles of the decade. Normally an American success would be quickly challenged by foreign competitors, but SUVs were protected. In 1964 the U.S. had placed a 25% tariff on foreign light trucks in retaliation for a European tariff on U.S. chicken. The tariff still exists, but foreign manufacturers evade it by building light trucks at U.S. plants or in Canada and then importing them under the North American Free Trade Agreement. That's why BMW, Honda, Porsche a* And Toyota...
...Year's gift to grocery shoppers on both sides of the Rio Grande, the U.S. and Mexico on Jan. 1 eliminated most of their remaining tariffs on agricultural products, under provisions of the NAFTA accord. But many of Mexico's farmers are trying to stem the flood of heavily subsidized U.S. produce, especially apples, pork and chicken parts. Last month thousands of Mexican protesters threatened to block border crossings, and a few burst into their country's Congress on horseback. U.S. poultry producers, concerned that Mexico will erect such nontariff barriers as additional health inspections on chicken, have worked with...