Word: tariffers
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...smell of blood in the air has encouraged some Republicans to challenge the President even on an issue that their party has long supported. Clinton faces real trouble next week in the Senate, when the lame-duck Democratic Congress convenes to take up GATT. The General Agreement on Tariffs and Trade is the laboriously crafted 123-nation agreement designed to lower tariff barriers. In his threatening letter demanding a delay of the vote, Senator Helms, who can make "free trade" sound like some weird practice he once saw in a Mapplethorpe photo, was trying to exploit the fact that Congress...
...trade with other Marxist regimes. Washington is moving toward full trade and diplomatic ties with Vietnam, whose human-rights record is no better than Cuba's. It is holding extensive talks with North Korea, the worst troglodyte of all Stalinist regimes. And when Bill Clinton extended most-favored-nation tariff treatment to Beijing last May, he argued that "the best path for advancing freedom in China is for the United States to intensify and broaden its engagement with that nation." Why shouldn't he treat Cuba the same way? "I think the circumstances are different" is the best explanation...
...Hours after NAFTA was signed, General Motors notified Detroit Steel of Indiana, which manufactured springs, that GM was pulling their work out of Indiana and sending it to Mexico. GM will save 40 cents per spring. Before NAFTA the tariff on springs imported from Mexico was 40 cents...
Officially, Clinton is still pondering the decision he must make by next Friday. But all indications are that the President will continue to give Beijing some form of the most-favored-nation status under which Chinese goods enter American markets at low tariff rates. "I think he will find a way not to interrupt MFN," predicted House Speaker Tom Foley, who will have to round up votes to prevent Congress from overturning a Clinton decision. Since a year after the Tiananmen Square massacre, lawmakers have been pressing the White House to punish Beijing by withdrawing MFN status; twice...
There is actually nothing special about MFN status; it is enjoyed by 182 countries that trade with the U.S., vs. only nine that lack it. But there is something quite special about losing MFN. Revocation would result in crippling tariff increases on the $30 billion worth of goods China sells to the U.S. each year -- everything from steel pipes to shirts, sneakers and stuffed animals. According to the argument Clinton seems to have bought, taking away MFN would hurt both the Chinese and U.S. economies because Beijing would retaliate against American firms that are creating a multibillion-dollar market...