Author: HopkinsonPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
China's Retaliatory Tariffs on Selected U.S. Agricultural Products
Author: HopkinsonRetaliatory Tariffs and U. S. Agriculture
Author: Anita RegmiPublisher:
ISBN: 9781693696367
Category :
Languages : en
Pages : 52
Book Description
Certain foreign nations have targeted U.S. food and agricultural products with retaliatory tariffs since early 2018 in response to U.S. Section 232 tariffs on steel and aluminum imports and Section 301 tariffs levied on U.S. imports from China. Retaliatory tariffs have made imports of U.S. agricultural products relatively more expensive compared to similar products from competitor nations. In the short run, U.S. shipments of products to countries with retaliatory tariffs have declined, reducing overall global demand for affected U.S. agricultural products and driving down the prices of U.S. agricultural commodities. Depending on the length and depth of the tariffs and the range of products affected, some experts caution that the long-run trade impacts could inflict further harm as U.S. competitor countries have an incentive to expand their agricultural production. The total value of exports of U.S. food and agricultural products levied retaliatory tariffs in 2018 was $22 billion, down 27% from $30 billion in 2017. China accounted for about 80% of the total affected trade in both years. Despite the retaliatory tariffs, U.S. agricultural exports rose in 2018 to $140 billion from $138 billion in 2017, partly due to higher imports during the months leading up to the retaliatory tariffs and increased exports to other non-retaliating countries. With the continuation of retaliatory tariffs, U.S. Department of Agriculture (USDA) projects U.S. agricultural exports to decline about 4% in 2019. While trade-aid packages may provide short-term financial assistance, some studies and critics of the President's actions caution that the long-term consequences of the retaliatory tariffs may present more challenges. Even as China has raised tariffs on U.S. imports, it has improved access to its markets for other exporting countries. Brazil, Russia and other countries are expanding their agricultural production to meet China's import demand. For example, Russia's investments during the past two decades have resulted in agricultural productivity growth ranging from 25% to 75%, with higher productivity growth along its southern region. Although still at relatively modest levels, China's total food and agricultural imports from Russia increased 61% between 2017 and 2018. The continuation of trade disputes and retaliatory tariffs may be of interest to Congress for the following reasons. Trade disputes have disrupted global markets and increased uncertainty in the farm input and output sectors. They may add to production costs, they have dampened exports, impacted farm income, and triggered additional federal assistance for the farm sector. In the short-run, there could be some transient benefits associated with various aspects of the agricultural sector. In the long-run, other countries may expand agricultural production, potentially displacing U.S. agricultural exports to become larger food and agricultural suppliers to China.
China's retaliatory tariffs on U.S. agricultural products
Author: Jenny HopkinsonChina's Retaliatory Tariffs on U.S. Agriculture
Author: Anita RegmiTariff Passthrough at the Border and at the Store: Evidence from US Trade Policy
Author: Alberto CavalloPublisher: International Monetary Fund
ISBN: 1513518380
Category : Business & Economics
Languages : en
Pages : 37
Book Description
We use micro data collected at the border and at retailers to characterize the effects brought by recent changes in US trade policy - particularly the tariffs placed on imports from China - on importers, consumers, and exporters. We start by documenting that the tariffs were almost fully passed through to total prices paid by importers, suggesting the tariffs' incidence has fallen largely on the United States. Since we estimate the response of prices to exchange rates to be far more muted, the recent depreciation of the Chinese renminbi is unlikely to alter this conclusion. Next, using product-level data from several large multi-national retailers, we demonstrate that the impact of the tariffs on retail prices is more mixed. Some affected product categories have seen sharp price increases, but the difference between affected and unaffected products is generally quite modest, suggesting that retail margins have fallen. These retailers' imports increased after the initial announcement of possible tariffs, but before their full implementation, so the intermediate passthrough of tariffs to their prices may not persist. Finally, in contrast to the case of foreign exporters facing US tariffs, we show that US exporters lowered their prices on goods subjected to foreign retaliatory tariffs compared to exports of non-targeted goods.
Profiles and Effects of Retaliatory Tariffs on U.S. Agricultural Exports
Author: China - Tariff Rate Quotas for Certain Agricultural Products
Author: Publisher:
ISBN:
Category :
Languages : en
Pages : 145
Book Description
On 18 April 2019 the WTO circulated the panel report in the case brought by the United States in “China - Tariff Rate Quotas for Certain Agricultural Products” (DS517).
Clashing Over Commerce
Author: Douglas A. IrwinPublisher: University of Chicago Press
ISBN: 022639901X
Category : Political Science
Languages : en
Pages : 873
Book Description
A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs
China: Conditions, Issues and U. S. Relations
Author: Lupita WernherPublisher: Nova Snova
ISBN: 9781536142631
Category : Business & Economics
Languages : en
Pages : 290
Book Description
This book is a compilation of recent CRS reports involving China, including maritime territorial and exclusive economic zone (EEZ) disputes involving China; background information and issues for Congress on China's naval modernization effort and its implications for US Navy capabilities; a comparison of US and Chinese trade data; China's proposal for a peace mechanism with North Korea; and a review on China's retaliatory tariffs on selected US agricultural products.
A Better Alternative to a Trade War
Author: Lawrence J. LauPublisher:
ISBN:
Category :
Languages : en
Pages : 14
Book Description
Reducing the U.S.-China trade deficit through the imposition of tariffs on Chinese exports to the U.S. risks retaliatory tariffs by China. The net result may be an involuntary reduction of trade between them, which lowers the aggregate welfare in both countries. It will be lose-lose. Moreover, the most likely net outcome of these new country-specific tariffs is the substitution of imports from China by imports from other countries on the part of U.S. importers. Thus, while the U.S. trade deficit with China falls, its trade deficit with other countries will rise. The overall U.S. trade deficit with the rest of the world will not be significantly altered. Almost all economists agree that the aggregate U.S. trade deficit with the rest of the world cannot be reduced without a corresponding reduction in the U.S. investmentsaving imbalance, taking the U.S. real GDP as given. However, there is an exception: if there is an autonomous (unanticipated) increase in the demand for exports from the U.S. which increases the real GDP of the U.S. in the process, it is possible for the U.S. trade deficit to be reduced. Indeed, huge potential exists for the U.S. to substantially increase its exports of agricultural commodities, energy, and education and tourism services to China. Finally, we address the question of what constitutes “fair trade”. There does not seem to be a generally accepted economic definition of “fairness”. Any completely voluntary and non-coercive trade at the prevailing market price should be regarded as “fair”