https://padlet.com/erinassis/c9foek2r8fff Erina, Tami Ang, Wesley Seng, Samuel, Kailiang, Hiak Jinkhai, JinXuan, You Jun TB04 en-us 2018-06-14 16:47:52 UTC 2023-03-02 20:58:34 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/File.png tamiangtx https://padlet.com/erinassis/c9foek2r8fff/wish/268316687 https://www.investopedia.com/terms/p/protectionism.asp
Investopedia - govt actions and policies that restrict or restrain international trade, often with the intent of protecting local businesses and jobs from foreign competition]]> 2018-06-24 02:44:44 UTC https://padlet.com/erinassis/c9foek2r8fff/wish/268316687 tamiangtx https://padlet.com/erinassis/c9foek2r8fff/wish/268317053 https://www.globaltradealert.org/global_dynamics

United States has implemented a total of 1505 interventions that are harmful for the economy. ]]> 2018-06-24 02:54:39 UTC https://padlet.com/erinassis/c9foek2r8fff/wish/268317053 tamiangtx https://padlet.com/erinassis/c9foek2r8fff/wish/268317504 https://theconversation.com/economic-history-shows-why-trumps-america-first-tariff-policy-is-so-dangerous-92715

With Trump as president, he promotes an 'American First' policy, which strives for unilateralism in trade.

Based on American history, Trump seems to have a false understanding of how the economy worked. 

There will be major changes if the American chooses to behave freely. Since America is a large-nation, then it would affect other countries in the smallest ways possible. On top of that, America would lose its power in the world trade system.

Trump has already withdrawn United States from the Trans-Pacific Partnership. This was not a good move as it increases the difficulty for American companies to compete in their markets. ]]> 2018-06-24 03:06:48 UTC https://padlet.com/erinassis/c9foek2r8fff/wish/268317504 l1209005924 https://padlet.com/erinassis/c9foek2r8fff/wish/270848826
- The government in the united states gives vast subsidies to the Agriculture industry to protect from fluctuating prices of agricultural goods and also rise the competetivity of the exports
- However this has casesd the world price of agricultrual goods to be pulled down as the US is exporting their goods at a lower price
-developing countries is harmed by the subsidies the US gives to their farmers as they are unable to profit form exporting their product now.
https://farm.ewg.org/region.php?fips=00000&statename=UnitedStates
https://www.aei.org/wp-content/uploads/2011/11/-picking-on-the-poor-how-us-agricultural-policy-hurts-the-developing-world_15192995761.pdf
- Trade remedies are implimented by the US government to protect domestic producers form unfair trading practices of foreign producers. In 2016, the U.S. issued anti-dumping and countervailing duty orders on $6.6 billion of imports, including agricultural products
https://www.straitstimes.com/world/united-states/on-trade-remedies-us-barks-but-where-is-the-bite
- However, from the foreign producers' point of view, the trade remedies is used to supress the competitors and sacrifies the consumers benefit to the interest of local producers
https://www.cato.org/publications/trade-policy-analysis/protection-made-order-domestic-industrys-capture-reconfiguration-us-antidumping-policy]]> 2018-07-23 07:27:19 UTC https://padlet.com/erinassis/c9foek2r8fff/wish/270848826 tamiangtx https://padlet.com/erinassis/c9foek2r8fff/wish/270853438 22 Feb, 2018
US had three options
1. Tariffs on Aluminium and Steel - price hikes to cover tariffs would threaten jobs in construction, oil and gas, and car manufacturing (many Americans are employed in these industries, then in the production of steel and aluminium.)
2. Quota on Imports (would ensure that it fell by the intended amount, exporters to US may even raise prices, but this would hit Canada the hardest) - im still figuring out why
3. Tariff on steel imports from some countries, the other countries will be let off with quotas equal to their exports to America

https://www.economist.com/finance-and-economics/2018/02/22/donald-trump-mulls-restrictions-on-steel-and-aluminium-imports

31 May, 2018
Tariffs on Aluminium and Steel imports from Canada, Mexico and the EU. 
- 25% tariff on US steel imports 
- 10% tariff on US Aluminium imports]]> 2018-07-23 09:09:16 UTC https://padlet.com/erinassis/c9foek2r8fff/wish/270853438 tamiangtx https://padlet.com/erinassis/c9foek2r8fff/wish/270956040 01 Mar, 2018
- heightened fears of a global trade war
- Trump feels that US has been mistreated badly (dumping of Chinese steel on American markets), thus he promised to take retaliatory action to protect US steel jobs during his presidential campaign in 2016. 
- China can retaliate against US tariffs on steel by targeting imports of American agricultural produce to China, such as soybeans. 
(CAUSE TRADE WAR)

]]> 2018-07-24 07:33:14 UTC https://padlet.com/erinassis/c9foek2r8fff/wish/270956040 tamiangtx https://padlet.com/erinassis/c9foek2r8fff/wish/270958092 20 Jul, 2018
On top of implementing tariffs on Aluminium and Steel, Trump has also threatened huge tariffs on imports of EU cars and car parts. 

This extent of the trade war will be disastrous. ]]> 2018-07-24 07:52:02 UTC https://padlet.com/erinassis/c9foek2r8fff/wish/270958092 jinkhaihiak https://padlet.com/erinassis/c9foek2r8fff/wish/271298569 - Due to the escalation of the trade war between Trump and china.
- china has declared that hey would impose tariffs on U.S soy bean imports
- Soybean futures dropped 2.3 percent and hit their lowest price in a year as farmers prepared for disruption to the $12 billion worth of soybean shipments they send to China annually
- Soybeans will be hit the hardest as china is by far their biggest buyers

https://www.reuters.com/article/us-usa-trade-china-soybeans/u-s-farmers-brace-for-impact-of-china-trade-war-soy-at-one-year-low-idUSKBN1JB2ZK]]> 2018-07-27 16:53:56 UTC https://padlet.com/erinassis/c9foek2r8fff/wish/271298569 wesleysengqien https://padlet.com/erinassis/c9foek2r8fff/wish/271441528 1. Obama decided that US should impose tariffs on Chinese Tires coming into the US to help employment in the US. It saved 1,200 jobs. For that number of jobs saved, it costed the US 1.1 billion, which means that each job costed $900,000.
https://www.washingtonpost.com/news/wonk/wp/2012/10/23/how-obamas-tire-tariffs-have-hurt-consumers/?utm_term=.d1e60a5cf347
2. From the 35% tariff, although 1,200 jobs in the tire industry, it affected the employment in the US in another industry, being the retail industry. There were 2,500 retail jobs that were lost. The reason behind this was because of the high consumer cost from purchasing tires, causing consumers to cut back on spending resulting in job loss.
http://www.latimes.com/business/la-fi-tariffs-trade-analysis-20160724-snap-story.html
3. From the imposition of the tariff, China decided to impose retaliatory tariff on Chicken imported from the US into China. ChThis anti dumping tariffs reduced exports by $1 billion in the US poultry industry.
https://piie.com/publications/policy-briefs/us-tire-tariffs-saving-few-jobs-high-cost
4. Tariffs aided to reducing the number of tires imported from China, but that only caused increase in imports from other countries like Japan, Canada and Mexico
http://blog.investingnote.com/trade-tariffs-slump-china-us-stock-market/
http://www.datamyne.com/blog/trade-policy/chinese-tire-tariffs-run-down/]]> 2018-07-30 12:14:48 UTC https://padlet.com/erinassis/c9foek2r8fff/wish/271441528