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Trump starts trade war with allies, Europe to respond "within hours"
because Italy! M5!! Populism!!!

Diversity is the key to economic and political evolution.
by Cat on Thu May 31st, 2018 at 11:30:38 PM EST
[ Parent ]
panafricanewswire | selected headlines
In imposing the tariffs, Trump invoked a seldom-used section of a 1960s trade law that allows him to erect trade barriers when imports imperil national security.
Think about that. NBER help:
Just as more and more Republicans came to accept the desirability of a liberal trade policy as a general principle, more and more Democrats began to press for exceptions to this principle. In the late 1940s, the industries requesting import protection tended to be relatively small and not very influential politically. However, by the mid-1950s the politically powerful cotton textile, coal, and domestic petroleum industries, whose employees tended to vote Democratic, were asking for protection. In 1955, the Eisenhower administration, as part of its efforts to obtain the support of the Democrats for its liberalization efforts, pressured the Japanese into voluntarily restricting their exports of cotton textiles to the United States. This did not fully satisfy the textile interests, however, and in 1962 President Kennedy agreed to negotiate an international agreement permitting quantitative import restrictions on cotton textiles as part of his efforts to gain the support of Southern Democrats from textile areas for the Trade Expansion Act of 1962."`

The coal and oil industries succeeded in obtaining a national security clause in the 1955 trade act that permitted quantitative import restrictions if imports of a product threatened "to impair" the national security. Voluntary oil quotas were introduced on these grounds in 1958 and made mandatory in 1959.

The most significant change in the nature of the support for protectionism occurred in the late 1960s when the AFL-CIO abandoned its long held belief in the desirability of a liberal trade policy and supported a general quota bill. Basically, the shift in labor's position was related to the rapid rise in import penetration ratios (and thus to the increase in competitive pressures) that occurred in many manufacturing sectors in the late 1960s. These included wool and man-made textiles and apparel, footwear, automobiles, steel, and electrical consumer goods, such as television sets, radios, and phonographs (see U.S. Congress, Committee on Ways and Means 1973). Workers also believed that large numbers of domestic jobs were being lost because of extensive direct investment abroad by U.S. manufacturing firms.

Trump hadn't even lost his first million then.


Diversity is the key to economic and political evolution.
by Cat on Fri Jun 1st, 2018 at 12:15:15 AM EST
[ Parent ]
EU to respond to US measures within weeks
< wipes tears >

Diversity is the key to economic and political evolution.
by Cat on Sun Jun 3rd, 2018 at 09:54:07 PM EST
[ Parent ]

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