Word: tariffers
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...with two other Washington lawmakers to push China to freely float its currency. He argues that it's undervalued and is driving up the $200 billion U.S. trade deficit with China. Schumer spoke with TIME's Austin Ramzy about why he's behind legislation that would slap a 27.5% tariff on Chinese imports to the U.S., and why he's encouraged by his meetings with mainland policymakers...
...also why two U.S. senators are scheduled to arrive in Beijing this week, brandishing the negotiating equivalent of stone axes. Lindsey Graham and Charles Schumer are co-sponsors of a bill that would slap a 27.5% tariff on all Chinese imports unless Beijing allows its currency to appreciate significantly against the dollar, an adjustment some trade experts believe would reduce the deficit by making China's exports more expensive in the U.S. and U.S. products cheaper in China. Chinese Prime Minister Wen Jiabao, at a press conference last week, suggested the two Washington politicians could save U.S. taxpayers the airfare...
Europe's overhaul of its sugar-tariff regime in November and the resulting 4.5 million-ton decline in its exports have exacerbated shortages. Now sugar users in the U.S. are clamoring for the government to drop its quotas after last year's hurricanes drove the already artificially high domestic price up 25¢ a pound in a year. By law, the U.S. Department of Agriculture can't allow more than 1 million tons of sugar imports annually without a change in policy. Says USDA senior economist Larry Salathe: "It certainly looks like we're going to need...
...Even if there is an agreement, it may not be the breakthrough Africa is waiting for, say critics. Europe wants to exclude some products from its tariff cuts, and the U.S. proposal would effectively ease subsidies 2% by renaming existing supports or disguising them as other payments. "It's a case of smoke and mirrors," says C?line Charveriat, head of Oxfam's Make Trade Fair campaign. "If this offer goes ahead, trade-distorting domestic subsidies will remain almost completely unchanged...
...global trade remains inherently unfair, tilted in favor of the U.S. and the E.U., which have long set the agenda. Failure to correct the flaws means that the politics of trade will just get nastier. The global economy stands to lose out, too. It's widely assumed that new tariff cuts and the removal of trade barriers would substantially boost growth. Estimates of the size of that boost vary widely, from labor union economists, who say it would be minimal, to the University of Michigan, which figures a reduction of trade barriers by even one-third would increase global economic...