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Congress approves punitive tariffs against China
AP ^ | March 9, 2012 | Jim Abrams

Posted on 03/09/2012 11:37:47 AM PST by 1rudeboy

WASHINGTON (AP) — Congress on Tuesday overturned a court decision and reaffirmed that the government has the right to impose higher tariffs on goods from China and other state-run economies that subsidize their exports to the United States.

The House voted 370-39 to pass the measure and send it to President Barack Obama for his signature. The Senate approved it Monday on a voice vote with no debate.

"By passing this law, Congress has taken a clear stand against the unfair trade practices that have put countless American jobs in jeopardy," Vice President Joe Biden said in a statement.

The speedy and bipartisan congressional action came after a federal appellate court ruled in December that the Commerce Department did not have the authority to levy the punitive tariffs because Congress had never explicitly given the agency that right.

The Commerce Department has been applying these "countervailing" duties since 2007. The legislation ensures that 24 existing higher tariff orders and six pending investigations against imports from China and Vietnam will continue to be valid. Of those 24, 23 are directed at Chinese subsidies.

The duties are allowed under World Trade Organization rules to counteract unfair subsidies used by countries, such as China and Vietnam, with non-market economies. China agreed to abide by countervailing duty laws when it joined the WTO in 2001.

"China distorts the free market by giving enormous subsidies to its producers and exporters," said House Ways and Means Committee chairman Dave Camp, R-Mich.

(Excerpt) Read more at ctpost.com ...


TOPICS: Business/Economy; Foreign Affairs; Front Page News; Politics/Elections
KEYWORDS: china; government; loselose; notagain; nowin; stupid; tariffs; tradewar
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1 posted on 03/09/2012 11:37:54 AM PST by 1rudeboy
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To: 1rudeboy

Not a good idea, in my opinion.


2 posted on 03/09/2012 11:40:26 AM PST by Mr Ramsbotham (Laws against sodomy are honored in the breech.)
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To: Mr Ramsbotham

“Not a good idea, in my opinion.”

I vaguely remember the movie Rollover. Wonder if China will just cash out.


3 posted on 03/09/2012 11:42:55 AM PST by EQAndyBuzz (Solyent Pink is Sheeple!!!!)
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To: Mr Ramsbotham

A feel good measure that may cost us in the long run. If anyone was concerned about American jobs, decrease the employers costs and paperwork associated with hiring US citizens.


4 posted on 03/09/2012 11:44:09 AM PST by momincombatboots (Back to West by G-d Virginia.)
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To: EQAndyBuzz

In terms of unintended consequences, that might be the best outcome for us.


5 posted on 03/09/2012 11:45:24 AM PST by 1rudeboy
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To: 1rudeboy

I keep forgetting Obama cares about American jobs,lower gas prices, Catholics,Jews, and the overall economy.


6 posted on 03/09/2012 11:51:46 AM PST by Leep (Dueling tag lines=don't worry,you'll be a vegetable guy soon<>It's gonna be a Newt day!)
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To: 1rudeboy

Retarded idea. Says Adam Smith in “The Wealth of Nations”.


7 posted on 03/09/2012 11:55:26 AM PST by Drango (A liberal's compassion is limited only by the size of someone else's wallet.)
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To: Mr Ramsbotham

Its a great idea - let Obama Smoot-Hawley himself and the Ds into political oblivion...


8 posted on 03/09/2012 11:55:50 AM PST by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
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To: 1rudeboy

I call bulls#@t on free trade! At the founding of our republic the federal govnment ran mostly off tarrif duties. It was understood the one of the main functions of government was to protect American business from unfair trade practices. Under this protection America became a leading industrial power. It is working for China as we speak.


9 posted on 03/09/2012 12:01:48 PM PST by WMarshal (Where is the next Sam Adams?)
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To: WMarshal

If state-managed economies are your thing, enjoy your Chevy Volt and those curly-cued lightbulbs.


10 posted on 03/09/2012 12:03:51 PM PST by 1rudeboy
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To: achilles2000
Its a great idea - let Obama Smoot-Hawley himself and the Ds into political oblivion...

The Chinese need lots of exports to maintain social stability. Let's hope the Obama doesn't lead the Chinese down the road the Japanese took in the 1930's.

11 posted on 03/09/2012 12:04:32 PM PST by PapaBear3625 (In a time of universal deceit, telling the truth is a revolutionary act. - George Orwell)
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To: WMarshal
Calling our trade relationship with China 'free trade' is a good example of Newspeak.

China Celebrates Outwitting Us
12 posted on 03/09/2012 12:11:28 PM PST by khelus
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To: khelus
The only people you see arguing that we have "free trade" with China here are the protectionists.

The free-traders certainly don't, because they understand the term.

13 posted on 03/09/2012 12:15:04 PM PST by 1rudeboy
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To: WMarshal
One last thing, it was definitely not "understood the one of the main functions of government was to protect American business from unfair trade practices."

The Founders saw tariffs as a way to raise revenue, and some of them such as Hamilton, (correctly) argued that they could be used to protect infant industries.

I don't know where the notion of "fairness" came from, but you can probably guess.

14 posted on 03/09/2012 12:18:37 PM PST by 1rudeboy
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To: 1rudeboy

On this issue I have to rely on people who I think are much more knowledgeable than I am. Can you give a synopsis on what you think are the pluses and minuses of this legislation?


15 posted on 03/09/2012 12:18:51 PM PST by Enterprise ("Those who can make you believe absurdities can make you commit atrocities." Voltaire)
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To: PapaBear3625

The Chosen One is cabable anything wonderously destructive.


16 posted on 03/09/2012 12:23:45 PM PST by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
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To: Enterprise
In a nutshell, countervailing duties benefit producers at an additional cost to consumers. Take steel pipe, for example. The mill gets a higher margin, and the driller gets the shaft (har).

The larger problem is the notion that you can punish a country for artificially devaluing its currency using this method. The majority of evidence indicates that production simply moves from the target country to another low-wage country. So you are left in the same situation, if not worse . . . because you messed-up the chain.

17 posted on 03/09/2012 12:25:18 PM PST by 1rudeboy
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To: 1rudeboy
Yes! But it just isn't strong enough. I can hardly wait to see one as strong as Smoot Holly. Bring back mercantilism; that's what the US needs!

(SARC)

18 posted on 03/09/2012 12:29:20 PM PST by celmak
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To: Drango

“Retarded idea. Says Adam Smith in “The Wealth of Nations”.”

Would that be the same “Wealth of Nations” that plans to steal all of the worlds gold and silver and enslave everyone with phony, fiat money???


19 posted on 03/09/2012 12:34:36 PM PST by know-the-law
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To: know-the-law
It's probably easier to enslave someone with gold, instead of fiat money. Just sayin'.
20 posted on 03/09/2012 12:38:53 PM PST by 1rudeboy
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