19 Stories

US Jet Tariff May Lead to a 'Trade War'

Canada, UK peeved by proposed 219% tariff on Bombardier jets

(Newser) - After a complaint from US aviation giant Boeing, the Department of Commerce has proposed slapping a 219% tariff on the import of C-Series jets from Canadian-owned Bombardier. The move—which still needs approval from the US International Trade Commission—would be in keeping with President Trump's goal of promoting... More »

Bourbon Industry May Pay for Trump's Proposed Steel Tariff

The largely Kentucky-based industry could fall victim to trade wars

(Newser) - The EU is eyeing a potential target to use in retaliation against President Trump’s proposed steel import tariff : the US bourbon industry. Per the Guardian , commission president Jean-Claude Juncker said the EU would "react with counter-measures" within days against US agricultural exports should Trump impose import tariffs on... More »

Trump's Feud With Canada Could Cost US Homebuyers

Trudeau warns about 'thickening' border

(Newser) - President Trump's new tough-on-Canada stance is causing headaches for industries on both sides of the border and could end up hurting American homebuyers, analysts say. The president slapped new tariffs of up to 24% on Canadian lumber imports this week and while this will give American producers a boost,... More »

First Friction Emerges Between Trump, House Republicans

They want him to focus on tax reform

(Newser) - Donald Trump isn't going to have a honeymoon period with House Republicans, if the frosty response to his call for a 35% tariff on companies leaving the US is anything to go by. House Majority Leader Kevin McCarthy was among those pushing back against the policies Trump called for... More »

US, South Korea Cut Trade Deal

Could mean tens of thousands of jobs for US

(Newser) - The Obama administration has completed a free-trade agreement with South Korea that it expects to jack US exports by billions and create at least 70,000 jobs. The deal, the largest since NAFTA 16 years ago, was reached yesterday after trade reps for both sides reached a deal on automobile... More »

Obama Rallies Labor to Back Reform

President rallies for support at AFL-CIO rally, Ohio GM plant

(Newser) - President Obama returned to friendly territory at an AFL-CIO rally in Pittsburgh and a GM plant in Ohio today to rally support for his health care reform plans, the Wall Street Journal reports. Noting that the issue had been talked “to death,” Obama asked the audience of AFL-CIO... More »

China Accuses US of Dumping Chicken, Auto Parts

Latest targets: chickens and tires

(Newser) - US-China trade tensions escalated yesterday when Beijing announced it was investigating whether the US dumped auto parts and chicken products onto the Chinese market, the LA Times reports. An expert calls the retaliatory move, which comes days after the White House slapped a 35% import tariff on Chinese tires, "... More »

Obama Slaps Stiff Tariff on Chinese Tires

China threatens retaliation after president moves to protect US tire industry

(Newser) - President Obama has imposed tough new tariffs on the import of Chinese-made tires, the Wall Street Journal reports. The 35% import tariff comes in response to industry complaints that Chinese-made tires are flooding the US, jeopardizing thousands of jobs. China attacked the decision, saying it violated trade rules, and threatened... More »

Big Food Battles Big Sugar to Cut Import Prices

Food firms warn of shortages if cheap foreign sugar blocked

(Newser) - America could "virtually run out of sugar" if more cheap foreign imports aren't allowed in, some of the nation's biggest food companies warned Agriculture Secretary Thomas Vilsack in a recent letter. The firms—which pay around twice the world market price for sugar because of tariffs to protect... More »

Free Trade Under Fire as Protectionism Surges

November's G-20 agreement is abandoned as nations erect commerce barriers

(Newser) - The global recession has protectionism making a comeback, the New York Times reports, dimming hopes that leaders can create lasting solutions to the crisis at April’s Group of 20 economic summit in London. The last G-20 meeting, held in November, yielded an agreement to promote free trade that was... More »

Mexico Slaps US With Tariff

(Newser) - Mexico said yesterday it will increase tariffs on about 90 US products in retaliation for last week's decision to end a pilot program that allowed some Mexican trucks to transport goods in the United States. The measure will affect about $2.4 billion in trade involving goods from 40 states.... More »

Bush's Cheesy War Cuts French Farmers

Massive tariff amounts to ban on Roquefort

(Newser) - On its way out the door, the Bush administration essentially banned France’s prized Roquefort cheese from US shelves with a 300% tariff. The move was a tit-for-tat after the EU banned the import of US beef containing hormones, said a US trade rep. But residents of the cheese-dependent Roquefort... More »

Global Trade Talks Collapse

Breakdown halts seven years of progress to hammer out deal

(Newser) - World Trade Organization talks to forge a new global trade pact collapsed yesterday after seven years of negotiations. An EU spokesman called the breakdown a "massive blow to the confidence in the global economy." The talks fell apart as China and India demanded the authortity to impose "... More »

Ties to Corn Industry Shape Obama's Policy

Views on ethanol please agribusiness, not economists

(Newser) - Barack Obama trumpets corn-derived ethanol as an alternative energy source and has endorsed tariffs that benefit the industry. But the Times reports that many in the Obama campaign, from Tom Daschle to the candidate's top environmental adviser, have close ties to the corn industry—a kernel of the surprise victory... More »

US Slams EU Over Tariffs on High Tech

Washington appeals to WTO to end levies on $70B worth of goods

(Newser) - The US butted heads with the European Union today over import tariffs on more than $70 billion worth of computer screens and other technology products, Reuters reports. "The EU should be working with the United States to promote new technologies, not finding protectionist gimmicks to apply new duties to... More »

Defiant African Leaders Reject EU Trade Deal

Relations between continents sour over human rights, Mugabe

(Newser) - European-African trade talks at a tense Lisbon summit collapsed in their final session yesterday. If a new agreement isn’t reached by year’s end, the European Union may levy higher tariffs on African exports, further exacerbating tensions between the continents. A new, controversial set of agreements would have dropped... More »

China Agrees to End Trade Subsidies: US

'Market-distorting' tax breaks helped create imbalance

(Newser) - China agreed today to end trade measures the US had called “market-distorting”, the Associated Press reports, ending a months-long dispute before the world's top trade board. One set of tax breaks encourages Chinese firms to boost exports to the US and other countries; another set of tariffs made it... More »

Bush Vows Free Trade Push

Slams executive compensation as 'unfair'

(Newser) - President Bush believes many Americans have lost confidence that they can compete in the world economy and he plans to champion his free trade agenda in the final months of his presidency, he told the Wall Street Journal. Bush also criticized excessive executive compensation, saying some salaries "send a... More »

China Threatens to Crash Dollar

(Newser) - The Chinese government is threatening to crash the American dollar by liquidating its $1.33 trillion in foreign reserves if the US dares impose trade sanctions to force a revaluation of yuan, reports the Telegraph. Two Communist Party officials have given interviews in recent days with stern warnings directed at... More »

19 Stories