Protectionist or Pro-Free Trade?
Is President Obama a protectionist or pro-free trade? Both, according to a recent Los Angeles Times editorial. President Obama has been quoted as saying more jobs are created and costs are lowered in a free trade economy. But, the recent Stimulus plan angered many with the ‘Buy American’ clause attached to the plan.
Recent news about the large tariff placed on China for its tire imports, and refusing to allow Mexican truck drivers into the U.S. has also raised eyebrows to protectionism. But trade issues is not a new problem and not just in the United States.
Earlier this month, the WTO listed 91 potentially protectionist measures taken by G-20 members between the April summit in London and the end of August, and Global Trade Alert, a trade watchdog group affiliated with the World Bank, puts the number at 121 since November.
The position on protectionism or opening free trade even more will be answered in a matter of time. The G-20 summit began last week and will discuss these issues. President Obama will have the opportunity to make his stance on protectionism or pro-free trade more clear.
To read the full editorial, click here.
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Study: The End of the Cross-Border Trucking Program Hurts Economy
Earlier this year, the US put an end to the Mexico Cross-Border Trucking Program and a new study has revealed that it has hurt the economy.
A study conducted by the U.S. Chamber of Commerce founded these results:
– 25,000 lost American jobs
-$2.6 billion in foregone U.S. exports
-$2.2 billion in higher costs for U.S. businesses and consumers
In March when the U.S. government decided to stop funding the two year program, Mexican authorities immediately hit the U.S. with a $2.3 billion penalty duty on 89 U.S. imported products, costing the American consumer around $421 million.
The study’s results are based on the U.S. actions towards Mexico and the Mexican retaliation. These results were analyzed by DC Velocity magazine.
To read the more, click here.
Tired of Waiting on NAFTA-Cross Border Trade Heats Up
On June 2nd, the Journal of Commerce reported that the Mexican National Trucking Association is tired of waiting for the U.S. to reestablish its trucking program to enter in and out of the U.S.
Since March, the Department of Transportation and the Mexican National Trucking Association has been working on a new cross border trucking program, paperwork should be sent to Congress this month.
All this wait has upset Mexican truckers, who is seeking arbitration under NAFTA with the U.S. State Department claiming damages up to $6 billion for lose of business because of denied access to the U.S. highways.
To read the full article: Mexican Truckers Demand $6 Billion from U.S.