reedak
Well-Known Member
- Joined
- May 1, 2014
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1. “China will pay.” The slogan was used by then-US president Donald Trump in 2018 to sell his higher tariffs on Chinese imports to American manufacturers, retailers and consumers.
Five years later, thousands of disgruntled American importers are demanding billions of dollars in reimbursements in a US court as President Joe Biden has stuck with most of Trump-era tariffs since taking office in January 2021.
These firms contend that the US government unlawfully disregarded public comments and did not assess the damaging effects on the American economy before imposing additional duties, ranging from 7.5 to 25 per cent, on Chinese goods worth US$300 billion.....
An analysis by economist Pablo Fajgelbaum of the University of California, Los Angeles, found that tariffs through 2019 had led to a net loss of US$16 billion annually to the US economy, including losses to firms and consumers.
Another study co-written by Mary Amiti of the New York Federal Reserve Bank, said that “US tariffs continue to be almost entirely borne by US firms and consumers”.
Acting on his protectionist “America First” policy, Trump announced four tranches of China tariffs under Section 301 of the Trade Act of 1974, which lets the president take retaliatory action to press foreign countries to abandon harmful trade practices.
The decision followed a 2017 investigation by USTR that accused China of indulging in discriminatory trade practices, costing US commerce an estimated US$50 billion....
Harlan Stone, the chief executive of HMTX, stressed that it was American importers who are paying these tariffs, not the Chinese, since the duties are collected by the US customs agency when goods enter the country.
He added that these taxes have ultimately been passed on to American consumers....
Stone called the imposition of tariffs “bad policy” affecting both American importers and consumers by drastically escalating costs – construction of new houses and renovations in his company’s case. He said China possesses the most advanced technology to process polyvinyl chloride, or PVC, a type of plastic that is a key ingredient in vinyl flooring.
The firm has been making efforts to reduce reliance on China but not without what Stone called “unintended consequences” of the tariffs.
He said HMTX was constructing a factory in Pennsylvania, “but the tariffs also included all the machinery that I needed to import from China” to build it, he said. “So we think that the policy is flawed in that it didn’t achieve its goal.”
The Biden administration, however, views the tariffs as a “significant piece of leverage” in dealing with Beijing. US Trade Representative Katherine Tai told Congress last year that lifting tariffs could “undermine the need to make ourselves more competitive” against China....
Source Link: https://www.scmp.com/news/china/art...eeking-refund-trump-era-tariffs-chinese-goods
2. ...Donald Trump’s improbable ascension to the American presidency was a Bat Signal to some of the most accomplished grifters and scoundrels this fine country has to offer. They jumped on the nearest airplane—preferably private, and paid for by someone else—and jetted off to Washington, D.C., to carve out their piece of the action. The United States and its territories have always been home to some of history’s great scammers, fraudsters, confidence men, and snake-oil salesmen. It is a relentless feature of the national character in a country built by people trying to make a buck, however they could, on the ragged edge of civilization. It’s just the very greasiest operators don’t often pry their way into the Cabinet of the United States president. More rarely, still, do they capture it—and the Executive Branch of government.
“This is the Teapot Dome scandal on steroids,” Douglas Brinkley, a professor of history at Rice University and a CNN contributor, told me. He’s referring to the orgy of bribery and crony capitalism that devoured the presidency of Warren G. Harding in the 1920s. Harding’s crew, known as the Ohio Gang, featured oil-industry insiders who proceeded to operate in public office on behalf of their old friends in the business. For Brinkley, the 45th president has a similar recruiting strategy.....
Source Link: https://www.esquire.com/news-politics/a25989196/donald-trump-cabinet-members-2019-list/
3. It is doubtful whether the thousands of disgruntled US importers will succeed in their demand for refund of Trump-era tariffs on Chinese goods worth billions of dollars.
Perhaps some years later, numerous American and foreign companies around the world (maybe millions of them altogether) will also demand compensations from the future US administration for the collateral damages inflicted on them by the Biden regime's chip war and other trade restrictions against China. By then, the "potato chip" gas-emitting dotard will be rotting to the bones six feet deep. This may be the response they get from the judge: "Go to hell with your demand!"
