Democrats and Republicans are constantly swept up in debate regarding labels. Republicans generally argue for free trade while a few progressive democrats campaign for fair trade. In reality, all that American citizens are doing is getting caught up in a false-ideological battle whilst ignoring actual issues. “Free trade” and “protectionist” fair trade are just labels: Americans should simply be focused on “trade” and what is best for our country. Is this not the policy every country should adopt?
Tag Archives: Currency Manipulation
The World Trade Organization (WTO) has convened a meeting in Geneva, Switzerland to discuss the ramifications of currency policy on trading relationships. WTO Director-General Pascal Lamy has asked countries to examine the subject in a rational way, and to avoid finger-pointing. However, when examining the situation, the only rational response is finger-pointing: some countries purposefully devalue their currency in violation of WTO rules, and others do not. Devaluation by countries such as China has hurt the U.S. economy immensely over the years, and there is no reason to pretend otherwise.
Following up on his State of the Union promise, President Obama will sign an executive order Tuesday to establish a new office focused on trade enforcement. Dubbed the Interagency Trade Enforcement Center, the office will be tasked with combating unfair trade practices around the world. The Obama administration has stated that it intends to crack down on trade violators, and this office is a major part of that plan.
Leaders in both the House and Senate are crafting a bill to allow the United States to place countervailing duties on certain Chinese imports. This legislation comes in response to a U.S. Court of Appeals ruling last year that disallowed these duties. Leaders in both chambers are hoping that by writing the bill together they can speed its passage and allow the United States to begin using countervailing duties against China again by mid-March.
During last month’s State of the Union address, President Obama announced plans to create a Trade Enforcement Unit that would oversee America’s trading relationships. This unit was necessitated by the actions of countries like China, who have been able to flagrantly violate the terms of their agreements with the U.S. and, consequently, have gained huge advantages