Five years later, thousands of disgruntled American importers are demanding billions of dollars in reimbursements in a US court as President Joe Biden has stuck with most of Trump-era tariffs since taking office in January 2021.
These firms contend that the US government unlawfully disregarded public comments and did not assess the damaging effects on the American economy before imposing additional duties, ranging from 7.5 to 25 per cent, on Chinese goods worth US$300 billion.....
An analysis by economist Pablo Fajgelbaum of the University of California, Los Angeles, found that tariffs through 2019 had led to a net loss of US$16 billion annually to the US economy, including losses to firms and consumers.
Another study co-written by Mary Amiti of the New York Federal Reserve Bank, said that “US tariffs continue to be almost entirely borne by US firms and consumers”.
Acting on his protectionist “America First” policy, Trump announced four tranches of China tariffs under Section 301 of the Trade Act of 1974, which lets the president take retaliatory action to press foreign countries to abandon harmful trade practices.
The decision followed a 2017 investigation by USTR that accused China of indulging in discriminatory trade practices, costing US commerce an estimated US$50 billion....
Harlan Stone, the chief executive of HMTX, stressed that it was American importers who are paying these tariffs, not the Chinese, since the duties are collected by the US customs agency when goods enter the country.
He added that these taxes have ultimately been passed on to American consumers....
Stone called the imposition of tariffs “bad policy” affecting both American importers and consumers by drastically escalating costs – construction of new houses and renovations in his company’s case. He said China possesses the most advanced technology to process polyvinyl chloride, or PVC, a type of plastic that is a key ingredient in vinyl flooring.
The firm has been making efforts to reduce reliance on China but not without what Stone called “unintended consequences” of the tariffs.
He said HMTX was constructing a factory in Pennsylvania, “but the tariffs also included all the machinery that I needed to import from China” to build it, he said. “So we think that the policy is flawed in that it didn’t achieve its goal.”
The Biden administration, however, views the tariffs as a “significant piece of leverage” in dealing with Beijing. US Trade Representative Katherine Tai told Congress last year that lifting tariffs could “undermine the need to make ourselves more competitive” against China....
Source Link: https://www.scmp.com/news/china/art...eeking-refund-trump-era-tariffs-chinese-goods
2. ...Donald Trump’s improbable ascension to the American presidency was a Bat Signal to some of the most accomplished grifters and scoundrels this fine country has to offer. They jumped on the nearest airplane—preferably private, and paid for by someone else—and jetted off to Washington, D.C., to carve out their piece of the action. The United States and its territories have always been home to some of history’s great scammers, fraudsters, confidence men, and snake-oil salesmen. It is a relentless feature of the national character in a country built by people trying to make a buck, however they could, on the ragged edge of civilization. It’s just the very greasiest operators don’t often pry their way into the Cabinet of the United States president. More rarely, still, do they capture it—and the Executive Branch of government.
“This is the Teapot Dome scandal on steroids,” Douglas Brinkley, a professor of history at Rice University and a CNN contributor, told me. He’s referring to the orgy of bribery and crony capitalism that devoured the presidency of Warren G. Harding in the 1920s. Harding’s crew, known as the Ohio Gang, featured oil-industry insiders who proceeded to operate in public office on behalf of their old friends in the business. For Brinkley, the 45th president has a similar recruiting strategy.....
Source Link: https://www.esquire.com/news-politics/a25989196/donald-trump-cabinet-members-2019-list/
3. It is doubtful whether the thousands of disgruntled US importers will succeed in their demand for refund of Trump-era tariffs on Chinese goods worth billions of dollars.
Perhaps some years later, numerous American and foreign companies around the world (maybe millions of them altogether) will also demand compensations from the future US administration for the collateral damages inflicted on them by the Biden regime's chip war and other trade restrictions against China. By then, the "potato chip" gas-emitting dotard will be rotting to the bones six feet deep. This may be the response they get from the judge: "Go to hell with your demand!"
